Paying for College 101
Although tuition costs continue to rise, there’s no question that attending college remains an important investment. Plus, there are plenty of resources available to make your education more affordable. After considering what you can pay out of pocket, these options could offset the remaining costs and provide you and your family with peace of mind.
- Your first step: The FAFSA
Before you can receive financial aid from your college and the federal government, you’ll need to submit the FAFSA, or Free Application for Federal Student Aid. This form collects information about your family’s finances and helps colleges determine how much financial aid you’ll receive. You can file the FAFSA after it becomes available sometime in December, using information from your previous year's tax filing. - Uncle Sam’s contribution: Federal and state aid
Students with significant financial need may be awarded a Federal Pell Grant, money that does not need to be repaid. Iowa residents who attend an eligible private school—like Northwestern College—may also receive an Iowa Tuition Grant. (Iowa has one of the most generous state grants in the nation!)
Once you’ve filed the FAFSA, you also qualify for direct student loans from the federal government. Although these loans must be repaid after you graduate (or leave school), they usually have lower interest rates and shorter repayment periods than loans from a private bank. Parent PLUS loans are another funding option. Unlike direct loans, Parent PLUS loans are taken out in the parent’s name and make him or her responsible for repayment. - Fast cash with long repayment: Private loans
If you need additional funding after receiving federal aid, consider applying for a private loan from your bank. Private student loans fill in the gaps, but interest rates tend to be higher and the repayment periods longer. While paying higher interest over a longer period means more expense, private loans can be a valuable choice for families who need the funds before the first day of class. - Local and college support: Scholarships
With a strong high school GPA—and for some schools, standout test scores—you are well on your way to earning a scholarship from your college. At Northwestern, we offer academic scholarships ranging from $10,000 to $14,000, depending on a student's high school (or college) GPA and test scores.
But don’t stop there. Your high school guidance counselor is an excellent resource for information on available scholarships, and there may be businesses and other organizations in your community that offer funds to college students. Your parent or guardian’s bank or insurance company, the local Rotary Club or a similar service organization, and your family’s church are great places to start. - Your side hustle: Work-study
Another great way to score some cash while in school is to apply for a work-study position. These jobs range from campus maintenance and tech support to office tasks, shelving library books and more. Northwestern’s work-study positions range from 5 to 10 hours each week and pay up to $2,800 a year, which can be put toward your tuition or other college expenses. Working during the summer months is also a helpful means of padding your wallet in preparation for back-to-school costs.
College might be expensive, but with a little financial savvy, you can pay your way toward graduation with minimal debt. Talk to your college financial aid officer about additional options available, and prepare for an educational experience that is priceless.
Northwestern College wants to invest in YOU, your gifts and your talents. It’s why we’re committed to making college more affordable—starting with guaranteed scholarships/grants of at least $12,500/year. Visit our website to learn why we’re one of the “best colleges for the money.”
