Graduate with Less Debt, More Possibilities
The idea of paying for college can feel like a big challenge, but with the right knowledge, you can graduate with less debt and more freedom to pursue your dreams.
Financial aid can make a huge difference—in fact, most students don’t pay the full sticker price because of grants, scholarships, and other aid.
Understanding Financial Aid
When researching colleges, you’ll hear a lot about financial aid—but what does it really mean?
Financial aid is money that helps cover tuition, housing, books, and other college costs. It comes in different forms with different responsibilities:
Make a plan for college affordability
DETERMINE YOUR FINANCIAL AID NEEDS
Every college calculates aid differently. Don’t let a sticker price detour you from your dream school!
FILE YOUR FAFSA ON TIME
Every dollar counts (who doesn’t love free money!) and remember each college could have a different deadline!
Search and apply for scholarships
Through junior and senior year.
compare actual costs, not just sticker prices
Some schools provide more generous aid than others so knowing your net cost is crucial.
Understand institutional vs. federal aid
Are you applying to an institution that requires an additional financial aid form?
Where Do I Start?
Step 1:
DETERMINE YOUR FINANCIAL AID NEEDS
Before diving into financial aid research, take time to assess your personal and family financial situation. Every college calculates aid differently, so understanding what you might qualify for will help guide your search.
Questions to discuss with your family:
- What can we realistically afford per year for college?
- Do we anticipate qualifying for need-based financial aid? (Check the Federal Student Aid eligibility estimator)
- Are we comfortable taking on student loans? If so, how much?
- What types of scholarships or grants should we prioritize?
💡 Did You Know?
Some colleges (like St. Olaf) commit to meeting 100% of demonstrated financial need for all admitted students.
Step 2:
FILE YOUR FAFSA – YOUR KEY TO FREE MONEY
The Free Application for Federal Student Aid (FAFSA) is the most important step in securing financial aid. Filing the FAFSA unlocks:
💰 Federal and state grants (like the Pell Grant)
💳 Low-interest federal student loans
👩🎓 Work-study opportunities
🏫 School-based scholarships and grants
STEP 3:
SEARCH AND APPLY FOR SCHOLARSHIPS
Scholarships are one of the best ways to reduce college costs. There are thousands available—many you can apply for as a high school junior or senior!
🎓 Colleges & Universities
Most schools offer merit-based and need-based scholarships. Some require a separate application, so check deadlines early!
📚 high school counselors
Check in with your high school guidance/counseling staff to see what students in your high school have won in the past. Those scholarships may be a great fit for you!
🏆 Local & Community Organizations
Many businesses, nonprofits, and places of worship offer scholarships that often have less competition!
Step 4:
COMPARE ACTUAL COSTS, NOT JUST STICKER PRICES
Not all colleges cost the same—even if tuition looks high at first. What really matters is your “net cost” (the cost after financial aid).
🧮 Look for a college’s Net Price Calculator to get a personalized estimate.
🔍 Compare financial aid offers—some colleges are more generous than others.
🎓 Check graduation rates—Colleges with strong support systems can help you finish on time and avoid extra tuition costs! (In case you were wondering, St. Olaf’s graduation rate is 81% of students graduate in four years —which is 20% higher than the national average!)
Step 5:
UNDERSTAND INSTITUTIONAL VS. FEDERAL AID
Many private colleges (including St. Olaf) require an additional form called the CSS Profile to award institutional need-based aid.
This goes beyond the FAFSA and helps determine eligibility for college-specific grants and scholarships. If your family has any unique or special circumstances (number of children per household attending college, cost of living in student’s home city and sate, medical bills, changes in finances, etc.) you can tell us about those circumstances on the CSS Profile.
Evaluating colleges and planning for costs can feel like a lot, but by starting early, applying for aid, and comparing options, you’ll set yourself up for success. Investing in college is investing in YOU—and with the right plan, you can make it affordable.
Have questions? St. Olaf’s financial aid team is here to help.
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