“What do you want to be when you grow up?” – this is a question often asked of kids during their formative years. And once students are in high school, the reality of “what’s next” looms even larger. Students have many choices for postsecondary education or training, whether they’re opting for a four-year university, community college, or trade school, but
tuition cost (and how to pay for it) is often a major factor in their decision. Understanding the financial aid process is key for families whose students plan to pursue higher education, and it’s never too early to learn about how you can prepare.
Free Application for Federal Student Aid (FAFSA)
It’s crucial for high school seniors to complete the Free Application for Federal Student Aid (FAFSA) if they’re looking to receive any federal or state financial aid for their education. The FAFSA is the basis for how colleges and universities determine the financial aid for which a student is eligible. Additionally, some scholarships and merit aid awards also require FAFSA completion. For those planning to start college in the fall of 2026, the FAFSA is expected to be available on October 1, 2025, and it should be completed as soon as possible to be considered for financial aid. The basic types of financial aid are grants, scholarships, work study programs, and loans. Additionally, all students who complete the FAFSA are eligible for federal student loans, which can help cover education costs.
Mackenzie, a recent Virginia Tech graduate, emphasizes the importance of FAFSA completion, saying, “I highly recommend applying for the FAFSA as soon as it opens. That way, once you’re done, you’re done. And never do it alone – I always either had my mom on the phone or we’d be together, but I never filled it out by myself. Have all the documents and information you think you may need with you and ready, it will make the process much smoother.”
Scholarships
Applying for scholarships is a great way to reduce the cost of education, especially since they’re considered “free money” and do not need to be repaid. The application process can be an ongoing endeavor, starting before college, since there are scholarships for kids in elementary, middle, and high school grades, as well as throughout the college years. Students usually have to apply for scholarships, each with its own specific criteria.
Emmanuel, a current student at The College of William & Mary, has had great success with applying for scholarships throughout his college career. “Find scholarships in your areas of interest that go beyond a basic application. I’ve had to write essays, make videos, and even give talks for some of the scholarships I’ve received,” he says.
Work Study Programs
Students may also be eligible for federal work study based on their FAFSA results. Work study allows students to get a work study job at their college and be paid at least minimum wage. A dollar limit is stipulated for each semester, and students can use these funds for their miscellaneous expenses or save them for future semester costs. Colleges may also have their own work study jobs which are funded by the college, so check to see what student employment is available.
“It’s worth it to look into all different sorts of financial aid, such as scholarships or work study,” Mackenzie added. “I had a few different scholarships that helped cover the cost of books and a work study job that helped out with living on my own.”
College Tuition Costs
Looking at the cost of attendance at colleges when applying is an important consideration, as costs are not the same at all institutions. Community colleges are a great option to consider if tuition is a concern, as the community college tuition is about half the cost of a public four-year school. Students can get an associate degree there, or they can transfer their credits to a four-year university.
Although education beyond high school comes at a cost, there are plenty of financial aid options available to help students achieve their educational goals.
