How Am I Going to Pay for College?

Imagine that you are perusing the website of your top-choice college, dreaming of being a student, but are snapped back to the present when you catch a glimpse of the tuition and fees. At first glance, the overall cost of college can be jarring, leaving you wondering what you can do to attend the college of your dreams.

Let’s break everything down so you can fully understand what’s included in the cost. Then, we’ll discuss how and where to apply for financial aid, including grants and scholarships, and provide helpful resources from K12-powered online schools and scholarship search engines to help you get started.

Average Cost of College

You may be wondering how much you should expect to pay for college. According to College Board, this is what the average tuition and fees for full-time undergraduate students for the 2024–2025 academic year looked like:  

• Public two-year colleges (in-district students): $4,050 
• Public four-year colleges and universities (in-state students): $11,610 
• Public four-year colleges and universities (out-of-state students): $30,780 
• Private nonprofit four-year colleges and universities: $43,350 

Keep in mind that these numbers are averages and only represent tuition and fees, which means they don’t include additional expenses such as room and board, textbooks, transportation, and personal expenses. 

Your education is an investment, and it’s crucial to make informed decisions by researching your options. Start by examining the tuition and fees of different schools, and don’t forget to consider the expected additional costs. Factors such as attending school in your current state or out of state and choosing between a public or private school can greatly affect the amount you’ll need to pay. Take time to carefully consider your options before making your decision.

Applying for Financial Aid

Now that you have an understanding of the costs associated with college, you should start thinking about how you’ll pay for school. Most college students use federal or private student loans to help cover the cost of tuition, room and board, and other related expenses. Federal loans are provided by the government and generally have lower interest rates and more flexible repayment options than private loans, which banks, credit unions, and other lenders provide.  

If you choose to take out a student loan, you’ll repay the loan plus interest over a set period of time. It’s important to carefully consider how much you borrow and how you’ll repay the loan after you graduate. If you want to reduce the amount of student loans you take out, you can consider working a part-time job while in school and applying for scholarships and grants to help cover the cost of college.

Follow the steps below to create a plan for funding your college journey.  

• Complete the Free Application for Federal Student Aid (FAFSA®): FAFSA® is a form that collects information about your family’s income and assets, as well as your own academic and personal information. It determines your eligibility for federal financial aid programs such as grants, loans, and work-study programs.
• Apply for state financial aid programs: Many states offer financial aid programs for college-bound students, which may include loans, grants, scholarships, and loan forgiveness. Check with your state’s higher education agency for more information.  
• Research and apply for scholarships: Scholarships are gifts that do not need to be repaid and can help supplement your financial aid package. There are many scholarships offered by a wide range of institutions and individuals you can apply for. Start looking for scholarship opportunities by asking your high school guidance counselor for help or using an online scholarship search engine.  
• Contact your college’s financial aid office: Once you have been accepted to a college, you should contact the financial aid office to discuss your plan for paying for school. A financial aid officer can answer your questions on cost and payment, as well as provide helpful resources and information on institutional, federal, and state financial assistance options. 
• Review and accept (or appeal) your financial aid award package: Once you have completed the FAFSA® and applied for other financial aid, you will receive a financial aid award package from your college. This package will outline the types and amounts of financial aid you are eligible to receive. You will need to review and accept the package before the funds can be disbursed.
  • You may be able to appeal your financial aid decision and request additional funding from your college if you did not receive enough aid and your financial circumstances have recently changed. These circumstances may include job loss or decrease in income, divorce, catastrophic damage or loss, change in child support or alimony payments, and more.

How do I apply for scholarships?

If you’ll attend college in the fall, now is the perfect time to prepare for the scholarship application process. Get started by visiting the K12 College Prep Center, which offers valuable guidance on finding and applying for college scholarships, along with a step-by-step guide on how to apply and information on different types of awards. K12-powered online schools strongly emphasize preparing students for life after high school graduation, and their experts in the K12 College Prep Center can help you along the way.

Once you’re ready to begin your search, a scholarship search engine like Tallo can easily connect you to thousands of opportunities based on your academic or athletic achievements, financial need, and special interests.

Recommended by K12-powered online schools, Tallo is a digital portfolio platform that matches students with $20 billion in scholarship or award opportunities. Here, you’ll create a personal profile and get matched with the best scholarships for you and your circumstances. Search by keyword or filter by scholarship amount, current educational level, location, career goals, and educational pursuits to narrow down their database. Not ready to apply? Tallo allows you to save and revisit scholarships, making finding and applying for multiple opportunities easy.

In addition to Tallo, many other scholarship search engines are available for you to explore:

• CareerOneStop: Sponsored by the U.S. Department of Labor, this scholarship search engine has more than 9,500 scholarships listed and allows you to filter by level of study, award type, location, affiliation, gender, and keyword.
• Scholarships.com: Get matched with the best options from their robust database of more than 3.7 million college scholarships and grants worth about $19 billion in financial aid. You can also search for scholarships based on categories and subcategories.
• Going Merry: This site simplifies the application process. With each section you complete in your profile, you unlock multiple scholarship opportunities that you can apply for simultaneously.
• Fastweb: With a database of more than 1.5 million vetted scholarships, Fastweb helps connect you to the best award opportunities based on your strengths, interests, activities, and skills.
• Niche: Search and filter through lists of scholarships or create a profile to get matched to scholarships you are eligible for. While you’re there, you can also read reviews of colleges from real students.

Helpful Resources

Don’t forget that many helpful online tools and resources can guide you through the financial aid process. The K12 College Prep Center is a great place to get started, with personalized, live sessions from college prep coaches, resources for college applications, and expert scholarship guidance—making preparing for college a breeze!

To learn more about K12-powered online schools and their college prep offerings, go to K12.com.