How to Pay for College: Tips for Future Students

three Pacific University students sitting at a table on campus looking at laptops

Your Guide to Affording College

Discover ways to pay for college, budget for college expenses, navigate financial aid and talk to admissions and financial aid counselors

Thinking about college? Attend one of Pacific’s Junior Open House events where you can explore campus, meet faculty and discover what it truly means to be a Boxer.

How to pay for college is an incredibly common question for students and their families as they move through high school and toward college applications. Though college can be expensive, it can also be transformative, both personally and professionally. College graduates statistically earn $1 million more in their lifetime than a high school graduate, so paying for college is an investment in the future.

There are many ways to pay for college for students and their families. Planning ahead, working with admissions and financial aid counselors, and applying for a variety of financial aid options will put you in the best position to be able to pay for college when the time comes to begin paying tuition.

When Should I Start Financial Planning for College Costs?

The earlier you begin thinking about paying for college, the more time you have to plan. Even before you know exactly where you want to go to college, there are many costs that you can begin preparing for years before you set foot on campus. If you’re a parent or guardian, you can begin saving for your child’s college education early on. And if you’re a student, you can begin saving though part time work or summer jobs while you attend high school.

As you determine what kind of college you may want to attend, you can begin exploring net price calculators, financial aid offerings and scholarships. Understanding these resources will help you to financially prepare for whatever college path you choose. It’s equally important to also understand your financial situation. As a high school student, it’s important to consider:

What your potential college costs might be
What your family may be able to contribute
What you can contribute through your own savings and work
What financial aid you want to apply for

Answering these questions is not something you need to do alone. Having open conversations with your family is a great place to start. Also, be sure to use the resources at your high school — from counselors to college application workshops — and at the colleges to which you are thinking of applying. Many colleges, like Pacific University, run financial aid workshops for applicants and admitted students. These workshops help you to understand financial aid, identify and apply for scholarships, as well as work with financial aid counselors to fund your university education.

Questions for Students and Families to Ask While Planning Financing College

As you plan for how to pay for college, it’s important for your family to have open conversations about the financial resources available for your education. Sharing information and setting expectations helps everyone to collaborate on paying for college. These questions can help start the conversation on how to afford college:

What, if any, college savings already exist?
What are your grades? How does your GPA compare to that required for merit scholarships at the schools you are considering?
What extracurricular activities do you participate in? Are there scholarships specific to these activities?
What is the expected family contribution to college based on the family income and assets?
Is it possible for you to work during school and/or summers? Could you qualify for the work/study program in college?
Who will be responsible for what parts of college costs and what are the expectations around borrowing? If loans are taken out for college, will they be taken out by the student, parent(s) or both?
Does a parent’s employer offer any tuition assistance or remission for dependents?

What College Costs Should Students and Families Budget For?

Tuition and fees are an important part of college costs, but students and families should think beyond these when considering the total cost of college and also how they can save on expenses during these years.

Tuition and Fees: Tuition is what you pay for your college classes, while fees are additional charges that help to cover the cost of campus services from student support to the recreation center. You’ll want to make sure you understand what tuition you will need to pay as well as what your college fees are and when these are paid (quarterly, yearly, etc.).

Housing and Food: If you live on campus, you will likely have a choice of meal plans to cover your food at campus dining halls. If you live off campus, you’ll need to consider your grocery budget alongside rent, utilities and other living expenses. Students who attend school near their families may choose to live at home or with relatives to save on costs.

Books and Supplies: Each course you take will require books and supplies and you’ll need to plan for these in your college budget. You can save on costs by buying used books or checking books out from the library. Some instructors will place course books on reserve so that students can go to the college library to read them.

Transportation: Your transportation costs will vary depending on where you attend school. Will you need a car to get around or is your intended college in a city with a good public transportation system? Is the town small enough that you can navigate it as a pedestrian or cyclist much of the time? If you are attending college far from home, you may want to budget in the cost of a train, bus, or flight back home a few times a year, as well. Many campuses have their own student buses or offer students free transit passes to help them get around. Explore these options as you budget for your transportation.

Personal Expenses: What other expenses do you need to cover? These may range from laundry and cell phone bills to entertainment and buying clothes.

Insurance and Medical Expenses: Many universities offer insurance plans to enrolled students. You may also be able to remain on a parent or guardian’s insurance plan throughout your time in college. Most universities also have a student health center or work with discounted clinics where you can receive basic medical care.

Talking to Admissions and Financial Aid Counselors

Once you have identified colleges in which you are interested, you can reach out to admissions and financial aid counselors for help on affording college. These counselors are experienced at helping applicants navigate funding and finances and will often be able to point you toward resources you may not otherwise know about.

At Pacific University, the goal of admissions and financial aid officers is to make the cost of attendance for each student comparable to the cost of attending an in-state college. They do this by helping students to stack scholarships and navigate grants and loans. One of the best kept secrets in higher education is that, while many private universities have high listed tuition costs, they also tend to offer significantly more financial aid than public colleges. Financial aid and admissions counselors at Pacific work closely with accepted students to find ways to pay for college. For example, every student at Pacific University receives some form of financial aid.

At Pacific University, counselors will assist admitted students with understanding and comparing financial aid offers from different universities so that they understand all their financial aid offers in full before making decisions. Counselors can also help you advocate to have your financial aid offer recalculated should your financial situation change last minute. At Pacific, the same financial aid counselor will remain with you throughout your time here, meaning that you always have someone in your corner who understands your circumstances as you navigate paying for college.

With some preparation, honest conversation and by seeking assistance from the admissions and financial aid counselors at the university you want to attend, you can find a variety of resources to help you pay for the college you hope to attend.