How to Pay for College

Now is the time to start learning about financial aid. Here are some tips about paying for college.

42289798_sWhat is the Free Application for Federal Student Aid (FAFSA)?

Completing the FAFSA is the first step in receiving financial aid. The FAFSA application is used by the U.S. Department of Education to determine your Expected Family Contribution (EFC) based on provided financial information.

Your EFC score is the amount the federal government expects you to contribute toward the cost of college and helps determine how much you qualify for in financial aid. Based on this information, your college’s financial aid office produces your individual financial aid package detailing your financial aid award and how much you will be expected to pay out of pocket.

Types of Aid

Grants may come from the federal government, the state of Delaware, or the college. For financial aid resources, visit delawaregoestocollege.org/pay‐for‐college.

Scholarships are available from a variety of organizations. Visit scholarships.delawaregoestocollege.org.

The SEED (Student Excellence Equals Degree) and Inspire Scholarships are available for Delaware residents.  Visit delawaregoestocollege.org/state‐aid.

Federal loans are funded by the government and are repaid with interest. Fixed interest rates and income based repayment plans are often used to make paying off loans easier for recipients.

Private loans are made by a lender, such as a bank, with higher and more varied interest rates. Repayment options are less flexible than federal loans.

 Check the Price

The tuition cost listed online (sticker price) is not always the price students pay (net price). Your cost will depend on your family income. Use the net price calculator available on college websites to estimate the total amount that you will pay in an academic year. Visit the U.S. Department of Education’s website at collegecost.ed.gov/netpricecenter.aspx to learn more.

Common Concerns about Paying for College

  1. My family can’t afford to pay for my college. College is expensive, but there are multiple ways to finance your education.  Visit delawaregoestocollege.org/financial‐aid‐resources to learn more.
  1. I don’t even know where to start. Financial aid seems confusing! Visit the U.S. Department of Education’s Federal Student Aid website at studentaid.ed.gov/sa for great info. In the fall, attend financial aid sessions at your school and talk with your school counselor.