How to Pay for College

College is possible even if you do not have the resources on hand at this time.  There are federal, state, institutional and community programs available that can help you achieve your education goals.  Check out our simple, step-by-step guide to uncovering the process of paying for your college education.

Step One.  Estimate College Expenses

Carefully consider all of the costs associated with receiving an education.  Obviously, there's tuition and fees.  And room and board, otherwise known as rent and food money to students living off campus.  But have you considered costs such as books, supplies, travel and entertainment?  Personal expenses such as laundry, your cell phone and a laptop?  Some of these expenses may seem insignificant but can add up over time.  Visit sites like CollegeBoard.com for college cost calculators to help you determine the total amount you should expect to pay for your education.

Step Two.  Apply for Federal Aid. 

Start by completing the Free Application for Federal Student Aid (FAFSA).  Colleges use the results of this application to determine your eligibility for federal aid, including grants (funds that do not require repayment), work programs and student loans.  This application must be completed each year to determine eligibility for aid.  Apply early!  Some colleges have application deadlines that must be met.

Step Three.  Apply for State Aid.

Visit www.adhe.arknet.edu to find funding for students graduating from Arkansas high schools, such as Arkansas Academic Challenge, Governor's Scholarships, Law Enforcement and Military Dependent Scholarships.

Step Four.  Apply for Institutional Aid & Scholarships.

Visit college web sites to determine if there are campus-based resources, such as scholarships, that require an application other than the FAFSA.  Your employer or your parents' employer may offer scholarship opportunities.  High-school counselors are a great resource for local organizational scholarships for which you may qualify.  Use the internet - there are many scholarships available that you may not be aware of.  Do not pay for scholarship searches.  There are free scholarship searches available such as www.fastweb.com.

Step Five.  Apply for a Loan.

Now you've estimated your expenses and calculated the amount of money you'll receive from different sources of student aid.  Simple math will tell you if you still have outstanding expenses.  If so, consider applying for a student loan through First Security Bank.  We have a variety of different loan options, and one that is sure to fit your needs.  Contact our student loan experts, Herb & Barbara, who are available to answer any of your questions and help you every step of the way.  Call them today at 1-800-967-4903 or send an email to studentloans@fsbank.com.