7.5: Navigating College Finances
- Page ID
- 375760
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Paying for college is one of the biggest financial challenges students face. Between tuition, books, living expenses, and other costs, the financial landscape of college can feel overwhelming. But with careful planning and an understanding of how to manage your finances, you can make your way through college with less stress and a stronger financial foundation. This section will help you navigate college finances, including understanding financial aid, student loans, budgeting, and other essential resources.
How much will it cost to go to college?
Financial aid calculators provide financial aid estimates. They can estimate how much aid you may receive. They can also estimate how much you should borrow from the student loan program.
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HACC's Net Price Calculator (link) —This gives an early estimate of the amount of money you might receive from grants or scholarships.
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Federal Student Aid Estimator (link) – This tool provides an estimate of how much federal student aid you may be eligible to receive. These estimates are based on the Student Aid Index (SAI), an index to determine federal student aid eligibility.
Loan Simulator (link) - This tool helps you estimate monthly student loan payments and choose a loan repayment option that best meets your needs and goals. You can also use it to help you decide whether to consolidate your student loans.
To find the actual cost of your individual enrollment at HACC, you will use the “Student Invoice and Schedule.” In myHACC, click “Registration/Records” in the left menu bar then click on “View Student Invoice and Schedule” in the “Student Accounts/Bill Information” box. You will generate a PDF, and this document lists all your classes including days, times and room numbers if applicable plus your actual charges and payments (credits). The second page of the document provides additional information about payment due dates, paying your invoice and the HACC payment plan.
Understanding Financial Aid
Financial aid is money provided to help you pay for college and can come in many forms. Financial aid is the combination of scholarships, grants, loans and work-study funds packaged together and subtracted from your tuition and fees. Financial aid can come from multiple sources, including the federal government, state grant programs, private awards and scholarships. Students should understand the different types to make the most of a financial aid package.
Grants:
Grants are awarded based on financial need and do not need to be repaid. Students must complete the Free Application for Federal Student Aid (FAFSA) to be eligible for grants. Some of the most common grants include:
- Pell Grant: A federal grant for students who have demonstrated financial need.
- State Grants: Some states offer grants for residents attending college within that state.
- Institutional Grants: Colleges may offer their own grants based on financial need or merit.
Scholarships:
Scholarships are typically merit-based (based on academic achievement, sports, etc.) or awarded for other reasons (e.g., ethnicity, career interests, community involvement). Scholarships do not need to be repaid, and they can be a great way to reduce your cost of attendance. Many organizations award scholarships based on merit, financial need or other criteria. Start your scholarship search before you plan to enroll. You may contact professional or social organizations in your area such as the American Business Women's Association, Kiwanis, Lions, Rotary Clubs, Jaycees, 4H and your Chamber of Commerce. Employers, unions and churches may also offer scholarships. The HACC Foundation also offers many scholarships (link) for HACC students.
Student Loans:
Loans are borrowed money that you must pay back with interest after graduation (or once you drop below half-time enrollment). Federal student loans generally have more favorable terms than private loans, but both require careful planning.
Work-Study:
Work-study is an earned form of financial aid, which is paid to you directly and is not deducted from your tuition bill. Work-study jobs are employment with HACC that can help pay for your tuition and other expenses. If you are interested in a work-study job, please explore employment opportunities on College Central Network (link). Federal Work Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay for education expenses.
Understanding Student Loans
Student loans are a major part of financing your college education for many students. It’s important to understand how student loans work so that you can make informed decisions and avoid excessive debt after graduation. Student loans must be repaid with interest.
Federal Student Loans:
Federal loans are offered by the U.S. Department of Education and tend to have lower interest rates and more flexible repayment options compared to private loans. Federal student loans require an enrollment status of six or more credits. There are two main types:
- Direct Subsidized Loans: These are need-based loans where the government pays the interest while you're in school (as long as you're enrolled at least half-time).
- Direct Unsubsidized Loans: These loans are not based on need, and interest starts accruing immediately (even while you're in school).
Federal PLUS Loans
Parents and graduate students can apply for Parent PLUS loans or Grad PLUS loans, which are federal loans that help cover additional costs. These loans require a credit check and have higher interest rates than Direct Loans.
Private Loans
Private student loans are offered by banks, credit unions, or other private lenders. They usually have higher interest rates than federal loans, and the terms can vary widely. Private loans should only be considered after you have exhausted all federal loan options.
Financial aid Refunds
Sometimes students receive more financial aid than is needed to cover tuition and fees. In that case, students will receive a refund. Refunds can be used to pay for textbooks and materials or other bills related to college. Refunds also can be saved to pay for future classes instead of borrowing additional student loans. Here’s more information from studentaid.gov (the website used to complete the FAFSA):
When your school gives you financial aid, sometimes money is left over after your aid is applied to your tuition, fees, and other school charges. This remaining amount is called a credit balance. If you have a credit balance, your school must pay this amount to you directly within 14 days unless you authorize the school to keep the money to pay for future institutional charges.
Communicating with HACC’s Financial Aid Office
If you have questions about any aspect of your financial aid, please visit the Financial Aid page on hacc.edu including this link: Link Frequently Asked Questions for common questions and how you independently might resolve issues. Students also may submit an inquiry using this link: Link Financial Aid Inquiry Form. Please note that to protect your data, the Financial Aid Office will send responses to inquiries only to your HAWKMail account.
If you need to submit paperwork or other documents, please use the secure upload option under your Financial Aid Requirements section in the Financial Aid tab of the myHACC portal.
Another way to communicate with HACC’s Financial Aid Office is to schedule a fifteen-minute Zoom appointment. Financial Aid support for current HACC students is available remotely via Zoom on Fridays, from 10 AM - 2 PM (15-minute timeslots). These sessions are designed to provide current HACC students with personalized assistance to address their financial aid needs in a convenient and accessible way. To reserve a time, students must schedule an appointment through Navigate, accessible via their myHACC account. Appointment slots for the upcoming week become available at 10 a.m. on the Friday before the meeting date and close at 2 p.m. the day before the appointment. For example, for a meeting on Oct. 17, 2025, appointment scheduling opens at 10 a.m. on Oct. 10, 2025, and closes at 2 p.m. on Oct. 16, 2025.
Here are relevant links to HACC’s Financial Aid websites for more information:
https://www.hacc.edu/Paying/WhatisFinancialAid/index.cfm