What happens if you don't have any scholarships for college?

I'm really worried about paying for college because I haven't gotten any scholarships yet. What are my options if I have to rely completely on loans or out-of-pocket payments?

It's completely understandable to worry about the cost of college. Scholarships are one way to reduce that cost, but they certainly are not the only avenue. Here are a few other approaches you can consider.

Firstly, you might want to look into need-based financial aid offered by the colleges themselves. Most institutions have their own formula for calculating financial aid packages, and they can be quite generous. For instance, at Harvard, families who earn less than $85,000 per year pay nothing towards the cost of attendance. Families who earn between $85,000 and $150,000 per year will pay between 0 and 10% of their annual income.

Federal financial aid is another huge resource. If you haven't done so already, be sure to complete the Free Application for Federal Student Aid (FAFSA). They'll calculate your Student Aid Index (SAI), which colleges use to gauge your financial need and determine grant and loan eligibility.

You may also want to explore work-study programs. These are part-time jobs, often on campus, for students with financial need. Not only can they help cover some of your costs, but they also give you a chance to gain valuable work experience.

And while you may not have earned a scholarship yet, keep in mind the application season isn’t over. There are numerous scholarship opportunities with deadlines throughout the year – not just those in the fall and spring. Websites like Appily are useful for discovering scholarships that may suit you.

Loans should be considered as a last resort. Student loans can pile up quickly and may require years to pay off. However, federal student loans often have more generous repayment terms and lower interest rates than their private counterparts. If you do have to go the loan route, exhaust your federal options first.

As you go through this process, ensure you're keeping an open dialogue with the financial aid offices at all schools you're interested in. They can provide relevant information and help navigate the complexities of financing your education.