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If you’re planning to attend Arizona State University, you’ll need a plan to cover the cost. In the 2020-21 year, the annual undergraduate Arizona State University cost is as much as $10,710 for in-state residents and $28,800 for out-of-state students who live on campus — and that’s just the base tuition.
Your actual Arizona State University cost of attendance will be higher when you factor in your specific program of study, as well as housing, food, supplies and living expenses. The good news is that you can apply for scholarships and grants to minimize costs.
Plus, you have other options, such as federal and private student loans and work-study programs, to help pay for your education. This guide has pulled together all these college funding strategies to help you make a financial plan — specifically, let’s look at the following topics:
- Arizona State University cost of attendance
- The FAFSA
- Grants for Arizona State University students
- Scholarships for Arizona State University students
- Federal work-study
- Federal student loans
- Arizona State University student loans
- Private student loans
Arizona State University cost of attendance
The chart below shows Arizona State University costs for both in-state and out-of-state students living on campus. Note that these numbers are just estimates; your actual cost of attendance could be lower or higher. Students who qualify for financial aid will likely not have to pay the full sticker price for tuition and fees.
| Annual Arizona State University Cost of Attendance for Undergraduates Living on Campus | ||
|---|---|---|
| Arizona resident | Out-of-state student | |
| Base tuition | $6,426 – $10,710 | $28,800 |
| Student initiated fees | $168 – $628 | $168 – $628 |
| Undergraduate college fees | $0 – $1,050 | $0 – $1,800 |
| Books | $1,000 | $1,000 |
| Supplies | $300 | $300 |
| Housing | $6,232 – $9,872 | $6,198 – $9,620 |
| Meals | $5,336 – $5,510 | $5,174 – $5,332 |
| Travel | $1,376 | $1,376 |
| Personal | $1,982 | $1,982 |
| Loan fees | $72 | $72 |
| Total costs | $22,892 – $32,500 | $45,070 – $50,910 |
| All info current as of 6/26/2020
Source: Arizona State University |
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Start with the FAFSA
When planning for college costs, your first step should be to fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA unlocks access to federal grant and loan programs, and is also used by your school to determine financial aid packages.
With the information provided on the FAFSA, you can see what programs you’re eligible for and get help at the federal, state and school level.
Make sure you fill out the FAFSA as soon as possible and get it turned in so you have the maximum chance for getting financial aid.
Grants for Arizona State University students
A grant is money you generally won’t have to pay back. While there are different types of grants, many of them are given based on an applicant’s financial need.
If you’re looking for grants, our guide to state grants is a great place to start. Here are some other grants that can help you pay for Arizona State University:
- Federal Pell Grants: If you demonstrate financial need, you might be eligible for up to $6,345 during the 2020-21 school year through a Pell Grant. This is money from the federal government to help you pay for school.
- Federal Supplemental Educational Opportunity Grants: Depending on your financial need, you might be able to get up to $4,000 a year from this federal grant program.
- Federal TEACH Grant: If you’re planning on entering a teaching profession, you might be eligible for up to $4,000 a year from the federal government to help you pay Arizona State University costs.
- Financial Aid Trust Grant: The Arizona state legislature offers this award in partnership with Arizona State University. If you submit your FAFSA by Jan. 1, and meet the financial need requirements, you’ll be awarded based on the funds available.
- University Grant: Considered a grant of last resort, if you still demonstrate need, Arizona State might step in to help cover your costs.
- Program Fee Grant : Like the University Grant, this is a grant given as one of the last resorts to those who demonstrate financial need.
- Arizona Leveraging Educational Assistance Partnership: This grant is offered by the state of Arizona, and you can get up to $2,500 a year in assistance if you meet the definition of financial need. The average annual award is $1,000.
You might also be able to apply for grants through local and national nonprofit organizations that look to help students who wouldn’t otherwise be able to afford a higher education.
Scholarships for Arizona State University students
A scholarship, like a grant, generally doesn’t have to be paid back. However, while there are need-based scholarships that focus mainly on your financial situation, there are other ways to get scholarships as well.
Merit-based scholarships go beyond your financial need and can be awarded based on your academic performance, leadership qualities or extracurricular activities.
At Arizona State University, there are merit-based awards given through different colleges and departments, as well as scholarships through the university. Some of the majors that might allow you access to college and department scholarships include:
- Business
- Engineering
- Journalism and Mass Communication
- Nursing
- Teaching
Once you choose your major, check with the department to see what your options are. You might be able to get a little extra money to help you pay for college even after your freshman year.
On top of that, you might also be able to get a scholarship from Arizona State University. You can use the ASU Freshman Scholarship Estimator to gauge your eligibility for different awards. The Estimator tool will take into account your GPA, standardized test scores and your class rank.
You can also look for scholarships using search websites like Scholly and FastWeb. Don’t forget to check local organizations as well — you might be surprised to find that your community bank or local big box store has money to give.
Applying for a large number of scholarships, no matter how small, can be a way to contribute significantly to your college funding plan. Even small amounts can add up to reduce your need to borrow for school.
Federal work-study
In order to help offset education costs, Arizona State University students can work part time through the federal work-study program. Work-study guarantees a set amount of money to those who are eligible and can find qualifying jobs.
This program works because your pay is partially covered by the work-study program, so employers can hire more students. There are jobs available on and off campus, and it’s even possible to find qualifying community service jobs.
At Arizona State University, recipients can’t work more than 25 hours per week or when they’re supposed to be in class. You can search for jobs using ASU’s student employment search.
Federal student loans
Sometimes, even with grants and scholarships, you don’t have enough to cover your higher education costs. This is where student loans can help.
Federal student loans are made by the government and are designed to help you pay for school with a minimum of fuss. There are no credit checks for most federal student loans; most people can qualify regardless of income or credit history.
With federal student loans, you get access to a fixed interest rate for the life of the loan. Plus, federal loans are eligible for programs like income-driven repayment, which is available to you if you graduate from school and have a low-paying job.
Additionally, you might also qualify for loan forgiveness, including the Public Service Loan Forgiveness program, which forgives your loans if you make 120 qualifying payments while working in a public service job.
| Types of Undergraduate Federal Student Loans | ||||
|---|---|---|---|---|
| Interest covered during deferment? | Interest rate | Origination fee (2019-20 academic year) | Credit check? | |
| Direct subsidized loans | Yes | 2.75% | 1.059% | No |
| Direct unsubsidized loans | No | 2.75% | 1.059% | No |
| Parent PLUS loans | No | 5.3% | 4.236% | Yes |
| All info current as of 6/26/2020 Source: U.S. Department of Education |
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When you qualify for subsidized loans, the government pays your interest while you’re in school and during periods of deferment. This reduces the overall cost of your federal student loans, making school more affordable — and your loan payments more manageable when you finish. However, once your grace period is over after graduation, you’ll be responsible for paying interest.
With unsubsidized federal loans, interest accrues during school and the amount accumulated is added to your loan balance. You can reduce your overall cost by making interest payments while you’re still in school.
The amount you can borrow in federal student loans is determined by the school, so you’ll have to check your award letter from Arizona State University to see what kind of financial aid package you get. This package might include a mix of scholarships, grants, federal loans and work-study offer.
Finally, if your parents are willing to help cover your costs, they can take out a parent PLUS loan to help you pay for school. However, there are some credit requirements, such as not having recent delinquencies, that can impact a Parent PLUS loan application.
Arizona State University student loans
Arizona State University doesn’t offer its own long-term student loans. However, ASU’s Short-Term Loan Program can be used if you’re facing a financial emergency.
The maximum amount of this loan is $500 per semester, though you might be able to get more depending on your situation. Visit the Financial Aid office for more information.
Private student loans
After you’ve exhausted your other options, you might still need additional funding — this is where private student loans can come in. Private student loans are offered by banks, credit unions and online lenders. Because there are no standards for interest rates, term lengths and other loan features, it’s important to carefully weigh your choices and compare your private student loan options.
In some cases, if you have good credit, or you can find a cosigner with good credit, it’s possible to find private student loans with low interest rates. The best private student loans also have hardship programs and other perks that can address problems you might have later.
However, it’s important to be careful. For example, private loans don’t come with the benefits of income-driven repayment. Additionally, if a parent or someone else cosigns on your private loan, they might be on the hook for it if something happens to you.
Paying for Arizona State University
Deciding how to pay for Arizona State University requires a lot of thought and planning. The reality is that you will likely need to use several strategies to cover the total costs of going to college.
Your best bet is to start with your own savings. If you have the time, start saving money for college using a savings account or a 529 plan. Next, apply for grants and scholarships. Finally, turn to federal student loans, and carefully consider private student loans if you still have a funding gap.
Heading off to college is an exciting time. With the right approach, you should be able to pay for your education at Arizona State University without taking on too much debt.
Rebecca Safier contributed to this report.
Need a student loan?
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