6 smart ways to pay for college

As high school graduation nears, it's time to start thinking about how to pay for college. Not sure where to start? You're not alone. According to a recent College Ave survey, 41% of current college students were confused when trying to figure out how to pay for their education.

Paying for college doesn't have to be overwhelming. Your family has multiple options to make college affordable. Read on for the six best ways to help pay for college.

1. FAFSA

The very first thing you should do is encourage your child to fill out the Free Application for Federal Student Aid (FAFSA). This form helps the government determine what types of financial aid your student qualifies for. Some states and schools also use this information to offer financial aid, such as scholarships and grants. Because some funding is limited, it's important to submit the FAFSA as early as possible.

2. Scholarships

Scholarships are for everyone, not just straight-A students. In fact, according to the survey, 53% of current college students are paying for college using merit aid like scholarships.

There are many types of scholarships out there that are awarded based on your background, extracurricular activities, area of study, and even random drawings. You can search for scholarships on websites like Fastweb, Scholly, Cappex and Unigo. One easy, no-essay scholarship to apply for is the $1,000 scholarship sweepstakes at CollegeAve.com/scholarship.

3. Grants

Remember your FAFSA form? Based on your information, you may be eligible for a grant. For example, you've probably heard of the Pell Grant, a government-funded grant based on a student's financial need.

The Pell Grant isn't your only option. Your state or school may also offer grants, so make sure to check your state's department of education and your school's website.

4. Work-study

Many students work jobs while attending college to pay for their education. However, you may not be aware that your college may offer on-campus work-study jobs that are financed by government aid.

According to the College Ave survey, students who use their income or savings to help pay for college work on average 16 hours per week. Like grants and financial aid, you'll need your FAFSA to see if you qualify for work-study, so put that at the top of your to-do list.

Even if you don't qualify for a work-study gig, you could consider working a part-time job in your field of interest. It's a great way to earn money for your education and gain experience in your chosen profession.

5. Federal loans

Once you've received all the aid you qualify for, your family may still need to borrow money to cover the remaining college costs. Federal student loans are a common option. Start by applying for a federal student loan in the student's name. These loans offer benefits not offered by private lenders. To access them, you must complete the FAFSA.

In fact, the survey found that 41% of students use federal loans to help fund their education. These loans offer fixed interest rates and flexible repayment plans, including income-driven repayments.

6. Private student loans

Federal student loans have annual limits, which may not cover your full college costs. To bridge the gap between your financial aid and remaining expenses, consider a private student loan as an additional option.

With a private student loan, you can borrow up to the cost of college attendance minus awarded financial aid. If you'd like to learn more about private student loans, go to CollegeAve.com. There you can also use the student loan calculator to estimate monthly payments, compare interest rates and review available repayment terms.

Find the best options for you

Every family's path to paying for college is unique. Explore these six strategies and find the right mix to fund a college degree.