Navigating the world of financial aid is tricky – finding the right combination of school plus grants and loans to create the best financial aid package is even trickier. There is no surefire formula to a cheap education, but to get you started, here are a few ideas that you might want to keep in mind:

All federal need-based grants and loans are available to eligible students regardless of which school they decide to attend. These grants and awards, such as the Pell Grants, are based on financial need, determined and applied for by filling out the Free Application for Federal Student Aid. For more information, see our Step-By-Step Guide to Filling Out the FAFSA.

 

Some federal financial aid comes in the forms of loans, such as the Stafford and Perkins loans. Subsidized Stafford loans and Perkins Federal Loans are both based on a students financial need. Unsubsidized Stafford loans are available to students regardless of financial circumstances, and based off of the cost of attendance, minus the given federal aid package. 

 

All of these are available private university, public university, and vocational school students. 

 

Public universities are known to be cheaper than private schools because they are federally and state funded. Private schools tend to offer far more scholarships and grants, however, which can equalize the playing field. So, therefore it is best to decide what schools you would like to attend, and then see what kind of financial aid package that they can offer. 

 

Example: Say you are a California resident considering UC Berkeley (tuition of $12,460 per year) and Stanford (tuition of $37,380). You file your FAFSA and get $10,000 of need based aid from UC Berkeley, and $12,000 of need based aid from Stanford. Each package is made up of a combination of grants and loans. This makes UC Berkeley $2,460 per year, versus Stanford’s $25,380. Thus, even though you received more need based aid from Stanford, it was not enough to make the cost of attending Stanford equal to the cost of attending UC Berkeley. 

 

In another instance, say you are a California resident considering UC Berkeley (tuition of $12,460 per year) and Santa Clara University (tuition of $37,368). You file your FAFSA and get no need based aid from either Santa Clara and UC Berkeley. However, Santa Clara also offers you a $2,000 ACE Program Scholarship, a $12,000 Business Deans Scholarship, and a $9,250 SCU Scholarship, all of which are based on merit, your scores/GPA, and the program you are entering. This brings UC Berkeley to a total of $12,460, and Santa Clara to a total of $14,118. Thus, with the external private school scholarships, the cost of attending either school is close enough to become less of a factor in deciding where to attend.   

 

Private Universities often have their own source of need-based and merit scholarship funding that they provide to their own students, in addition to the grants that students receive through the federal government. Public Universities often lack this extra funding, and could end up being more costly. Again, this is not a rule, and differs on a case by case basis.

These higher education schools, which serve to help prepare students for life with job-specific skills, can be private or public schools. However, most purely vocational school are private schools. Private vocational schools include Western Career College, Academy of Art College, and Heald College. Public vocational programs are included in many of the community colleges, as well as through the CSU system. 

 

As public schools, they may charge very low affordable tuition. As private, for-the-economic-profit-of-their-owners, schools, however, they may charge a very steep tuition. 

Most federal grants and loans are available through the FAFSA for students attending vocational and trade schools, but like with private and public universities, the remaining balance is up to you to find. Some vocational schools have their own scholarship sources, but like public universities, they are often quite limited. Check with your chosen school to determine what additional scholarship options they offer. 

 

Tip: Financial aid can have a drastic effect on the relative cost of attending one school versus another. Your best bet would be to find the schools that truly interest you and offer the program that would serve you the best, and then see what kind of financial aid package you can get—both through the FAFSA, as well as through the school itself.