Paying for College: Smart Ways to Make It Affordable

College is an exciting milestone, but figuring out how to pay for it can feel overwhelming. The good news? With the right tools and resources plus a little planning, higher education can be more affordable than many families expect. 

At Virginia Credit Union (VACU), we believe knowledge is power. Understanding your options early can help reduce stress, limit student debt, and set students up for long-term financial success. Here’s a breakdown of the most effective ways to pay for college, along with a timeline to help you stay on track.

The Free Application for Federal Student Aid is a must

The first step, which can be quite intimidating, is to familiarize yourself with the Free Application for Federal Student Aid, or FAFSA. The FAFSA is the form students complete each academic year to determine what financial aid they’re eligible for.

FAFSA is the starting point for most financial aid, including grants, federal student loans, work-study programs, and many state- and school-based awards.

Typically, FAFSA forms open on October 1, and students file it for the next academic year. For example, if FAFSA is filed in October 2026, it would determine financial aid for the 2027-2028 academic year. 

We recommend that everyone complete the FAFSA, regardless of income or savings. The application process is much easier than it used to be — some applicants will answer as few as 18 questions. According to studentaid.gov, if you have your information ready, the FAFSA can take less than 10 minutes to complete. 

  Pro Tip: If you live in certain parts of Virginia, you may have access to Great Aspirations Scholarship Program (GRASP) services, which offer free assistance with completing the FAFSA application. This will help you feel more confident throughout the process.  Visit their website to learn more and set up an appointment today.

Now that we have laid the groundwork for completing the FAFSA, here’s what you can do to make that financial squeeze a little easier.

Four ways to pay for college

1. Scholarships: Free money is worth the effort

Make sure you are looking and applying for scholarships. Scholarships are one of the most effective ways to pay for college because they do not need to be repaid. They are awarded for many reasons, including academic achievement, leadership, community involvement, special talents, and career interests. 

A quick and easy way to find scholarship opportunities is through your high school’s college and career centers, school counselors, community organizations, employers, colleges, and local financial institutions. 

There are a lot of scholarships out there that companies, institutions, and organizations want to give you, but sometimes searching for them can be an obstacle. Some great websites that organize and make the process easier are careeronestop.org and fastweb.com. There are many more, but those two are great places to start. 

Scholarship tips:

• Start early: Scholarships are available as early as middle school.
• Apply often: Smaller awards add up.
• Stay organized: Keep a running list of deadlines and requirements.

2. Grants

Grants are another source of money for college that doesn’t have to be repaid if all requirements are satisfied. Many grants are offered each year to students by the federal or state government, and eligibility for most grants is determined after the FAFSA is completed. 

  Pro Tip: You should file the FAFSA as early as possible, even if you think you might not qualify, as many grants are awarded on a first-come, first-served basis.

One of the most popular grants through the federal government is known as a Pell Grant. Pell Grants are need-based federal aid. Check out studentaid.gov  and schev.edu to learn more about grants and see if you qualify.

Grant opportunities:

• Federal Supplemental Educational Opportunity Grant (FSEOG)
• Virginia Commonwealth Award (state grant)
• Virginia Guaranteed Assistance Program (state grant)
• Virginia Tuition Assistance Grant Program (state grant)
• Two-Year College Transfer Grant (state grant)
• Virginia Military Survivors and Dependents Education Program
• Workforce Credential Grant (state grant)

As a reminder, both scholarships and grants don’t have to be repaid as long as the required obligations are met. Make scholarships and grants your first priority.

  Pro Tip: A new program is going into effect July 1, 2026, called the Workforce Pell Grant program. This program will expand access to eligible short-term career training programs (8-15 weeks) in high-demand fields such as HVAC, welding, and nursing assistance.