Financial Aid Tips for High School Seniors

Financial Aid Tips for High School Seniors
Brazos Staff

Last Updated: 8/24/2026

BIG Ideas:

  • Financial aid can significantly lower the net cost of college and reduce the amount of money you need to borrow.
  • The first step in getting financial aid is to complete the Free Application for Federal Student Aid (FAFSA).
  • There are other ways you can reduce the cost of college beyond financial aid, such as choosing a less expensive school.

After years of early morning wakeups, homework assignments, and pop quizzes, the moment you’ve been waiting for is finally here – SENIOR YEAR! It’s an exciting time filled with new opportunities, big decisions, and planning for the independent and bright future ahead.

For many students, that future includes college.

But there’s an important step that needs to happen before you can set off on your college journey: You need to learn how to pay for it, which can be a real challenge for many families. Learning about financial aid and understanding your options early can make paying for college much more manageable. 

The average cost of college (including books, supplies, and daily living expenses) in the United States is $38,270, according to the Education Data Initiative (EDI).1 It can be a lot more depending on the type of school (private vs. public) and where it’s located (in-state vs. out-of-state).

Meet Financial Aid: Your Friend in Making College More Affordable

There is one solution that has helped many students and families struggling to meet the high cost of college: financial aid. It’s money available from the federal government, colleges, or private organizations to help make college more affordable.

The most important thing to know about financial aid is that it can lower the true cost of college. That lower bill can help you avoid a big problem many students encounter after graduation: accumulating high debt.

Taking on loans that you may not have to pay for while you’re in school may not seem like a big deal. But when you graduate and must start paying them back, they can drain your budget and prevent you from reaching other life goals, like moving into your own place, buying a car, or purchasing a home. So, if you can maximize financial aid, you’ll have a big advantage after graduation.

13 Financial Aid Tips for Students: How to Lower Your College Costs

Now that you know how financial aid works, here are some financial aid tips, including financial aid tips for students and practical college financial aid tips to help you save on college costs:

  • File the FAFSA as early as possible. Aid is often awarded on a first-come, first-served basis, especially for grants and work-study, so try to complete the FAFSA as soon as it becomes available for your school year.
  • Submit a FAFSA even if you think you won’t qualify for financial aid. The FAFSA can get you access to low-interest federal student loans, state grants, and aid available from your college.
  • Update your FAFSA if your financial situation changes. If your family’s financial situation or life circumstances change, such as divorce, unemployment, or medical expenses, make sure to update your FAFSA. If you didn’t originally submit the FAFSA, you can’t make changes, giving you another reason to fill it out even if you think you won’t qualify.
  • List multiple schools so you can compare offers. When you complete the FAFSA, you can list up to 20 schools to which you want to receive your financial information. These schools will then use the information on the FAFSA to make financial aid offers. Then, you can compare financial aid offers, school costs and each college’s net cost to make the best decision for your budget.
  • Check your FAFSA carefully for errors before submitting. Simple mistakes can delay your aid or reduce what you’re eligible to receive. Even something as simple as not signing the FAFSA could impact your ability to get financial aid. Also, make sure you provide all the required documentation, since delays can cost you. If you make a mistake after submitting the FAFSA, be aware of the steps you can take to correct it.
  • Search for and apply for scholarships and grants. Scholarships and grants are available at the local, state, national, and school levels. Remember to apply for scholarships all year long, every year. You should also talk to your financial aid office to learn more about scholarships available.
  • Compare financial aid offers. Some schools may offer you more financial aid than others in the financial aid award letters they send you. But that doesn’t mean you should choose the school that gives you the most aid. You should look at the net cost of each college, which is the amount you’ll have to pay after financial aid is applied.
  • Exhaust all federal aid first. With the high cost of college, chances are you’ll need to borrow money. Because federal loans often offer more attractive rates and repayment plans, and other benefits, you’ll want to maximize federal aid first.
  • Understand private loans. If there is a gap where federal aid and your savings leave off, you could consider getting a private loan offered by private lenders like banks, credit unions, and non-profits. Before you borrow, make sure you shop around, since, unlike with federal loans, rates, fees, and terms can vary significantly from lender to lender. Learn the difference between private and student loans.
  • Borrow only what you actually need. One of the biggest mistakes you can make when paying for school is borrowing more money than you need. Just because a private lender or the federal government offers you a certain amount of money doesn’t mean you have to borrow that.
  • Know how much you need to borrow. Before you borrow, create a budget to understand your costs and the amount of money you’ll need. Having a budget will help you avoid overborrowing.

Other Ways to Reduce the Cost of College

These financial aid tips for students are just some of the ways you can make college more affordable. Here are some other ways to save on college costs:

  • Choose a less expensive school, such as a public, in-state school.
  • Become an RA to reduce housing costs.
  • Start at a community college and transfer to a four-year school.

Brazos Can Help You Meet the Costs of College

For more than 50 years, Brazos Higher Education has helped students and parents finance the cost of college. As a Texas nonprofit, we offer competitive rates on private student loans that can help you fill the gap where federal aid and your savings leave off. Contact us today to learn more.

1Hanson, Melanie. “Average Cost of College & Tuition” EducationData.org, 2026-02-14, https://educationdata.org/average-cost-of-college