How much of college is typically covered by grants and scholarships?

I'm trying to figure out how much of college costs could be covered by grants and scholarships. Does anyone have an idea of the typical percentage? It would help me plan my financial strategy for college.

While it can vary significantly from student to student and school to school, on average, grants and scholarships cover about a third of the cost of college.

However, keep in mind that this number can fluctuate greatly based on numerous factors. Some of these factors include academic merit, demonstrated financial need, the school’s financial aid policies, and outside scholarships received among others. In general, don't bank on 100% of your costs being covered by grants and scholarships unless your family’s income is very low, even if you have exceptional grades and test scores.

Students can maximize their potential for receiving grants and scholarships by doing the following:

1. Apply to schools where your academic profile is in the top 25%. Colleges often award more merit aid to students who are academically impressive compared to the rest of their applicant pool, to attract them to their school.

2. Complete the FAFSA early. This maximizes your chances of receiving federal and state aid, as some forms of aid are given on a first-come, first-serve basis.

3. Apply for outside scholarships. These are scholarships not associated with any college, and they range widely in amount and criteria for application. Appily is a great resource for finding such scholarships.

4. Demonstrate interest in your colleges. For schools where demonstrated interest matters, showing you're interested in attending their school might improve your odds of receiving institutional aid.

Just remember that no matter how much assistance you receive, it's crucial to have a financial plan in place. Work out different scenarios (full tuition covered, half tuition covered, etc.) so you're able to adapt to the aid you receive.