Paying for College with Little To No Savings
Last Updated: May 7, 2026
BIG Ideas:
- Not having money saved for college can make your journey more challenging, but there are still ways to make college more affordable.
- Scholarships and grants can help lower your tuition costs and do not need to be repaid.
- Private and federal student loans can help cover the remaining cost of college.
You know you want to go to college. You may even know where you want to go and what you want to study – and that’s exciting.
What you may not have figured out yet is how you’ll pay for it, especially if you don’t have a college fund or savings set aside.
The good news? College is still possible. Your financial journey may require a little more planning, but there are several ways to make higher education more affordable. Let’s take a look at your options.
Financial Aid
Federal financial aid, which is based on financial need, can significantly help reduce the cost of college. To apply, you’ll need to complete the Free Application for Federal Student Aid (FAFSA). Completing the FAFSA can also open the door to additional aid because many states, colleges, and organizations use it to determine eligibility for financial assistance.
Pro Tip: If you receive financial aid offers from multiple schools, consider asking your preferred school if they can offer additional assistance. It never hurts to ask.
Scholarships
Scholarships are one of the best ways to pay for college because they do not need to be repaid.
Scholarships may be awarded based on academic achievement, test scores, athletic ability, artistic talent, community involvement, or other factors. Some scholarships are also based on your state of residence, background, or affiliation with certain religious organizations.
Be sure to research scholarship opportunities early and apply to as many as possible. You can also explore scholarship resources and opportunities through Brazos, including the $5,000 Murray Watson Jr. Scholarship and the $1,000 No-Essay Scholarship.
Grants
Like scholarships, grants are a form of financial aid that do not need to be repaid. Grants are usually awarded based on financial need and may come from the federal government, state governments, or colleges and universities.
Work-Study Programs
Federal Work-Study programs allow students to work part-time while attending school. These jobs can help cover educational expenses while also providing valuable work experience.
Student Loans
Because college costs continue to rise, many students rely on student loans to help bridge the gap between financial aid and total college expenses.
There are two types of student loans:
- Federal student loans offered by the federal government
- Private student loans offered by banks, credit unions, state agencies, and non-profit organizations like Brazos.
Students are encouraged to exhaust all forms of federal aid first because federal loans may offer benefits such as income-driven repayment plans and loan forgiveness opportunities. However, private student loans can also play an important role in helping families cover remaining educational costs.
Payment Plans
Some colleges offer tuition payment plans that allow you to spread payments out over time instead of paying the full balance upfront. This can make college expenses more manageable throughout the semester.
Community Colleges
Starting at a community college can be a smart way to save money. Many students complete their first two years at a lower-cost community college while living at home, then transfer to a four-year university to complete their degree.
Side Hustles and Part-Time Jobs
If you are not eligible for Work-Study, consider taking on a part-time job or a side hustle. Babysitting, dog walking, tutoring, and other flexible jobs can help you earn more money for tuition and living expenses.
Budgeting
No matter what financial goals you have, creating a monthly budget is an important step. A budget can help you manage your expenses, avoid unnecessary debt, and stay focused on your long-term goals.
As you can see, paying for college without savings is possible. By exploring your options and creating a plan, you can take meaningful steps toward earning your degree and building your future.
Brazos is Here to Help Make College Affordable
For more than 40 years, Brazos Higher Education has helped make education more affordable for students and families. As a Texas non-profit, Brazos offers competitive rates and no fees on private student loans designed to help cover the gap after federal aid and scholarships. Contact us to learn more about your options.
