How to Manage College Costs & Find Money for College
March 19, 2025 Kristen Tarantola
The very best way to save money on college costs is to establish a family budget and develop a list of colleges that are priced accordingly. Parents should also complete the Net Price Calculator for each school to understand the true cost after potential financial aid. While some colleges may offer reductions on their stated price tag, many selective institutions do not. If you are looking for a college to discount its asking price, remember this: "You can chase a great price college or a status college, but you CAN NOT chase both." Many highly selective colleges offer no scholarship money and instead focus on meeting the student's financial need. It's critical that parents be mindful of cost and have an open conversation with their child early on. A transparent approach ensures that everyone is heading in the same direction. Don't make the mistake of leading your child to believe there are opportunities for them beyond your financial means.
For Students
1. Apply for Grants & Scholarships First (Free money doesn’t have to be repaid!)
Check your school counseling website, Naviance, or SCOIR for scholarship opportunities.
Review MLHS Guidance Postings for local and national scholarships.
Explore scholarship databases (see list below).
2. Prioritize Federal Loans Over Private Loans
Federal Student Loans (studentaid.gov) offer lower risk and better protections.
Subsidized Loans: No interest while in school; total limit around $30K over four years.
Unsubsidized Loans: Higher interest, but still federally backed.
Private Student Loans (e.g., Sallie Mae, banks, credit unions) should be a last resort.
If needed, consider a co-signer with good credit to secure lower interest rates.
3. Explore Work-Study & Part-Time Work
Work-study programs (if eligible) or a part-time job can help reduce borrowing needs.
For Parents
1. Consider Federal vs. Private Parent Loans
Federal Parent PLUS Loan (studentaid.gov):
Requires a credit check.
Higher interest rates but includes federal protections like income-driven repayment options.
Private Parent Loans (banks, credit unions, private lenders):
Compare interest rates, repayment terms, and borrower protections.
2. Support Your Student’s Scholarship Search
Help your student explore financial aid options.
Encourage them to apply for multiple scholarships.
Resources for Financial Aid & Scholarships:
School counseling department, school website, Naviance, or SCOIR.
Financial aid offices at colleges or career schools.
Local libraries, civic groups, businesses, and community organizations.
Professional associations, field-specific organizations, and employer-sponsored scholarships.
Scholarship Websites:
1. Fastweb.com
Database of 1.5M+ scholarships worth $3.4B+.
Personalized search and monthly contests.
2. CollegeBoard.org (BigFuture)
Search nearly $6B in scholarships from 2,200+ programs.
Fill out a profile for best results.
3. Niche.com
Scholarships organized by career, major, and interests.
Occasional contests available.
Database of 3.7M+ scholarships worth $19B+.
Browse by category or create a profile for personalized results.
3.2M+ scholarships, including need- and merit-based options.
6. Sallie Mae Scholarship Search
Matches scholarships based on field of study, hobbies, and other factors.
Search by keyword, category, or personal profile.
8. Cappex
$11B+ in scholarships; also estimates your college acceptance odds.
9. Chegg Scholarships
25,000+ scholarships; weekly top scholarship picks.
10. Unigo
Millions of scholarships, plus contests and sweepstakes.
11. Peterson’s Scholarships
$10B+ in scholarships with tailored search filters.
12. U.S. Department of Labor’s CareerOneStop
Search 8,000+ scholarships with filters for deadlines, study level, and location.