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Along with getting academically ready for college, you need to be financially ready. This will require some advance planning. One of the most critical parts of that plan will be figuring out what college costs and developing a plan to pay for it. Most people require some form of financial aid, whether through loans, grants or scholarships. There are many types of financial aid and plenty of scholarships available— it's up to you to determine which ones best fit your unique needs.

It is very important that you start this process early. But don’t worry—if you follow some specific steps, you can get SET to go to college.

Get Set…

Step 1: Understand what college will cost.
The total cost of college includes tuition and fees. But there are other costs as well, such as room and board, books and supplies, meals, transportation, and other expenses. These costs may seem very high, but remember that financial aid is available to help you and your family.

Here is a comparison of average costs at different types of colleges:

• Massachusetts public two-year community colleges: 
   $3,526 per year for tuition and fees for in-state students
  Source: Massachusetts Board of Higher Education
• Massachusetts public four-year state colleges: 
   $5,855 per year for tuition and fees for in-state students
  Source: Massachusetts Board of Higher Education
• University of Massachusetts campuses:
   $9,001 per year for tuition and fees for in-state students
  Source: Massachusetts Board of Higher Education
• Public four-year colleges nationwide:
   $15,783 for out-of-state students
  Source: Annual Survey of Colleges, The College Board
• Private four-year colleges nationwide:
   $22,218 per year for tuition and fees
  Source: Annual Survey of Colleges, The College Board

The following website will help you calculate how much you can expect your college education will cost, based on a number of factors which you will be asked to provide: http://www.finaid.org/calculators/.

Step 2: Fill out the Free Application for Federal Student Aid (FAFSA).
Financial aid is available, but you will not receive any assistance unless you apply. It is critical that you fill out the Free Application for Federal Student Aid (FAFSA) form as early as possible.

The FAFSA can be submitted any time after January 1 of your senior year in high school, but don’t wait too long. Financial aid is awarded on a first-come, first-served basis to eligible students, and some deadlines start passing in March. Get your forms in quickly so you don’t miss out. You can pick up a paper version at your high school guidance office or your local library, or you can fill it out online at www.fafsa.ed.gov.

The application requires information about your family’s finances and a copy of your parents’ tax forms, so be sure to have your parent or guardian help you fill it out.

A few weeks after filling out the FAFSA, you will receive an estimate of what your family can afford to spend on your education before factoring in any financial aid. Your results will also go to the federal government, your state government, and the schools to which you have applied.

Step 3: Look for scholarship and grant opportunities
Are you a talented musician, athlete or artist? Is one of your parents in the military? Do you have a unique family background? These are just a few of the thousands of categories that may qualify you for a scholarship or grant—money which does not have to be paid back.

Do your research. Some grants or scholarships may be available through your high school or community, and there are thousands of other national opportunities out there. There are also lots of resources available to help you uncover potential sources of funds. Explore every option because when it comes to paying for college—every penny will help. 

Looking for more resources to help you get set? Click here to check out our links!