‘Financing College: Where’s the Money?’

How can I afford a college education?

Paying for higher education can be a daunting task, and there is no one-size-fits-all formula to determine how to come up with all of the necessary funds. Financing a college education often requires cobbling together different options to accomplish this singular goal.

With the help of Anna Griswold, assistant vice president for undergraduate education and executive director for student aid, and others within the Penn State community, this five-part series of stories, titled “Financing College: Where’s the Money?” will share techniques and ideas for ways to pay for a college education.

While some students are fortunate enough to have the academic or athletic achievements to garner the funds to entirely pay for a college education, most students have not been offered that “full ride” through college.

So, where should students and their families look for financial options?

This series of articles will examine loans, grants, scholarships, employment, tax credits, Penn State programs, and other techniques to accomplish this end goal — paying for college. During the 2015-16 academic year, 73 percent of Penn State undergraduate students received more than $1 billion in financial aid, including $176 million that students and their families secured on their own from sources external to Penn State. This money included grants, 25 percent; scholarships, 13 percent; work study, less than 1 percent; and loans, 62 percent.