Paying for College: Scholarships, Student Loans, Financial Aid, Grants

It’s no secret—the average cost of college has continued to rise in recent years. Academic and athletic scholarships aren’t always enough to cover the cost of tuition, room and board and other miscellaneous expenses, which is why nearly 85% of students receive some form of financial aid to help them pay for school.

No matter where you are in the recruiting process, it’s never too early to start thinking about paying for college. If you’re trying to compete at the next level without breaking the bank, it’s essential to learn about different ways to pay for college, like using a combination of scholarships, financial aid and student loans.

What is the average cost of college?

According to U.S. News & World Report, the average college tuition and fees at U.S. colleges is $42,162 for private colleges, $23,630 for students attending public colleges out of their home state and $10,662 for students enrolling in public colleges in their home state.

However, keep in mind that these costs refer to a college tuition’s sticker price, or the total cost of tuition and fees before taking a student’s scholarships, financial aid and other grants into account.

So how much does college really cost? The average cost of college (the net price a family pays) depends on several factors, including a college’s location (urban, rural, suburban) and type (private v. public). A student’s personal preferences, like living at home v. paying for room and board, miscellaneous expenses (like lab fees for science majors or art supplies for art majors) and the amount of money they’re awarded in athletic scholarships, academic scholarships and financial aid can also offset a college’s sticker price.

Learn more about the average cost of college tuition by comparing college offers. 

Ways to pay for college

Student-athletes typically use a combination of these five ways to pay for college:

1. Academic scholarships
2. Merit scholarships
3. Athletic scholarships
4. Student loans

Financial aid, also referred to as need-based aid or grants

Scholarships for college

If you’re wondering how to pay for college without loans or financial aid, then academic, merit-based and athletic scholarships are your best bet.

• Academic scholarships are awarded based on academic performance, including your grades and overall GPA, class rank, ACT and/or SAT scores and course rigor (taking AP, Honors or other challenging courses).
• Merit scholarships are often related to academic performance, like being a part of an Honors Society, but can also be awarded to students who display artistic, athletic or other special-interest achievements, like being active in school clubs or volunteering.
• Athletic scholarships are awarded to qualified student-athletes at a college coach’s discretion. Some sports offer full ride scholarships, while others hand out partial scholarships. For instance, a coach can spread out any allocated scholarship money across multiple athletes, or for one or two high-level recruits to receive a higher athletic scholarship than the rest of the team.

Other types of scholarships include those awarded for community service, hobbies or extracurricular interests, military involvement and employer scholarships. An applicant’s identity or family history can also qualify them for certain awards (like legacies, first generation or first to attend college in the U.S.) Some schools even offer scholarships to students who plan on pursuing a specific major or course of study.

There are thousands of scholarships awarded each year to qualified applicants or students who meet certain criteria—you just need to know where to look for them! To search for different types of scholarships for college and get matched with scholarships you qualify for, check out our partner, Scholarships.com.

Learn more about scholarships, including how they can help student-athletes cut down college costs.

Athletic scholarships

The biggest misconception when it comes to athletic scholarships is that all student-athletes who compete in college receive them. That’s not necessarily the case—not all divisions offer athletic scholarships and sports at the NCAA Division 1 or 2 levels can offer either full rides or partial scholarships.

Athletic scholarships are also given out not only based on a recruit’s talent, but also whether they meet certain eligibility requirements, like completing required core courses and achieving a minimum GPA and/or test score on a standardized test.

Starting in the 2025-2026 academic year, the NCAA will eliminate D1 scholarship limits if a proposed settlement is approved, enabling all sports to distribute scholarships more flexibly among athletes. This change is expected to have a significant impact on college recruiting. More details and the latest updates here.

To learn how this will impact your sport, visit our sport-specific pages under the “sports” tab.

Learn more about eligibility requirements for athletic scholarships.

Check out our full guide to finding college athletic scholarships by sport.

What do athletic scholarships cover?

According to the NCAA, less than 2% of high school athletes are awarded a full or partial college athletic scholarship. Partial or full ride athletic scholarships can be applied towards direct college costs:

• College tuition and registration fees
• Room and board (dorms or on-campus housing and meal plans)
• Miscellaneous fees, e.g., orientation, technology, facilities (gyms, libraries) and student activities (Greek life, clubs, etc.).

What athletic scholarships don’t cover

Unfortunately, even a full-ride scholarship may not be enough to pay for college. Families also need to focus on what athletic scholarships don’t cover—indirect college costs.

Indirect college costs do not appear on your college/university tuition bill. These additional estimated costs associated with going to college include:

• Textbooks and supplies. Beyond textbooks, will you need to purchase additional supplies because of your program (art, science, etc.)?
• Transportation/Travel. What is the cost of transportation to/from your home? How often will you be going home? What travel expenses do you anticipate, if any (plane/bus/train tickets, rental cars, personal vehicle insurance/gas, etc.)?
• Meals. With or without a meal plan, students often need to budget additional expenses for food. How much do you anticipate spending on grocery bills and restaurants?
• Health, Dental, Vision Insurance. Does your school/athletic program provide health insurance? Are you covered under your parents’ plan? Will you need to purchase your own insurance coverage via the school or other providers?
• Social Activities. How do you anticipate spending your free time? Have you established a budget for these activities (movies, sporting events, concerts, etc.)?

Learn more about athletic scholarships, what athletic scholarships do and don’t cover (and how to get them).

Academic scholarships

To be considered for an academic scholarship, students must be academically qualified. However, since colleges and universities all have different criteria for awarding academic scholarships, this doesn’t mean that a lower GPA or test score automatically disqualifies you. There are different types of academic scholarships awarded for different levels of achievement.

For instance, a student applying to a more academically selective school, like an Ivy League college, may have a harder time receiving an academic scholarship due to the number of qualified applicants, while a student applying to a non-Ivy school may be more likely to receive an academic scholarship depending on that year’s pool of applicants.

Academic scholarships are also awarded at different tiers, so a lower test score or GPA might just mean you’ll receive a smaller scholarship than a student-athlete who ranks at a slightly higher caliber.

Student-athletes who intend to play at a D1 or D2 college should keep in mind that regardless of academic scholarships, their grades and test scores help determine whether they meet the minimum NCAA eligibility requirements to compete at the next level.

Watch our recruiting expert–and former D3 Head Coach–Pam Monnier break down everything you need to know about academic scholarships, including how and why academic scholarships are essential to cutting down college costs.

Merit scholarships

Merit scholarships are similar to academic scholarships because they can also be awarded to students who demonstrate academic excellence. However, merit scholarships are also given out to students who:

• Display athletic or artistic achievements
• Have held or currently serve in leadership positions
• Are actively involved in clubs and extracurricular activities
• Participate in community service or volunteer at their school or in their community
• Have been awarded for their achievements, e.g., National Honor Society or the National Society of High School Scholars
• Have high grades, test scores, a certain class rank or take more challenging courses, like AP or Honors classes

Learn more about merit-based scholarships and organizations that award them, including the National Merit Scholarship Corporation. 

Watch our recruiting experts Kyle Winters and Pam Monnier break down everything you need to know about merit scholarships, including key differences between academic and merit scholarships, in the video below.

How to pay for college without scholarships

Whether you don’t qualify for scholarships, didn’t receive an athletic, academic or merit-based scholarship, or expect to have a high cost of college even after your scholarship money has been applied to your college tuition bill, families typically bring their average cost of college down using:

• Financial aid (often called need-based aid) or grants. This is need-based money that students do not have to pay back. Students can qualify for financial aid and grants by completing their Federal Application for Federal Student Aid (FAFSA) and/or CSS/Financial Aid Profile. Financial aid is awarded by the federal government and the college’s endowment, though state governments and private/non-profit organizations can also offer their own grants based both on financial need and other criteria.
• Student loans. Students can take out both federal and private loans to pay for college. Unlike scholarships or financial aid, this money is borrowed from a government or bank and must be paid back over a set period of time, e.g., 10 years after graduation. Some loans also require students or their co-signers to pay interest on the money borrowed while they’re attending college or starting a few months after they graduate. 

Student loans

If you’re wondering how to pay for college with loans, you’re not alone. 63% of parents and 60% of students say they wished they looked into college financing options earlier.

There are two types of student loans:

• Federal loans are borrowed from the federal government, which uses a student’s FAFSA to determine their financial needs and whether they are eligible for financial aid and federal loans. The federal government considers the cost of attending college and the expected family contribution (EFC). Federal Direct Loans and PLUS Loans have one standard rate for all borrowers regardless of income or creditworthiness.
  
• Private loans are borrowed from banks and are a great option for families who may not qualify for federal aid, or who still have a larger balance to pay even after exhausting their scholarship, financial aid and federal loan options. While Federal Direct Loans and PLUS Loans have one standard rate for all borrowers, private student loan rates are typically based on the borrowers’ creditworthiness, so interest rates, fees, repayment and deferment options are going to be dependent on the lender. 

How to pay for college with loans

Once you’ve exhausted all sources of aid, including scholarships, grants, personal/family college savings and payment plan options, look at the leftover cost. How much do you need to bridge the gap? Do you have enough for all four years (or more) of college? If not, it might be time to check out federal and private student loan options.

However, if you’ve already taken out federal loans and still owe money to a college, a private loan allows you to borrow what you need to bridge the gap after federal aid.

Learn more about how student loans work.

How to pay for college without loans

If you’re wondering how to pay for college without loans, there are other ways to pay for college, including:

• Academic, athletic and merit-based scholarships.
• Financial aid, like grants awarded by the federal government or a student’s college.
• Federal Work-Study Program. This is a federally funded program (students can determine if they qualify by submitting their FAFSA) that helps students earn money for their tuition through a part-time employment program at their school. Students often work as tutors, perform administrative duties at their campus library, gym or student center or volunteer for community service through their school.
• Part-time jobs or paid internships. While some college students do work part-time to help pay for school or other costs, like room and board, it’s more difficult for student-athletes, especially those competing at a D1 or D2 school, to balance a year-round job or internship along with their academics, athletics and extracurriculars.
• Payment plans. Most colleges won’t require families to pay their total amount due in one lump sum. Monthly, quarterly or even semester payment plans are offered to split the costs across multiple months to make payments more manageable.

Grants and other types of financial aid

Financial aid and grants can help bring the average cost of college down even after you’ve applied any athletic scholarships, academic scholarships and merit scholarships to your college tuition bill.

Financial aid can come from both federal and private sources, including:

• Grants. Grants do not have to be repaid, which can help keep the overall cost of college down without adding any debt to pay back later. Grants can be awarded by the federal government, though private grants exist too. For example, some colleges use the FAFSA to determine if students qualify for need-based aid available from their private endowments, typically donated or gifted by alumni.
• Federal Work-Study Program. While this program requires students to work part-time at their college, students can only qualify for work-study if they complete their FAFSA (and are determined to be in financial need).
• Aid for military families. If a student-athlete serves in the military or is the spouse or child of a veteran, they may qualify for additional aid eligibility.

Learn more about student financial aid.

How to pay for college without financial aid

Some families may not qualify for federal or private financial aid but may still need help finding money for college. There are a few options for families who are looking for other ways to pay for college, including:

• Academic scholarships
• Athletic scholarships
• Merit scholarships
• Private student loans or student loans for parents
• Part-time jobs or paid internships
• Payment plans

For more information on how to pay for college without financial aid, check out our guide to student loans.