Paying for school: grants, scholarships and student loans
Use money you do not have to repay first, then federal loans, and private loans last.
Start with the FAFSA
The Free Application for Federal Student Aid unlocks federal grants, work-study and federal loans, and many schools use it for their own aid.
Grants
Grants do not need to be repaid. Federal Pell Grants go to students with financial need, and states and schools offer their own.
Scholarships
Offered by schools, employers, community groups and foundations, including many for adult learners. Never pay a fee to apply for a scholarship.
Federal vs private loans
Federal student loans have fixed rates and borrower protections such as income-driven repayment and deferment options. Private loans depend on credit and usually offer fewer protections.
Refinancing
Refinancing replaces existing loans with a new private loan, possibly at a lower rate. Refinancing federal loans into a private loan gives up federal protections, so weigh that carefully.