How To Pay for College With No Money: Top Strategies for Students

Applying for college with no money puts you at a disadvantage compared with other students. The average cost of tuition and fees at public and private institutions increased by more than 30% over the last 20 years, making it harder for many people to afford a college education.

Fortunately, there are resources to help you pay for college, even if you don't have any savings. Here are six ways to find free money for college.

Apply for scholarships and grants

Before you look into loans, prioritize scholarships and grants for college since they don't require repayment. There are many merit and need-based options that you can learn about through school counselors and online databases.

Tom O'Hare, college adviser at GetCollegeGoing.com, suggests starting your scholarship search at the beginning of your sophomore year.

“Many families wait for the announcement from their high school guidance department to apply for graduation programs, leaving potentially large sums of financial resources on the table,” says O'Hare. To track down the right opportunities, he recommends using national search sites like FastWeb and Scholarship America or setting up a daily Google alert.

Jack Wang, a college financial aid adviser at Innovative Advisory Group, points out that colleges themselves tend to offer the highest number of scholarships and grants — not the federal government.

“Colleges provide aid based on different criteria, but it's not always based on grades or test scores,” Wang explains.

Check Out: How To Get a Scholarship for College

Submit the FAFSA for federal financial aid

The Free Application for Federal Student Aid (FAFSA) is how you determine your eligibility for federal financial aid, including grants, work-study programs, and federal student loans. Submitting it each year can open doors to valuable resources that help cover the cost of college.

After completing FAFSA, each school that accepts you will send an award letter outlining the types and amounts of federal aid you qualify for. These amounts depend on the school's cost of attendance and any other financial aid you will receive such as scholarships. You're not required to accept all the aid offered — just what you need.

Maximizing your federal student loan options before considering private loans is typically a better approach. Federal loans offer advantages that private loans don't, such as income-driven repayment plans and potential loan forgiveness.

“Private loans provide more choices on the front end, but federal loans offer more protections and choices in repayment,” Wang says.

Current private student loan rates

Consider a more affordable school

Choosing a more affordable college can significantly reduce your overall costs. One popular strategy is the 2+2 model: attending community college for the first two years and then transferring to an in-state public university to complete your degree.

Community colleges are a budget-friendly option, with an average annual tuition and fees cost of $4,050, according to the latest data from the College Board. In contrast, in-state public universities charge an average of $11,610 per year.

Starting at a community college can save you roughly $15,000 in tuition costs over two years, making it a practical choice for students looking to minimize debt while earning a degree.

Check Out: 7 Student Loans for Community College

Look for part-time work

Finding an on-campus job can help students earn money for college expenses. Start by checking with your school's financial aid office for financial aid tips and to determine whether you're eligible for a work-study program.

If you're interested in finding work in a specific department, you can reach out to the head of that department to learn about potential openings. Your school should also have an online job board where a variety of new opportunities will be posted.

“There are work colleges that do not charge, or charge minimally, in exchange for work and/or service requirements. An example of this is Berea College in exchange for a 10-hour-per-week work requirement to help sustain the college,” says Wang. He says another way to pay for school is by joining ROTC, but that comes with a military service requirement post-graduation.

Check Out: 15 Best Jobs for College Students

Ask your employer for help

Many employers offer tuition assistance programs to support employees pursuing a college education. Starbucks, Home Depot, and AT&T all offer tuition assistance programs. Students can receive up to $5,250 in tuition reimbursement tax-free and these funds can be used towards qualified education expenses such as tuition, fees, books, supplies, and more.

Take out a private student loan

If you've explored all other options and still need to cover college costs, private student loans can help bridge the gap. While they don't offer the same benefits as federal loans, private loans have their own advantages. They typically let you borrow as much as the total cost of attendance at your school, and many lenders provide quick approval and funding.

On the downside, qualifying for a private student loan can be more challenging because lenders look at your credit score and income. As an undergraduate, you might not have established credit — or any credit history — making it harder to qualify on your own. That's why many students apply with a cosigner. To get the most competitive rates and terms, choose a cosigner with excellent credit and reliable finances.