Paying for College: A Look at Three Student Journeys

According to the National Center for Education Statistics (NCES), nearly 85% of first-time, full-time undergraduates received financial aid in 2016-2017. This page explores the individual stories behind this statistic, showing you how each student’s college financial aid journey is unique. You can also learn valuable information about how to pay for your own higher education.

The following sections tell three students’ stories as they pursued financial aid for college. While filling out the Free Application for Federal Student Aid (FAFSA) helps streamline the financial aid process for many students, there is no one-size-fits-all approach that guarantees you the most funding. Your award package greatly depends on factors like your economic background, chosen school, and field of study.

We purposely picked a diverse selection of interviewees whose ages range from 18-38 years. These students attend school in separate states and pursue different types of degrees. As you read their stories, keep in mind that the financial numbers shown are estimates of their funding, college expenses, and living costs.

Alexandra found applying for college financial aid fairly easy, since she keeps most of her important documents and records on hand. However, there was a slight hiccup at the beginning of the process. Due to Alexandra’s age at the time of the initial application, she needed her mother to add her own financial information.

Fortunately, applying for financial aid was worth the trouble. Alexandra was shocked at the amount of money she ultimately received. As a future educator in a high-need field, Alexandra received the TEACH Grant — a federal award that paid for half of her tuition.

Alexandra’s financial aid package also included a $35,000 loan that begins to accrue 3.5% interest after graduation. She plans to pay off this debt by enrolling in the governmental Teacher Loan Forgiveness Program. By working for five consecutive years as a full-time teacher in a low-income high school, Alexandra can cancel over $10,000 of her student loan debt.

Between her current job and future career, Alexandra feels confident that she has the means to pay for college. She advises potential students to seek funding wherever they can find it and to select a major that fuels their passion and excitement for the future.

As the first of her siblings to attend college, Ashley found the financial aid process difficult at first. Luckily, with the right guidance, applying for scholarships and grants became easier. Upon submitting her FAFSA, Ashley was automatically considered for scholarships based on academic merit, ultimately receiving seven awards totaling about $60,000.

Ashley is also paying for college by taking out $5,500 in federal subsidized and unsubsidized loans, with 4.53% APR interest upon commencement. Furthermore, her financial aid package includes work-study funding, and she now works at her school’s marketing and communication department. This work-study position not only provides a steady paycheck, but it also allows Ashley to gain hands-on professional experience she can add to her resume.

Ashley followed the conventional path to higher education. NCES data shows that 67% of 2017 high school graduates (or roughly 2.9 million students) made the immediate transition to college. While this decision greatly benefits her future career, Ashley notes that the sudden independence prompted her to spend her money poorly during her first few months at college.

Ashley advises other students to “make smarter choices” than she did by creating and sticking to a realistic college student budget. She also thinks high school seniors should prioritize affordability and carefully analyze all expected costs when choosing colleges to avoid overburdening themselves financially after graduation.