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Paying for college without support from parents may seem like an overwhelming proposition, but it often is possible. Making college affordable often starts before you even choose a college, by reviewing tuition and financial aid available to you at the colleges and universities you are interested in attending. Choosing the right college for you can go a long way in helping you pay for your education.

Other strategies include applying for scholarships and working through college. Each student is in a unique financial situation, and you may find a combination of these strategies can provide the help you need in order to pay for college. These strategies could also be used by students who do have parental assistance.

Strategies to Help Pay for College Without Parental Support

Finding the resources to pay for college can be a challenge, and if you’re embarking on this journey alone, it can be stressful. Here are some tips that can help you navigate the process and make it feel less overwhelming.

Choosing the Right College

The best college for your situation will likely be one that provides the programs you need to achieve your career goals and has a price tag that you can afford.

Decisions you’ll need to make include:

•   Living at home or in a dormitory or other housing by the college

•   Choosing between a public or private college

•   Picking between in-state and out-of-state colleges

Living at Home

If you can live near the college rent-free, or at low cost, then this is likely the most cost-effective choice. Perhaps you have family members who live near a college and will allow you to live with them while you pursue your education. Or, maybe you could rent a low-cost apartment near a community college or other school that doesn’t require freshmen to live in a dorm.

Considering Private vs Public Colleges

Public colleges are, generally speaking, less expensive than private colleges. Tuition and fees for the 2022-2023 academic year averaged $39,400 at private colleges and $28,240 at public colleges (for out-of-state residents). Prices get even more reasonable if you attend school in your home state and receive in-state tuition — the average cost of in-state tuition and fees was $10,940.

Generally, in-state universities are more affordable than going out of state. But the difference between tuition for out-of-state and in-state students can vary widely, so check into your colleges of choice for confirmation. You’ll also want to factor in traveling costs for out-of-state options and consider online college programs where you can take classes no matter where you are located.

Starting at a Community College

Completing your first two years of study at a community college is another option that could dramatically reduce the overall cost of college. In addition to less expensive courses, it may be possible for you to live at home, which can cut costs even more. You might then transfer to a four-year college, allowing you to get a degree from that school without paying for the cost for all four years.

💡 Quick Tip: Fund your education with a low-rate, no-fee SoFi private student loan that covers all school-certified costs.

Applying for Relevant Scholarships

Because scholarships don’t typically need to be repaid, they are a valuable tool to help fund your college education. If you’re finishing high school, talk to your guidance counselor about possibilities. There are often local scholarships provided by businesses and civic groups that you can apply for.

These days, you can also find a lot of scholarship opportunities online. There are often major-specific opportunities and more general offerings. It’s worth investing a bit of time in researching and applying for scholarships — a couple hours could really be worth it when those scholarship offers start rolling in.

As you’re researching scholarships, you’ll want to be sure to find quality opportunities and be wary of scams. Also, don’t shy away from smaller scholarships. While it would be nice to have one large scholarship to cover your cost of college, smaller scholarships can add up, incrementally chipping away at what you need to afford college. Some scholarships may be location-based. Check out SoFi’s state-by-state financial aid guides for more information on scholarships local to your home state.

When you find a college scholarship of interest, check the guidelines carefully to ensure you qualify. Also be sure to follow the application instructions carefully, and submit your forms as early as possible within the timeline. Although you can often reuse parts of one scholarship application to complete another, each opportunity typically has unique requirements, formats, and deadlines.

Recommended: What Is a Merit Scholarship & How to Get One

Obtaining Grants to Help Pay for College

Grant funding can come from multiple sources, including state agencies, local organizations, corporations, and more. And as with scholarships, this is money you don’t typically need to pay back. The biggest source of college grant funding comes from the federal government, and one of the best known is the Pell Grant .

Federal grants come in different categories, including:

•   Need-based grants which are based upon financial hardship

•   Merit-based grants awarded to students who exhibit exceptional scholarship and/or community involvement

•   Grants awarded to specific groups, including students with disabilities, those from underrepresented groups, veterans, National Guard members, foster care youth, and those who select certain careers

Obtaining federal grant funding without help from your parents can be challenging, though. That’s because most federal grants require students to fill out the Free Application for Federal Student Aid (FAFSA), which, if you are a dependent student, will be considered incomplete without parental information. In the event that your parents are unable to fill out their portion of the FAFSA , you’ll have to contact your college’s financial aid office and show appropriate documentation that verifies that your parents cannot fill out the form.

In certain circumstances, you can obtain independent student status and complete the FAFSA yourself, but parental refusal to help with FAFSA completion might not be enough to gain this status.

Even if you fully support yourself financially and are no longer claimed as a dependent on your parents’ tax forms, this status may not necessarily be granted. See your guidance counselor if you want to explore obtaining this status.

💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.

Applying for Student Loans

As mentioned, students that fund their college educations without assistance from their parents often need to craft a financial aid plan that consists of funding from multiple sources. This may include funding from both the federal government and private lenders.

Applying for Federal Student Loans

Federal and private student loans are available, but most federal loans require a portion of your FAFSA to be completed with parental information, unless you have independent student status.

Effective with the Higher Education Opportunity Act of 2008 , college financial aid departments can offer students unsubsidized Stafford loans even if their parental section on their FAFSA isn’t completed, as long as they confirm that parents are not willing to financially help the student or fill out the FAFSA.

Applying for Private Student Loans

You can also apply for private student loans, although, if you don’t have much or any credit history, you may need a cosigner. Private lenders generally evaluate a potential borrower’s credit history, among other factors, as they make their lending decisions. Adding a cosigner with a strong credit history could potentially help secure a more competitive interest rate. If you aren’t able to find a cosigner, it is possible to apply for a student loan without a cosigner.

Another important note is that private student loans may not offer borrower protections like those offered to federal student loan borrowers, such as the option to apply for Public Services Loan Forgiveness. For this reason, private student loans are generally borrowed as a last resort option.

With determination and a willingness to seek out and accept help, students do find ways to fund their college educations without assistance from their parents.

Recommended: What Percentage of Parents Pay for College?

Cutting Costs While Attending College

Smart budgeting and careful spending can help you stay in line with your means as you pay for college. Cutting costs when possible could allow you to save or funnel more money toward college tuition.

If, for example, you plan to rent a room in a house near your college of choice, you can furnish it in funky, eclectic ways using stylish and affordable finds from thrift stores and garage sales. ​If you’re handy, you can even build your own loft bed and other furniture, with plenty of instructions available online.

Food gets expensive quickly. If you’ll be on a college meal plan, choose one that doesn’t include waste. Or if you’re living somewhere where you can cook your own food, plan thrifty meals in advance and shop in bulk. Watch for a slow cooker at rummage sales, and you can cook plenty of delicious soups and more.

To cut costs on textbooks, shop around to see if there are any used options you can purchase at a discounted rate. If the book you are buying is directly related to your college major, and you plan on saving it for reference in the future, it could be worthwhile to buy the book. If it’s a textbook for an elective class, you could consider renting the textbook which can often be cheaper than buying it brand new.

Working While Attending School

In addition to potentially helping you qualify for financial aid, your FAFSA may qualify you for federal work-study programs. Of course, finding a part-time job that isn’t associated with work-study is also an option.

You will need to determine how many hours per week you can work and still do well in school. And you’ll also need to find a job that is willing to accommodate the work-school balance you require. For example, it’s important to find an employer who will offer flexibility in scheduling during, for example, midterms and final exams.

The Takeaway

Students who are planning on paying for college without their parents’ help can start by choosing an affordable college option, applying for scholarships, getting a part-time job, and applying for federal student aid. As a dependent student, applying for federal aid may be challenging without your parent’s support, because the FAFSA may be considered incomplete without their information.

In the event that other avenues of funding have been depleted, students may consider private student loans, keeping in mind that private student loans don’t always have the same borrower protections as federal student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Applying for a student loan generally works one of two ways. Students interested in borrowing a federal student loan can apply by filling out and submitting the Free Application for Federal Student Aid (FAFSA®) as early as the October before the school year. The federal deadline for filling out the FAFSA is typically June of the school year, though states and individual colleges may have their own deadlines.

Private student loans run independently of the federal loan program. Students are able to apply for a private student loan at any time during the school year.

Understanding The Difference Between Private and Federal Student Loans

There are a few important differences between federal and private student loans that it’s important to understand.

For federal student loans, The U.S. Department of Education runs the William D. Ford Federal Direct Loan Program. The program has four types of loans to consider:

•   Direct Subsidized Loans: for undergraduates who demonstrate financial need.

•   Direct Unsubsidized Loans: for undergraduate, graduate, and professional students. Eligibility is not based on financial need.

•   Direct PLUS Loans: made only to graduate or professional students, or to the parents of dependent undergraduate students. No financial need is required for Direct PLUS Loans, but a credit check is. If you’re applying yourself and your credit isn’t great, you may need to meet some additional requirements.

•   Direct Consolidation Loans: these allow you to consolidate all of your federal student loans into one single loan, which is managed by a single loan servicer.

Private student loans are offered through private lenders. As a part of the application process, lenders will generally evaluate a borrower’s personal financial information and history, including their credit score, among other factors. Private loans don’t have to follow the same government regulations as federal loans, and they don’t offer the same borrower benefits or protections — like income-driven repayment plans or Public Service Loan Forgiveness. For this reason, private loans are generally considered an option only after other sources of funding have been exhausted.

💡 Quick Tip: SoFi offers low fixed- or variable-interest rates. So you can get a private student loan that fits your budget.

How to Apply for a Federal Student Loan

The first step in applying for a federal student loan is to complete and submit a form called the Free Application for Federal Student Aid (FAFSA®). As mentioned, the FAFSA is typically available starting in October of the year before school starts. The FAFSA will remain open until June 30th of the academic year. So for example, for the 2023-2024 school year, the FAFSA application opened on October 1, 2022, and will close on June 30, 2024.

While there is a large window to fill out the FAFSA, there may be college or state deadlines that fall before the federal deadline. Additionally, some aid is awarded on a first-come first-served basis, so it can be beneficial to fill out the FAFSA as early as possible.

Once the FAFSA is submitted, your school will review and determine your financial aid offer, which may include federal student loans, scholarships, grants, and work-study.

Before you receive any federal student loan that you apply for, you’ll be required to complete entrance counseling , which is designed to help you understand your obligation to repay the loan. You’ll also be asked to sign a Master Promissory Note, which says you officially agree to the terms of the loan.

How To Apply For Private Student Loans

You may want to consider a private student loan after you’ve explored your options for financial aid, grants, scholarships, and federal student loans. Private lenders typically have their own qualification criteria, but you may be eligible to apply for a private student loan if you’re an undergraduate or graduate student, pursuing a certificate, a student of the dental, medical, or other health professions, studying to take the bar exam, or relocating for medical or dental residencies.

Parents may also be eligible to take out private loans to pay for their child’s education.

Private student loans can usually be used for any type of expenses related to your education, including tuition, room and board, fees, books, supplies, equipment, computers and electronics related to your schoolwork, transportation, and personal needs at school.

This list details some of the information you may need when applying for a private school loan. Note that applications will vary by lender so you may not need everything here:

•   The applicant’s name, address, phone number and email address

•   Date of birth

•   Social security number

•   Employer’s name

•   Proof of income (a recent pay stub)

•   Bank account balances

•   Monthly housing payment (rent/mortgage)

•   School name

•   Estimated cost of attendance

•   Your current student status (freshman, full time, for example)

•   Other financial aid you’ve received so far

•   Anticipated graduation date

•   References

•   Student loan cosigner and cosigner’s information, if applicable

Private student loan lenders may let you submit your loan application online, and some may even be able to give you an answer the same day. Of course, underwriting timeframes and documentation requirements can vary greatly by lender.

Private student loans are granted based on your income, credit history, and credit score, among other factors. That means the lender looks at your history of borrowing money and paying it back. This history also determines your loan’s interest rate.

If your credit history is unestablished or less than stellar, applicants may consider adding a cosigner to the loan: that person will be responsible for paying it if you are unable to do so.

Interest rates on private student loans can be fixed-rate or variable interest rate. Fixed rates do not change over the life of the loan. Variable interest rates could increase or decrease due to the financial index that determines the variable rate, or other factors as determined by your lender. Your total monthly payment could vary based on the loan’s current interest rate.

Know that not all private student loans are exactly alike. If you’re interested in borrowing a private student loan, consider shopping around and researching your options. The Consumer Financial Protection Bureau and the U.S. Department of Education are two student loan resources that may be useful.

💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate

Beyond Student Loans: Other Ways to Pay for College

Students can explore other options to pay for college, including scholarships, work-study, grants, and more.

Scholarships and Grants

Scholarships and grants are types of aid that don’t need to be repaid. Grants are generally awarded based on financial need and may be awarded by your school, the government, or another organization such as a nonprofit.

Scholarships may be awarded based on financial need or merit.

Work-Study

The federal work-study program offers part-time employment to undergraduate students who demonstrate financial need. Eligibility for work-study is determined by the FAFSA. Some schools may match students to a work-study job, while other schools may require that students apply for positions.

Part-Time Job

Working part-time can be another way to earn extra cash to pay for college expenses. Students could look into jobs such as tutoring, babysitting, or working at a local business in their college town.

The Takeaway

To get a federal student loan, students fill out the FAFSA in order to see which type and how much aid they may be eligible for. The application process for private student loans may vary by lender. Private student loans can help students pay for college if they don’t get enough federal aid.

Students can also explore other options to help pay for college, such as scholarships and grants and work-study or another part-time job.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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If you’re a parent hoping to send your child to college someday, you’re probably well aware that higher education costs have skyrocketed over the past 10-plus years.

Tuition and fees for the 2022-2023 academic year averaged $10,940 at public colleges (for in-state residents), $28,240 at public colleges (for out-of-state residents), and a whopping $39,400 at private colleges. And the price tag for an undergraduate degree typically goes up every year. Any way you look at it, college is a huge expense for families.

The good news, however, is there are a number of ways to make college more affordable for parents, everything from tax-advantaged college savings accounts to merit- and need-based scholarships to federal student loans.

Smart Ways to Pay for College

What follows are four key strategies that can help you cover the cost of a child’s college education — without going broke.

1. Starting Early With a Savings Plan

There are a variety of accounts to help parents save for college. While you can simply put money aside each month (or year) in a regular savings account, there are advantages to using a savings vehicle that is specifically designed for college savings. Here are two to consider.

529 Savings Plans

A 529 savings plan is a tax-advantaged investment account designed to help save for future education expenses. Your contributions to the account are made with post-tax dollars but, as long as the money stays in the account, no income taxes will be due on earnings. When you take money out to pay for qualified education expenses, those withdrawals may be federal income tax-free — and, in many cases, free of state tax too.

While 529 plans used to be limited to higher education, the funds can now be used for kindergarten through grade 12, as well as certified apprenticeship programs and qualified student loan repayments.

💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.

Coverdell Education Savings Account

Like a 529, a Coverdell Education Savings Account (ESA) is a tax-advantaged account designed to help save for a child’s future education expenses. Contributions are made on an after-tax basis, but earnings aren’t taxed. When you withdraw the money and use it for qualified education expenses, the investment profits are tax-free.

However, Coverdell accounts come with income and contribution caps. Contributions are capped at $2,000 per year, and you can only make them until your child turns 18. To open and contribute to a Coverdell ESA, your income must be below a certain limit ($110,000 for single filers; $220,000 for married couples).

Coverdell ESA funds must be withdrawn when the beneficiary turns 30, or rolled over to another eligible beneficiary in the family.

2. Looking for Ways to Get Free Money

When figuring out how to pay for your kid’s college, there are numerous resources available, including scholarships, grants, and other forms of financial aid. These sources of “free money” can provide significant assistance to students based on academic merit, extracurricular achievements, or financial need.

Your Free Application for Federal Student Aid (FAFSA) will automatically match you with any federal scholarships and grants you’re eligible for, but there are other types available. You can look for additional funding options on your own using a search engine like FinAid or SoFi’s Scholarship Search Tool.

You can also research various scholarships offered by corporations, foundations, and non-profit organizations related to your child’s interests and intended field of study.

In addition, your child also can check out the high school guidance department for any information, and you may want to make an appointment with a school counselor to get any tips that might help your search.

If your child has a college selected, funding information is usually available on that school’s website as well.

Recommended: How Do You Find Non-Academic Scholarships for College?

3. Considering an After-School Job

Encouraging your child to work part-time during high school or college can contribute to funding their education and teach valuable life skills. A part-time job provides them with their own income, reducing their dependence on student loans and parental contributions.

Many colleges offer work-study programs where students can work on campus or in community service roles while earning money for their education expenses. In addition, summer jobs or internships can be an excellent way for students to save for college during their break.

However, it’s important to strike a balance between work and academics to ensure that your child’s studies remain a top priority. You may need to help your child manage their time efficiently to avoid overworking themselves and compromising their academic performance.

A job won’t pay for everything, but it will pay for some things, and that could mean fewer costs to cover with savings or financing.

4. Researching Student Loan Options

With the high cost of getting a degree these days, you may not be able to avoid taking on at least some student loan debt. You and your child may want to take some time to research and understand all the student loan options out there — both federal and private — and how they work well-ahead of senior year.

The amount a student can borrow in federal loans will depend on their year in college, status as dependent or independent, and the type of loan or loans they take out.

Parents of dependent undergraduate students also can apply for Direct PLUS Loans to help pay for education expenses that aren’t covered by other federal financial aid.

Federal student loans usually have more benefits than loans from banks or other private lenders, so be sure to compare the benefits of each private student loan program, as well as the interest rates and terms.

For example, federal loans offer deferment and forbearance along with programs like Public Service Loan Forgiveness (PSLF) and income-driven repayment plans. Private lenders don’t usually offer such perks and protections. It’s generally recommended that students exhaust all federal loan options prior to borrowing private student loans.

While researching different options for private student loans, you may encounter different ways for you and your child to apply, such as taking on a private student loan yourself or acting as a cosigner for a private student loan.

There are, of course, pros and cons to both of those options, so it’s important to do your due diligence on the private lenders you may be considering. What benefits do they offer? What are their rates and terms? Is there any fine print?

If your child doesn’t qualify for enough federal student aid to cover the cost of attending college, private student loans may be a viable option to look into to close the gap.

💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

The Takeaway

There’s no one-size-fits-all way to pay for college. Students and their families may end up using a blend of savings, scholarships, grants, work-study, and different types of student loans to finance their education. When looking at aid options, you may want to prioritize federal sources of aid before borrowing private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

 

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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