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 1. How to Pay for College Without Loans
 2. Student Loans
 3. Loans
 4. Money
 5. Home


HOW TO PAY FOR COLLEGE WITHOUT LOANS

It may be challenging to graduate college without any loans, but there are ways
to at least decrease your debt burden.

By Zina Kumok
|
Reviewed by Colin Hogan
|
Edited by Melanie Pincus
|
Feb. 14, 2023
By Zina Kumok
|
Edited by Melanie Pincus
|
Reviewed by Colin Hogan
|
Feb. 14, 2023, at 10:53 a.m.
Save
More

How to Pay for College Without Loans

More

There are ways to cushion how much debt you will be saddled with. (Getty Images)

For high school students and their families, the process of applying for college
can be loaded with questions: Where will I be accepted? Which major should I
choose? And, perhaps most importantly, how will I pay for it all?

For many students, paying for college involves student loans. In 2021, almost
64% of college graduates had taken on student loan debt, according to data
reported to U.S. News.

If you're preparing for college, know that there are ways to avoid graduating
with a massive debt burden. Graduating without student loans can be challenging,
but it’s possible with the right strategy. Read on to learn some strategies that
can help you pay for college without loans.




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Read:

Best Private Student Loans.






1. ATTAIN CREDITS STRATEGICALLY


TEST OUT OF CLASSES

Before enrolling for their first college classes, students should look for
placement exams for subjects like languages and mathematics. If they test well,
they may be able to skip basic introductory classes like Spanish 101. High
school students with high scores on Advanced Placement or International
Baccalaureate exams may also earn college credit .

Students typically need 120 credit hours to graduate with a bachelor’s degree.
Skipping basic classes and getting credit for high school work can help students
graduate faster, which can save them money on tuition, room and board, and other
college-related expenses.


GET THE MOST OUT OF YOUR CREDITS

There are usually both general requirements and specific courses you must take
for your major. Before signing up for classes, ask your adviser if there are any
that could fulfill multiple requirements. Maximizing your credits in this way
can help you get through your program more efficiently.



Read:

Best Student Loans for Bad Credit






2. CONSIDER STAYING LOCAL


ENROLL IN A PUBLIC SCHOOL IN YOUR STATE

Attending a public in-state college may be one of the easiest ways to avoid
student loans – or at least minimize them. Public schools charge much lower
rates for state residents than for out-of-state students. For example, tuition
at the University of California, Berkeley is $43,980 per year for out-of-state
students, while it only costs California residents $14,226.



Check to see if you qualify for special grants, scholarships or other incentives
from your state to attend a public institution. For example, New York’s
Excelsior Scholarship Program makes it possible for New York state residents
whose families earn $125,000 or less to attend any State University of New York
or City University of New York institution without paying tuition. And in
Indiana, students who enroll in the 21st Century Scholars program in seventh or
eighth grade may qualify for a two-year or four-year tuition scholarship to an
in-state school.


EARN CREDITS THROUGH A COMMUNITY COLLEGE

It's possible to save money on tuition by taking some courses at a two-year
community college and transferring those credits to a four-year institution. For
the 2022-2023 academic year, the average cost of tuition at a public two-year
institution was $3,860 for in-district students, while it cost $10,940 in
tuition for in-state students to attend a four-year public school, according to
Trends in College Pricing and Student Aid 2022, an annual survey from the
College Board.

Before enrolling in a community college, verify that the credits you earn will
transfer to the four-year institutions you're interested in. Keep in mind that
you may have to pay higher tuition if you attend a community college outside
your state or district.


RESEARCH REGIONAL TUITION EXCHANGE PROGRAMS

Regional tuition exchange programs allow students from one state to receive a
significant tuition discount for undergraduate education at a public school in
another state. For example, students who live in Arizona, Idaho, New Mexico or
another state that participates in the Western Undergraduate Exchange may only
pay up to 150% of the in-state rate at a participating school. The National
Association of Student Financial Aid Administrators has a list of other state
and regional programs.




3. APPLY FOR SCHOLARSHIPS 


LOOK FOR OPPORTUNITIES IN HIGH SCHOOL

Receiving scholarships is one of the best ways to pay for school, and applying
can require a good amount of research, planning and effort.

Dana Kelly, vice president of professional development and institutional
compliance at NASFAA, says high school students should talk to their college
guidance counselor about finding scholarships from community organizations, like
a local Rotary club.

Even your local religious institutions may offer scholarships for member
students. Kelly says these awards may be smaller than more prominent
scholarships, but every dollar counts when you’re trying to reduce your student
loans.

“It takes a lot of persistence and doing your own checking because those
scholarships are not going to be on a website typically,” she says.

Another potential source is your parent’s employer. “Again, don’t forget about
things that might be really close to you,” Kelly says.


KEEP APPLYING FOR AWARDS

While students might assume that scholarships are only for incoming first-year
students, there are still awards available for sophomores, juniors and even
seniors.

If you decide on a career path after you enroll, take the opportunity to search
for scholarships specific to your major. For example, if you decide to major in
chemistry, start looking for awards geared toward chemistry students.


4. MAXIMIZE FINANCIAL AID


FILL OUT THE FAFSA 

The bare minimum every student should do to minimize loans is to fill out the
Free Application for Federal Student Aid. The FAFSA provides access to federal
student loans and grants, including the Pell Grant.



Filling out the FAFSA is the only way to qualify for federal grants, loans and
work-study programs. Many states also require the FAFSA to be submitted before
awarding their own grants and scholarships.

“Even some private colleges do this because they want to be sure that the
student gets all of the financial aid to which they are entitled,” says
financial aid expert Mark Kantrowitz, author of “How to Appeal for More College
Financial Aid.”

The FAFSA is available starting Oct. 1 the year before you plan to attend
college, and there is good reason to apply early. Schools that use the FAFSA for
their own internal awards may have a limited number of scholarship slots, so
check for school-specific priority filing dates. You should also look for any
deadlines from your state.

Applying early can also give you a better shot at receiving funds from the
Federal Supplemental Educational Opportunity Grant.


APPEAL FINANCIAL AID RESULTS

After you submit the FAFSA and complete any school-specific requirements, the
schools you’ve applied to will respond with an award letter detailing how much
aid you qualify for.

If you still need more money to cover education costs, you can file an appeal.
Filling a financial aid appeal involves explaining why you need more money for
school. Whether or not you’re successful depends on a range of factors.

“The stronger you are academically, potentially there could be something else
for you,” Kelly says. “It never hurts to ask the question.”


DON’T RULE OUT PRIVATE SCHOOLS

While public universities may have lower initial tuition rates, Kelly says
private colleges may provide generous financial aid packages to worthy students.



Smaller and mid-sized private colleges are often trying to compete with major
public universities, Kelly says. They may be more generous when it comes to
courting students, especially those with high needs and high grades.

“If you’re really stellar and you put your efforts into a small private or a
mid-size private, you may see more scholarships because you’re enhancing their
own school profile,” she says.


LOOK FOR GENEROUS SCHOOLS

Some schools have tuition-free or discounted tuition policies in place. For
example, The Cooper Union for the Advancement of Science and Art provides each
student with a 50% tuition scholarship.




PAYING STUDENT LOANS WITH A CREDIT CARD

You can't pay your student loans with a credit card directly, and this option
can be expensive.

Jessica MerrittJan. 31, 2023







READ

Best Student Loan Refinance Lenders




IS IT REALISTIC TO PAY FOR COLLEGE WITHOUT LOANS?

Graduating college debt-free may be tricky, but following the above steps can
help you at least reduce your total debt burden.

“It’s not as typical to go to school without a loan these days as it used to
be,” Kelly said. “For students who are willing to work hard, do some research
and look for those small $200 scholarships, it can happen.”







Tags: loans, student loans, student debt

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Comparative assessments and other editorial opinions are those of U.S. News and
have not been previously reviewed, approved or endorsed by any other entities,
such as banks, credit card issuers or travel companies. The content on this page
is accurate as of the posting date; however, some of our partner offers may have
expired.


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