1. The many ways to fund the college of your choice
How do I pay for college?
The many ways to fund the college of your choice

2. How do I pay for college? https://www.youtube.com/watch?v=iDAHHLchC0A

3. First let’s look at what you are paying for:
Tuition:
Cost of course per credit hour
Student fees
Special course fees
Room and Board
Books
Supplies and miscellaneous
Tuition: cost per credit hour is multiplied by how many credit hours you are taking, most colleges have a full-time flat rate that caps the amount of charges at 12 credit hours; student fees include technology fees, cleanup fees, recreational fees, and other such fees that may be added by the administration; special fees are ones that are specific to certain courses such as labs, art courses, or courses with specialized materials.
Room and board is something that you can choose what tier you would like. It includes several different types of meal plans – some include all three meals you would eat in a day, some only include one meal which means you would have to find other sources of food for the other two meals of the day. Rooms can vary as well, from generic standard dorm rooms to redesign suites; living in a single room with no roommate usually costs extra.
Books are never covered by your tuition. Each course has a different book requirement and they are your responsibility to obtain. An average semester of most majors can cost anywhere from $100 - $500 depending on whether you buy new books, buy used books, or rent books from a textbook rental service.
Other supplies and miscellaneous: this is anything else that may incur you cost while you are at college. Notebooks, pens, socks, ramen noodles, ice cream with friends, coffee, bandaids, literally anything else that you could need or want while at college. Generally this can range from $250 - $400 per month depending on your meal plan.

4. There are two general ways to fund college
One: things you have to pay back
Student loans
Bank loans
Two: things you don’t have to pay back
Scholarships
Grants
Work study
Part-time job

5. Funding you have to pay back
First thing you need to do is start with filling out the Free Application For Student Aid (FAFSA)
Once you receive your eligibility, weigh your options
Identify the total average semester and year cost at the college you are hoping to attend

6. Funding you have to pay back
Student Loans
Bank Loans
Subsidized – loan based on financial need, government pays interest until you graduate
Unsubsidized – direct loan, student responsible for all interest
Don’t begin paying back until you graduate
For many fields there are deferments and partial loan forgiveness
Start paying back right away
Usually determined by parents credit score
Might have higher interest rates
All banks have this option

7. Funding you don’t have to pay back
Money you are gifted
Scholarships
Grants
Money you earn
Work study
Part-time job

8. Scholarships
Interest or college major based – available at almost every college for a majority of majors
Usually done through an endowment – alumni gift of money to help students
Trait based – American Indian, disability status, ethnic background, religious choice, family structure, etc.
Essay often required, proof of immigrant status or ethnicity might be required
Interest or group affiliation based – Boys and Girls club, Boy Scouts, Girl Scouts, FCCLA, BPA, 4H, etc.
Athletics or academics – often nominated for these scholarships based on criteria
Contests – Dr. Pepper, Indy 500 Princess/Court, Project Greenlight, many others

9. Grants
Federal grants
Pell grant - For the 2015–16 award year (July 1, 2015, to June 30, 2016), the maximum award is $5,775 (from studentaid.ed.gov)
Dependent on cost of attendance and student’s financial need, limit of semesters you can receive
State grants
21st Century Scholars
Hoosier students who meet income criteria can enroll during their 7th- or 8th- grade year of middle school. Students commit to maintaining academic success, remaining drug and alcohol free, and completing college-preparation activities. (from
Good at any Indiana college or university

10. Work Study Federal work study School work study
If students have high financial need, FAFSA will identify them as eligible for work study. Universities will help the student obtain a job with a bi-weekly paycheck.
School work study
Multiple jobs on every campus (resident advisor, peer tutor, dining hall, bookstore, etc)
Based on financial need
Must maintain specific GPA (usually 2.5)
Paid either by direct hourly wage or combination of wage + discounts for services (such as discounted meal plan if you work in the dining hall)
Benefit to work study is they work around class schedules and exam schedules

11. Part-time job Arrange on your own outside of the college
Must make sure your work schedule does not interfere with your course schedule
Could be in a related field to your major (helps with work experience)
Most often in restaurants, fast food, community centers, and retail stores

12. Payment plans Most colleges and universities will offer payment plans
Generally four payments per semester
If you have a part-time job or are doing work study, this is an option for paying tuition and fees
This can also be an option for parents
Sometimes can include a payment plan fee that is added on to the cost of tuition and fees

13. Summary Funding you have to pay back
This can be a subsidized or unsubsidized federal student loan that is paid back after graduation or leaving school, or can be a bank loan that you or your parents are responsible for repaying.
Funding you don’t have to pay back
This can be in the form of scholarships that are offered through multiple channels and have various requirements or categories for qualification, grants that are offered at the state or federal level that may have GPA or financial need or general citizenship requirements, work study which can be federal or through the college with a regular paycheck, or a part-time job that you take on for yourself to assist in costs.