How to Pay: Get the Basics

Financial Aid 101

What It Costs: See the Big Picture
Many students worry that tuition and the other costs of continuing their education will be out of reach. But don't let the price tag stop you. It's only part of the picture.

Most students receive some kind of financial aid to help pay for the cost of their education. A few students even get a "free ride," where all their costs are paid for.

With your determination and assistance from financial aid, you can make the education you dream about a reality. Use this section of the site to learn how.

Who Gives Aid: Find the Figures
The U.S. Department of Education should be your first source to access financial aid. They award $80 billion a year in grants, work-study assistance and low-interest loans.

Aid also comes from scholarships from schools, employers, individuals, private companies, nonprofits, religious groups and professional organizations.

So, there's money out there. You can find it.

What You Pay: Understand the EFC
The aid you qualify for depends on your Expected Family Contribution, or EFC. The EFC is a number that schools use to determine how much federal aid you would receive if you attended that school.

When you apply for federal student aid, you will be asked to provide information about your or your family's finances, such as income, assets and family size. After you submit the application, you will receive an EFC based on this information.

Your contribution may come from a combination of savings, current income and loans.

What Aid Covers: Add It Up
There are five basic costs associated with going to college. Your financial aid package may be used for:

Tuition and fees
Room and board
Books and supplies
Personal expenses
Travel
Fast Fact: Around half of a college student's living expenses are for housing and food.

Visit college@ed.gov today for more information.