If you don’t have your head wrapped around the basic terms and facts, figuring out how to pay for college and applying for scholarships can be a little complicated. OK, a lot complicated. But don’t worry. We’ve got you covered–this section is bursting with all the financial aid info you need!

Apply for grants for first-generation college students, women, diverse students, single mothers and more. Grants are funds that don't require repayment like student loans.

Choose a college or university that offers a lot of financial aid. First-year students at the University of Arkansas can get up to $8,875 in financial aid, depending on GPA. (Source: usnews.com)

Try a less competitive sport—and get good at it! There are 24 NCAA sports offering college athletic scholarships. Football, basketball, baseball, soccer, softball and golf are among the most competitive. What about bowling, fencing, beach volleyball, rifle, tennis, track and field, swimming or wrestling?

Join everything! Volunteering, activism and internships can help pave the way to scholarships. Check these out:

• Student leadership roles
• Internships and job shadows
• Part-time jobs (find something where your experience will help you reach your career goals).
• Join an academic club or team

Go after as many scholarships as possible. Like grants, scholarships do not have to be repaid. You'll want as many as possible. Be relentless. Consider it a part-time job—you have to put in the work to get paid!

Bike around campus: You'll save money on car maintenance and gas. Gas prices in Arkansas rose .13 cents in July 2024, and again by .05 cents in December 2024. (Source: 5newsonline.com, fox16.com)

Even better: use university or public transportation to get to class — or live near campus (on-campus parking is pricey!).

Live off campus. You might be surprised this saves you money, but on-campus housing and meal plans often cost significantly more than living off campus with roommates.

Leave with Little-to-no Student Debt

Do concurrent credit in high school. Credit hours can get costly! The average in-state undergraduate tuition course costs $263.18 per credit hour at the University of Arkansas, and some classes count as multiple hours. That adds up fast! (Source: uark.edu)

Look for opportunities to “test out” of courses. You get college credit, but don’t have to pay thousands of dollars for the class. The average cost of dual credit courses is $90 per credit hour, a big difference from the cost of courses when enrolled in college. (Source: Arkansas Division of Higher Education)

Choose an affordable school. Not all colleges and degrees cost the same. Pick a school where you get more bang for your buck. Here are the top five most affordable four-year colleges in Arkansas:

1. University of Arkansas at Fort Smith—$188 per credit hour for in-state students
2. University of Arkansas at Pine Bluff—$188 per credit hour for in-state students
3. University of Arkansas at Little Rock—$220 per credit hour for in-state students
4. Southern Arkansas University—$240 per credit hour for in-state students
5. Henderson State University—$245 per credit hour for in-state students
   (Source: learn.org)

Don't lose your financial aid! A no-brainer, but...

• Keep your grades up. You'll lose your scholarship if your GPA falls below the required number.
• Make sure you're enrolled in enough classes. Most aid is given with the expectation you will be a full-time student.

Look for major-related scholarships. Did you know you can apply for scholarships and financial aid solely based on your degree? Check out these additional UCA scholarships broken down by major.

Apply for a work-study program.­ This type of financial aid gets you a paycheck you can use to cover school-related expenses. Because they're geared toward students, these jobs are more flexible and work well with class schedules.

Utilize your student ID for discounts on campus and, better yet, in the community. 

• Museums and attractions (galleries, zoos, gardens and more)
• Movie theaters
• Some restaurants and cafes (never hurts to ask!)
• Some retailers (never hurts to ask!)

Find a job on campus. Many jobs on campus don’t require you to leave the college, which saves you time and money.

Reconsider Greek Life. It’s an expensive social experience, and while very special, it might be out of your budget. Make sure you understand all of the dues, fees and obligations.

Create a monthly budget and stick to it.

Student Loan Perks & Pitfalls

Taking out a student loan is a big step, and people rarely talk about it until it’s too late. Here’s the truth about student loans (the good and the bad) to help you make an informed decision.

Perks

• You’ll be able to go to college.
• They’re easy to get (no credit check).
• There are specialty loans for specific schools and degree programs in Arkansas.*
• They help you build credit.
• You can focus on school; you won’t have to work at the same time.
• You can use loan money for tuition, books, school supplies, room and board, laptops, etc.
• You have a long time to pay them off.
• In special cases (like for Arkansas teachers), student loans can be forgiven.
• Sometimes payments can be deferred; you can apply to take a break from monthly payments.

Pitfalls

• You start your adult life with debt.
• If you don’t graduate, you still have to pay them back.
• Compounding interest makes these loans very expensive in the long run.
• You have to choose a degree carefully to ensure you’ll earn enough to pay them back.
• You’ll have to wait to enjoy some luxuries in life while paying them back.
• If you don’t make payments on time or you default on the loan, you’ll ruin your credit score.
• Even if loan payments are deferred, the compounding interest continues to accrue monthly. 

*Visit the Arkansas Student Loan Authority website to learn more about local speciality loans (asla.info)

Student Loan Debt in the U.S. 

► $13.4 billion - Total student loan debt in Arkansas

► 400,000 - Student loan debt borrowers in Arkansas 

► $33,333 - Average student loan debt owed by Arkansans

► 53% of graduates in the state have student loan debt

► 11% of graduates defaulted in the first 12 months of repayment

► $296 - Estimated average student loan monthly payment in Arkansas

► 1 in 5 Americans are still paying their student loans

(Sources: U.S. Department of Education, Education Data Initiative, studentloanplanner.com, The Wall Street Journal)