How Can I Fund College Beyond Student Loans
College Planning InsightsThe World Of Educational Funding
No one likes the thought of taking on debt to fund a college education. That's why many savvy families seek funding that never needs to be repaid. While student loans often dominate the conversation around college financing, they represent just one piece of the puzzle. Scholarships and grants, which don’t require repayment like student loans, cover an average of 26.4 percent of college costs, making them a vital component of a comprehensive college funding strategy.1
Many people think such funding is only available if you're attending an Ivy League school, but the reality is that scholarships are available for many types of schools. You might be missing out if you're not looking for these opportunities.2
Navigating College Grants
Unlike loans, grants are essentially "gift aid" that doesn't require repayment; this makes them one of the most desirable forms of financial assistance available to college-bound students. Here's a quick guide to the major grant sources:
Federal Grant Programs
The foundation of grant-based aid begins with the Free Application for Federal Student Aid (FAFSA).
Pell Grants are the cornerstone of federal need-based aid, with a maximum award of $7,395 for the 2024-25 academic year.2
Federal Supplemental Educational Opportunity Grants (FSEOG) can provide between $100 and $4,000 annually to undergraduate students with exceptional financial need.2
TEACH Grants can offer up to $4,000 annually to students who commit to teaching in high-need fields in specific regions after graduation.2
State-Based Grant Programs
Most states operate grant programs created specifically for their residents. Here are a few notable examples:
- New York's Tuition Assistance Program (TAP) provides up to $5,665 annually
- California's Cal Grant offers full tuition coverage at qualifying state institutions
- Georgia's HOPE Scholarship covers a significant percentage of tuition for students maintaining a 3.0 GPA
- Michigan's Tuition Grant offers up to $2,800 for private college students
- Texas's TEXAS Grant provides financial assistance for eligible students at public universities1
Institution-Based Grants
Some colleges maintain their grant programs funded through endowments and donor contributions. For example:
- Need-based grants complement federal and state programs
- Merit-based awards are for academic, artistic, or athletic achievements
- Diversity grants promote campus inclusivity
- Departmental grants are for students in specific fields of study
Remember that comparing institutional grant availability can affect affordability when evaluating your approach to paying for college. The average institutional grant at private four-year colleges was $22,700 in 2024.3
Grant Opportunities
To have the best chances when pursuing grant opportunities, students should:
- Research state deadlines—These often differ from federal timelines. Many state grant programs have earlier priority deadlines than FAFSA, sometimes as early as February. Missing your state's deadline could cost you thousands in potential aid, even if you submit the FAFSA by the federal deadline.
- Explore institutional priorities—Understand each college's values, then tailor your application to highlight those qualities. If a school emphasizes community service, detail your volunteer work. For institutions prioritizing first-generation students or specific career paths, emphasize these aspects in your supplemental essays and scholarship applications.
- Apply widely—Unlike loans, you can combine multiple grant sources without increasing your debt burden. Apply for federal, state, institutional, and private grants simultaneously to reduce your costs. Combining state and institutional grants with a private scholarship could help you manage your expenses.
- Meet all renewal requirements—Many grants require satisfactory academic progress, typically a minimum GPA (often 2.5-3.0), and completion of a certain number of credit hours each term. Some also require annual FAFSA renewal, program-specific participation, or regular check-ins with advisors. Missing these requirements can result in a loss of funding.
Critical Deadlines
🗓️ The SAT/ACT 2025 Testing began on August 24, 2024, and closes on June 7, 2025. Check out collegeboard.org for more.4
🗓️ The 2025–26 Free Application for Federal Student Aid (FAFSA®) form is available for submission from July 1, 2025, to June 30, 2026. However, States and schools can also have their own FAFSA deadlines. Be sure to check those deadlines by contacting your chosen institution's Office of Financial Aid.5
🗓️ College fairs and visits can be a wonderful resource when deciding on your institution. Many institutions offer guided tours or attend fairs for future students. For the most up-to-date information, bookmark www.nacacattend.org and check it regularly.
🗓️ Early decision deadlines vary slightly from school to school, but most fall on November 1 or November 15. Always check the deadlines of your top schools before applying.
🗓️ Other deadlines differ drastically depending on the institution of your choice. Bookmark the most recent deadline page offered and check it often.