Apply for financial aid
As you begin the college application process, financial aid plays a major role in your decision.
Do your research
Before you make any big decisions, it's important to understand the different ways to finance college. Let's get started.
The Free Application for Federal Student Aid (FAFSA) is a critical application for federal aid, including grants and federal student loans. States and schools also use the FAFSA to determine your eligibility for other forms of aid. You can submit the FAFSA online. You'll need to gather information like your and your parents Social Security numbers, tax returns, current checking and savings balances and your list of prospective colleges. Pay attention to federal, state and school FAFSA deadlines. In general, the earlier you apply, the better your chances of qualifying for grants and gift aid.
After you complete the FAFSA and submit your college applications, you'll receive acceptance offers from colleges with financial aid packages. Your financial aid package may include a combination of grants, scholarships, institutional aid, student loans and work-study programs. When comparing your financial aid options, focus on the college's net price — the cost of attending the school minus any gift aid, such as grants or scholarships. The remaining balance is how much you'd have to pay in cash or by borrowing money with student loans. Comparing the net price will help you make the best financial decision.
While cost is an important consideration, it's not the only factor that should influence your college choice. Think about your career ambitions and what major your plan to pursue, what campus environment you want and school size. While some students may prefer a smaller campus with smaller class sizes and lower student-to-faculty ratios, you might thrive in a larger school.
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College financing options
Several ways to pay for college may be available to you.
According to a recent survey from Citizen, 59% of parents were confident about navigating their finances when their child was accepted, but only 21% felt totally prepared for the real cost of college. Things can add up quickly, so plan ahead and don't get blindsided by unexpected expenses.
The cost of attendance is more than just tuition, room and board. Think about other expenses, like textbooks, a computer, transportation, health care, school supplies and some extra spending money for the occasional pizza night or movie with friends.
According to a recent survey from Citizen, 59% of parents were confident about navigating their finances when their child was accepted, but only 21% felt totally prepared for the real cost of college.1 Things can add up quickly, so plan ahead and don’t get blindsided by unexpected expenses.
Consider these common options for financing your college education:
- Your college financial aid package may include institutional and federal or state grants, scholarships and federal loans.
- You may be eligible for grants or scholarships from nonprofit organizations or private companies.
- Your family may have tucked away and invested money on your behalf to pay for your education in the form of a 529 savings plan.**
- If you have a summer job or work part-time in school, you may be able to save money to help pay for your incidental expenses and reduce the need for other financial aid.
Getting ready for college isn't just about academics—it's also about planning your finances:
- Create a budget: Map out how much money you have coming in from financial aid, family savings or contributions and earnings from your part-time job.
- Apply for external scholarships and grants: Millions of opportunities are out there. Search and apply for scholarships based on your financial need, your particular field or sport and other niche interests.
- Consider part-time work: If your college participates in a federal or state work-study program, connect with the financial aid office to discuss next steps in securing a part-time job while you're in school. If not, an off-campus job can help balance your budget.
Citizens is with you every step of the way
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Fill the gap with private student loans
After you've maximized all other funding options, private student loans can help cover the difference.
Did you know that 58% of parents say the increased cost of living has factored into their children’s ability to pay for college?1 By saving as early as you can, understanding hidden expenses, and factoring in inflation, you can be better prepared for the cost of college.
Private student loans† can help finance your education after exhausting all other aid. They differ from federal loans in that they take your credit and income into account. If you'll need loans for more than a single year, consider multi-year approval† to simplify financing your education.
To apply for a private student loan, you'll need to provide your legal name, contact information, Social Security number, the name of your college and your projected graduation date. As a college student, you'll likely need a parent or relative with good credit and a reliable source of income to act as a cosigner† so you can qualify for a loan.
Rates, terms and eligibility requirements vary by lender, and some may require you to make payments while you're in school. Review your repayment options and select the one that works best for your budget. Citizens student loan calculator can show you what your payments will be with different rates and repayment terms.
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* Citizens Scholarship: No purchase necessary. Void where prohibited. The Citizens Scholarship Sweepstakes is open to legal residents of the 50 United States, D.C., and U.S. Territories, who are 18 years of age or older, are students, or prospective students, or parents or legal guardians of students intending to enroll or enrolled at least half-time in an accredited undergraduate/graduate post-secondary institution. To be eligible for a chance to win the Citizens Building the Workforce of the Future Scholarship entrants must be from an underrepresented or a low-income community as described in the Official Rules. Sweepstakes begins at 12:00 AM ET on 4/1/25 and ends at 5:00 PM ET on 3/31/26. Sponsored by Citizens. See Official Rules for details.
**Citizens Wealth Management (in certain instances DBA Citizens Private Wealth) is a division of Citizens Bank, N.A. ("Citizens"). Securities, insurance, brokerage services, and investment advisory services offered by Citizens Securities, Inc. ("CSI"), a registered broker-dealer and SEC registered investment adviser - Member FINRA/SIPC. Investment advisory services may also be offered by Clarfeld Financial Advisors, LLC ("CFA"), an SEC registered investment adviser, or by unaffiliated members of FINRA and SIPC providing brokerage and custody services to CFA clients (see Form ADV for details). Insurance products may also be offered by Estate Preservation Services, LLC ("EPS") or an unaffiliated party. CSI, CFA and EPS are affili**Citizens Wealth Management (in certain instances DBA Citizens Private Wealth) is a division of Citizens Bank, N.A. ("Citizens"). Securities, insurance, brokerage services, and investment advisory services offered by Citizens Securities, Inc. ("CSI"), a registered broker-dealer and SEC registered investment adviser - Member FINRA/SIPC. Investment advisory services may also be offered by Clarfeld Financial Advisors, LLC ("CFA"), an SEC registered investment adviser, or by unaffiliated members of FINRA and SIPC providing brokerage and custody services to CFA clients (see Form ADV for details). Insurance products may also be offered by Estate Preservation Services, LLC ("EPS") or an unaffiliated party. CSI, CFA and EPS are affiliates of Citizens. Banking products and trust services offered by Citizens.
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