Common ways people pay for college?

I'm starting to stress about college costs. I was wondering, how do most people manage to pay for college? Do people typically get financial aid or are parents' savings and loans the name of the game?

Most people actually rely on a combination of sources to cover college costs. Here are some commonly used ways:

1. Scholarships and Grants: Grants and scholarships are considered "free money" as they don’t require repayment. They are often based on academic achievement, talent, or other factors, including financial need. Some students may apply for scholarships from private organizations, while others receive grants directly from the federal government or their university.

2. Federal Aid: Many students rely on financial aid from the federal government. This typically comes in two forms: grants (which don't need to be repaid) and loans (which do). You'll need to fill out the Free Application for Federal Student Aid (FAFSA) to be considered for this type of aid.

3. Work-Study: Federal Work-Study provides part-time jobs for students with financial need. It gives students an opportunity to earn money to help pay education expenses while gaining work experience.

4. Parent Contributions: Some parents begin saving for their child's college education from an early age with savings tools such as a 529 Plan. It's typical for parents to contribute to college costs, but the amount can vary widely depending on financial circumstances.

5. Student Loans: Students can also take out private or federal student loans to cover education costs. These come with interest rates and must be repaid over time after the student has completed their degree.

6. Part-Time Jobs and Internships: Many students work part-time jobs or secure paid internships during college to help cover expenses.

7. Military or Public Service: Programs like the Reserve Officers' Training Corps (ROTC) and AmeriCorps offer college funding in exchange for a service commitment after graduation.

Remember, it's important to explore all options and make a plan that suits your specific financial situation and higher education goals. Discuss this matter with your family, a school counselor, or a trusted mentor.