With the high cost of a college education, affording college with no money set aside might feel impossible. However, there are many forms of financial aid — whether from federal, state, school, or private organizations — that can help you pay for your college degree.
Learning how to pay for college with no money might require approaching your higher education costs from different angles. This includes cutting your college expenses, finding alternate financial aid sources, or both.
Average Cost of College
How much you can expect to pay for college varies, depending on the school you choose, your degree level, whether you’re an in-state resident, and other factors.
According to the College Board, the average tuition and fees for a full-time, in-state undergraduate student attending a public four-year school in 2023-24 is $11,260. Out-of-state students can expect to pay an average of $29,150 in tuition and fees for the same academic year. And students attending a nonprofit four-year private institution are charged an average $41,540 in tuition and fees.
| Institution Type | Average Annual Tuition and Fees |
|---|---|
| Public Four-Year College, In-State Student | $11,260 |
| Public Four-Year College, Out-of-State Student | $29,150 |
| Private Four-Year College, Nonprofit | $41,540 |
Keep in mind that these figures are exclusively for tuition and fees. This cost doesn’t account for additional expenses that college students often face, like textbooks, school supplies, housing, and transportation.
Ways to Pay for College
The cost of being a college student can seem overwhelming when you don’t have savings available to directly pay for school.
If you want to go to college but have no money or you’re a parent who’s helping your child pay for college, here are a few ideas on how to go to college with no money saved.
Fill Out FAFSA® to See if You Qualify for Financial Aid
The best way to pay for college with no money — and really, the first step you should always take — is submitting a Free Application for Federal Student Aid, also known as the FAFSA®.
The FAFSA is the first step in finding out if you qualify for a federal financial aid program. You can see if you’re eligible for the Pell Grant, federal work-study, and Direct Loans. The information on your FAFSA is also commonly used to determine your eligibility for state, school, and other privately sponsored aid.
Grants
In addition to federal grants, search for grants from your state and school for additional funding. Grant funds generally don’t need to be repaid as long as you meet the grant program’s requirements.
Some organizations — nonprofit and for-profit — also host their own need- or merit-based grant programs for college students.
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Scholarships
Scholarships are considered gift aid, meaning they typically don’t need to be repaid. There are a plethora of scholarship opportunities that are awarded due to financial need or merit.
You can search for scholarships online from various companies, organizations, community groups, and more. Ask your school’s financial aid office for help finding these advantageous sources of aid.
Negotiate With the College for More Aid
If your financial circumstances have changed since you submitted your FAFSA, request a professional judgment to have your school reevaluate your financial aid package.
Not all schools accept this request, but if yours does, this process gives you a chance to provide additional documentation that’s used to recalculate your financial need.
Start With Community College and Transfer
If you want to go to college but have no money, one option is to attend a community college for the first two years of your college education. According to the same College Board report, the average 2023-24 cost for tuition and fees at a local two-year college is $3,990 for a full-time undergraduate student.
After completing your general education courses at a junior college, you can then transfer to a four-year school.
Choose a Less Expensive University
The type of school you choose can also help you afford college if you don’t have money saved. As mentioned earlier, the cost of college varies widely between a public versus private institution.
Additionally, choosing a public school in your home state generally costs less than attending an out-of-state school. When reviewing cost, be sure to factor in the scholarships and grants you may qualify for.
Live at Home
Room and board is one of the largest expenses facing students. Instead of having to account for costs toward a dorm room or off-campus housing, living at home and commuting to school can help you keep expenses lower.
Talk with your parents about whether living at home while you earn your degree is an option.
Study Abroad
Some students may explore pursuing their degree abroad as one solution to cut expenses. Thanks to government subsidies in some countries, attending university abroad can be less expensive than staying in the U.S. In some cases, American students may even qualify for free tuition.
Work-Study
The federal work-study program allows you to earn financial aid with part-time work through an employer partner.
Federal Student Loans
If you need to borrow money for college, a federal student loan is the first choice for students. The Department of Education offers subsidized and unsubsidized federal loans to students. These loans need to be repaid.
Undergraduate students might be eligible for subsidized federal loans in which the government pays for accrued interest while you’re enrolled in school, during your grace period, and while in deferment. These are awarded based on financial need.
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Private Student Loans
After exhausting all of your federal student aid opportunities, students may apply for a private student loan if they need additional cash to pay for college.
Private student loan rates and terms differ from federal loans. Generally, private student loans don’t offer borrowers income-driven repayment plans or flexible deferment or forbearance terms when you’re having trouble repaying your loan.
Also, loan details differ between lenders. To find a competitive private student loan, compare rates from a handful of lenders before choosing one.
Working Part-Time
To supplement the financial aid you’ve received, consider working part-time while you’re enrolled in school. Funds from a part-time job can help you pay for day-to-day costs as a student, like groceries, transportation, or general living expenses while you’re studying for your degree.
Borrowing From Family Members
If you have a money gap between the financial aid you’ve received and your college expenses, you could consider asking a close family member if they’re willing to offer you a loan.
Depending on your family’s financial resources and your relationship with your parents or relatives, you might have access to this alternative low-interest financing option. When borrowing money from family, be clear about how much you need, how the funds will be used, and expectations regarding repayment after you leave school.
Is College Right for You?
Attending a degree-granting, four-year college isn’t the only choice you have for furthering your education and career prospects. Enrolling in a trade school or seeking vocational training can help you advance your skills for more job-focused opportunities.
Trade School
A trade school offers programs that teach students the hands-on skills for a technical or labor-based profession.
Vocational Training
Vocational schools provide students with the education to earn a certification or formal training quickly for service-oriented professions.
Recommended: Guide to Student Loans for Certificate Programs
SoFi Private Student Loans
If you’ve decided that a traditional college education is for you, you might still need additional funds, despite exploring alternatives to afford college with no money.
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.
FAQ
Is there any way to go to college entirely for free?
Yes, but financial aid is highly variable and is determined based on your unique situation. Students might be eligible to enroll in college at no cost, depending on their financial need. Similarly, some students might be able to attend college for free based on merit, like with a full academic or athletic scholarship.
Is relying completely on student loans for college a good idea?
No, relying completely on student loans for college isn’t a good idea. To keep your student loan debt out of college as low as possible, it’s generally wise to seek out a mix of financial aid options. Prioritize aid that you don’t have to repay, like grants and scholarships, and use student loans as a last option when funding your college education.
Why is the cost of college so high in the US?
The high cost of college in the U.S. can be attributed to various factors. An increased demand for higher education and unrestrained administrative and facility costs have been cited as reasons for the ongoing rise of college costs.
Photo credit: iStock/Passakorn Prothien
SoFi Private Student Loans
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