What is the best way to pay for college?

Answered

You are right to be concerned about this as college has become ridiculously expensive! The answer depends a lot on your (and your parents') financial situation.

There are 2 basic criteria for scholarships and grants (free money) - merit and need. Merit is based on your GPA and test scores, while need looks at the difference between what the government thinks your family can afford to pay vs. the college you pick costs. That creates 4 quadrants (high merit/high need, low merit/high need, high merit/low need, and low merit/low need). If you can place yourself in one of those quadrants, more specific advice can be given.

What I have noticed is that there is far more scholarship money available for need than merit. That isn't to say "don't try to achieve the best grade you can," but it is to let you know that if your need is not high, merit may not go very far. It is certainly no where close to 50-50 from what I have seen. More line 20-80% merit-to-need.

Student loans are available, with many options. If your parents are willing to take student loans, they can essentially borrow up to the full cost for you to attend any college you want. However, they are on the hook for that debt forever.

In sum, you want:

1. Scholarships/grants (free money)

2. Pay out of pocket (your money)

3. Loans (bank money that has a lot of potential issues)

As much as it stinks, you have to consider what your major will be and how much you expect to earn while looking at the cost of college. In an ideal world you study what you want for a reasonable cost, but that is not where we are in the US right now.