Paying For College

Knowing where to start when financing your college education can be stressful but with the right tools and reliable information, you can step off on the journey with confidence. From FAFSA to military tuition discounts, keep reading for our best how-tos.  

Free Application for Federal Student Aid 

Of all the things that need your attention during the journey to college, FAFSA should be at the top of the list. The FAFSA is an application that the federal government uses to gather the financial information it needs to assess what loans and grants you qualify for. https://studentaid.gov/h/apply-for-aid/fafsa 

It’s the only pathway through which to receive federal funding such as Pell grants and other sources you don’t have to repay. It’s also the opening to low-interest educational loans and resources like work-study.   

Although you're applying for federal aid, the process is coordinated through the school or schools you plan to apply to who also use the data to determine eligibility for their own institutional grants and scholarships – especially those that are need-based.  

Need FAFSA help?  

Yellow Ribbon Program and Schools 

Yellow Ribbon Schools are institutions that have partnered with the Department of Veterans Affairs to provide additional financial aid to military-affiliated students such as military service members, veterans, or dependents. Schools designated Yellow Ribbon help cover tuition costs that exceed the standard GI Bill benefits, making higher education more accessible for veterans and their families.   

To find out more about the Yellow Ribbon Program and to see if you are eligible, you can search for Yellow Ribbon schools on the VA’s website, https://www.va.gov/education/yellow-ribbon-participating-schools/ or contact the Department of Veterans Affairs directly.  

In-State Tuition 

By removing state residency requirements, the Higher Education Opportunity Act of 2008 provides in-state tuition rates for service members and their families at public colleges and universities nation-wide.  

This can save you tens of thousands of dollars a year compared to out-of-state or private tuition. Some states even provide extra funding for the children of veterans, so it doesn’t hurt to explore state colleges and universities for a great place learn coupled with military-friendly financial benefits.  

Scholarships for Military Dependent Students 

Scholarships are a vital resource for students to afford higher education. Yes, they’re competitive and require a time investment but check out this inspiring stat from Research.com: “A regular high school student may have the qualifications for as many as 50 to 100 available scholarships.”  

Ready to get started?  

With over a million awards offered annually, you can begin by narrowing your search to awards set aside for military-connected students. In addition to awarding scholarships itself, the Fischer House has a unique, military-focused scholarship search tool to introduce you this group of targeted opportunities:  https://search.militaryscholar.org/ 

There are many scholarship sites out there so when you’re ready to broaden your search, try this list of our top sites that will help make the most of your time and effort.  

A word about scams… 

Scholarship scams are unfortunately prevalent in today’s world, preying on individuals seeking financial assistance for their education. To stay safe, avoid scholarship offers that:  

Specialized Savings plans 

A 529 education savings plan is an investment account that offers tax benefits when used toward qualified education expenses 

529 plan contributions aren’t deductible for federal income tax purposes, but many state plans offer state income tax deductions for contributions. Earnings grow tax free and when  distributions for qualifying educational expenses are made, they are federally tax free. Each state offers different plans with their own investment options, and you do not have to use your home state’s plan.  

Some of the best features of the plans are that almost anyone can contribute to them, such as  grandparents, family friends, parents and others and, if the named beneficiary (the student) decides not to attend school, the account owner (usually a parent) can change the beneficiary to another eligible family member, such as a sibling. 

Fortunately, through Department of Defense (DoD) Office of Financial Readiness (FINRED) military families have access to trusted financial managers and counselors to help sort through the 529 details and whether it is a good fit for your family. https://finred.usalearning.gov/Trending/Blog/MilitaryChildCollege 

You can also find personalized financial planning services for military families at installations across the world by using this link to this search engine from Military One Source  https://installations.militaryonesource.mil/search?program-service=30/view-by=ALL 

Resources For Veterans and Service Members Transitioning to Civilian Life 

VA Education and Training Benefits