Your education is an investment in your future. The time you spend in college will increase your earnings as time passes.
One of the keys to an affordable education is making good decisions before you get to campus. Use these strategies to help you avoid borrowing or to reduce the amount you borrow.
There are a lot of steps you can take to make going to college easier on your wallet. Take care of these important steps as soon as you apply to IU.
File a Free Application for Federal Student Aid (FAFSA) as soon as possible after you apply to IU. Pay close attention to the deadlines—the difference they can make to your aid is significant.
Scholarships provide financial support for your education and all students should seek out scholarships to help cover the cost of college.
Loans are financial aid that you will have to repay even if you don’t finish your schooling. Don’t borrow more than you need for any given academic period.
Have a plan for where your money will come from and how you will spend—and save—it.
Once you’re an IU student, the opportunities to save money don’t end. Follow these additional strategies to make sure you’re getting the most bang for your buck.
Be sure to file a FAFSA before April 15 to be considered for financial aid for the following academic year.
Incoming freshmen aren’t the only ones who have scholarship opportunities. Complete IU's general scholarship application each year and keep looking for non-IU continuing student scholarships as well.
Pay attention to the total you’ve borrowed over the years by using the Financial Aid Student Tracker, which is updated twice a year, to see your estimated education loan debt balances and estimated payments.
Because you pay a flat fee for tuition, which enables you to register for up to 40 credit hours across fall, spring, and our August and winter intersessions, taking as many classes as possible can decrease the overall amount you end up paying.
Stay on top of your loan repayments. Choose the loan repayment plan that is best for you so you can repay your loans as soon as possible.
Explore loan repayment plansUnlike a subsidized loan, the government begins charging interest on a federal direct unsubsidized loan as soon as the money is paid to you. You can start paying interest while you’re in school, or you can capitalize it (add it to the principal amount).
Capitalizing interest lets you defer interest payments while you’re in school. That means the interest gets added to your principal—so the next time interest is calculated, you’ll be paying interest on that interest.
See it in actionUse these tools to plan how you’ll pay for your college education.
