Can’t Afford College? Here Are 5 Things You Can Do

College costs can feel out of reach, especially for students from low-income families. According to the National Association of Student Financial Aid Administrators (NASFAA), only 1% to 5% of colleges are affordable for low-income students. Meanwhile, over a third of schools are financially viable only for families earning more than $100,000 annually.

If paying for college feels impossible, you're not alone, and you're not out of options. This guide breaks down strategies to help you secure funding, cut costs, and work toward earning your degree.

1. Submit the FAFSA

Filing the Free Application for Federal Student Aid (FAFSA) is the essential first step if you're struggling to afford college. While there are no income limits for submitting the FAFSA, it's especially valuable for students with demonstrated financial need.

Completing the FAFSA lets you access need-based aid, such as grants that don't need to be repaid and federal subsidized loans, where the government covers interest while you're in school and during your grace period.

Once submitted, the FAFSA generates a Student Aid Index (SAI) that helps your school determine how much financial support you may need. Based on this information, schools assemble a financial aid package tailored to you, which might include scholarships, grants, federal loans, and work-study opportunities. For students with limited resources, this process can significantly reduce the cost of attendance.

“We encourage all students to fill out the FAFSA so students can compare not just the 'sticker price' of colleges, but the actual costs after eligible aid is applied,” says Hillary Saylor Schulze, director of student financial services counseling at Alvernia University.

Current private student loan rates

2. Apply for private scholarships and grants

In addition to the FAFSA, it's important to explore other funding opportunities, including private scholarships and grants. These are often offered by organizations outside of federal and state programs or individual colleges, and they can provide valuable financial support.

Even small scholarships can add up, helping you cover expenses like tuition, books, or fees without taking on additional debt.

“There are many scholarships that aren't even applied for each year. [Applying] can take time and research, but even if it's only a $500 scholarship, that can help with books,” says Domenick D'Andrea, financial adviser and co-founder of DanDarah Wealth Management.

Finding scholarships doesn't have to be difficult. Websites like Fastweb, BigFuture, and Scholarships.com make it easy to search for awards based on your background, interests, and goals.

3. Get help from an employer

Many companies, including Starbucks, Target, and Amazon, offer tuition reimbursement programs for eligible employees. According to the IRS, employers can provide up to $5,250 annually in tax-free tuition assistance. Anything above this amount is treated as taxable income.

If your current employer doesn't offer tuition reimbursement, consider finding a job with a company that does. These programs can significantly offset college expenses while allowing you to gain work experience.

You can also explore part-time jobs or side hustles while you're in school. “A lot of schools offer jobs that can help in covering tuition costs,” says D'Andrea. Opportunities like tutoring, freelance writing, or on-campus jobs can help you cover costs.

See Also: 15 Best Jobs for College Students

4. Minimize college expenses

Reducing the cost of attending college not only makes it easier to afford but also helps you borrow less, making repayment more manageable. Here are several strategies to lower your overall expenses:

• Consider more affordable programs: If a 4-year college is too costly, explore community colleges or trade schools. “Community college can be a great way to save potentially tens of thousands of dollars and eventually still obtain your desired four-year degree,” says D'Andrea. “Trades are also in demand, and you may be able to find additional aid to attend a trade school, as many skilled tradespeople are either retiring or nearing retirement,” he adds.
• Choose in-state tuition and live at home: Public in-state colleges cost significantly less than private institutions — $9,800 versus $40,700 on average for tuition and fees in 2022-23. Living at home can also eliminate room and board costs, further reducing expenses.
• Negotiate with schools for additional aid: If you aren't offered enough financial aid in your initial package, you can ask your school to reconsider. It's helpful if you have documentation showing financial hardship and demonstrating why you need the extra help.
• Rent or buy used textbooks: Textbook costs can reach $1,200 annually for first-year students. To reduce these expenses, opt for renting or purchasing used books.

5. Turn to private student loans

Private student loans can fill the gap if federal loans and other financial aid don't cover your full college costs. However, they come with important trade-offs to consider.

Private loans typically have higher interest rates than federal loans and lack borrower protections like income-driven repayment plans and loan forgiveness options. For this reason, they should only be used as a last resort after you've maximized federal aid.

That said, private student loans can usually help you cover as much as the full cost of attendance at your school, including tuition, fees, and other expenses. To qualify, you'll usually need good credit or a cosigner with a strong financial profile. The better your credit score, the lower the interest rate and better terms you may qualify for.

Before taking out private loans, make sure you understand the debt you're committing to. Be aware of factors like accruing interest and fees that could increase your loan balance over time.

College tuition trends

For many, college feels out of reach — and with rising costs, it's no surprise. Between February 2020 and February 2023, college tuition and fees increased by 4.7%, according to the Bureau of Labor Statistics. Private nonprofit schools saw average tuition and fees climb to $40,700 in the 2022-23 school year, an 8% increase from $37,600 a decade earlier, based on data from the National Center for Education Statistics.

While these price tags may seem overwhelming, it's important to remember that most students don't pay the full sticker price. The net cost — what you'll actually pay after financial aid — is often much lower, especially at schools committed to making college accessible.

“Families in limited income categories actually stand to gain the most from a financial aid perspective,” says Danilo Umali, founder of Game Theory College Planners.

“By counterintuitively applying to colleges with the biggest price tags, these 'expensive' colleges often produce the largest grants and scholarships. These generous grants not only cover tuition but the full cost of attendance,” Umali adds.

Though tuition increases from 2021-22 to 2022-23 remained below the rate of inflation, a total cost of attendance exceeding $40,000 is still a major hurdle for many. Understanding your net cost and seeking out financial aid opportunities can make even the most expensive colleges more affordable.