How to Pay for Arizona State University: Financial Aid and Student Loan Options

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How to Pay for Arizona State University
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Are you planning to attend Arizona State University? If so, you’ll need to pay attention to costs.

Figuring out how to pay for Arizona State University can be tricky, especially when you consider that an in-state resident can expect to pay about $28,736 each year, including tuition, fees, housing on-campus, and other expenses — that’s a pretty big bill.

The good news is that students attending Arizona State University can apply for scholarships and grants to help them get through. Additionally, there are other options, like federal and private student loans as well as work-study programs, that can help you pay for your education.

With the help of different college funding strategies and student financial aid packages, it’s possible to cover your costs.

Costs of attending Arizona State University
Annual in-state tuition and fees $10,552
Annual room and board $13,184
Total cost $28,736
Net cost (after aid) $11,572
Average debt after graduation $20,279
All info current as of 9/3/2018
Source: Arizona State University, College Scorecard

Unlock financing options with the FAFSA


When planning 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. Additionally, it is also used by your school to determine financial aid packages.

With the information provided on the FAFSA, you can see what programs you are eligible for, and get help at the federal, and sometimes at the state and school level as well. Make sure you fill out the FAFSA as soon as possible and get it turned so you have the maximum chance for getting the financial aid you’re entitled to.

Grants for Arizona State University students


A grant is money you don’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 $6,095 during the 2018-19 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 for school at Arizona State University.
  • Financial Aid Trust: The Arizona state legislature offers this award in partnership with Arizona State University. Submit your FAFSA by January 1 and if you meet the requirements for financial need, you’ll be awarded based on the funds available.
  • University Grant: Considered a grant of last resort, if you still demonstrate need, the Arizona State University 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 still 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 national and local non-profit 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, 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 be able to get a scholarship from Arizona State University. You can use the ASU Freshman Scholarship Estimator to gauge your eligibility for different programs that fall under the New American University Scholar designation.

This designation can result in covering all of your costs for college and is renewable each year as long as you show outstanding academic performance. 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 the big box store has money to give for local scholars.

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 who 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 and they can’t work when they’re supposed to be in class. You can search for jobs using ASU’s student employment search.

In order to take advantage of the work-study program, you need to make sure that you choose to apply for work-study when filling out your FAFSA. Additionally, ASU has a form you must submit for your work-study adjustment.

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 Credit check?
Direct subsidized loans Yes 5.05% 1.066% No
Direct unsubsidized loans No 5.05% 1.066% No
Parent PLUS loans No 7.6% 4.264% Yes
All info current as of 9/3/2018
Source: U.S. Department of Education

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 in at university.

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 package you get. This package might include a mix of scholarships, grants, and federal loans, as well as a 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, the Chauncey Short-Term Loan Program can be used if you’re facing a financial emergency.

The maximum amount of this loan is $500 per semester. Additionally, the loan must be repaid within 30 days or the end of the semester, whichever comes first. This loan can be used for books, as well as a stop gap if some of your financial aid has been delayed.

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 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 can get 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. Private loans don’t come with the benefits of income-driven repayment, or set procedures for deferment. 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.

The bottom line: 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 an 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.

This is an exciting time, and with the right approach, you should be able to pay for your education at Arizona State University.

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** Discover's lowest rates shown are for the undergraduate loan and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.

1 Important Disclosures for Earnest.

Earnest Disclosures

  1. Rates include 0.25% Auto Pay Discount
  2. Explanation of Rates “With Autopay” (APD)
    Rates shown include 0.25% APR discount when client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.

    Available Terms
    For Cosigned loans – 5, 7, 10, 12, 15 years. 
    Primary Only – 10, 12, 15 years

    In school deferred payment is not available in AL, AZ, CA, FL, MA, MD, MI, ND, NY, PA, and WA).


2 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

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CollegeAve Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

(2)This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

(3)As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 7/1/2019. Variable interest rates may increase after consummation.


4 Important Disclosures for CommonBond.

CommonBond Disclosures

A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.

Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.

Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
If you are unable to pay your government loan, the government can refer your loan to a collection agency or sue you for the unpaid amount. In addition, the government has special powers to collect the loan, such as taking your tax refund and applying it to your loan balance.

A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If you refinance your government loan, your new lender will use the proceeds of your new loan to pay off your government loan. Private student loan lenders do not have to honor any of the benefits that apply to government loans. Because your government loan will be gone after refinancing, you will lose any benefits that apply to that loan. If you are an active-duty service member, your new loan will not be eligible for service member benefits. Most importantly, once you refinance your government loan, you will not able to reinstate your government loan if you become dissatisfied with the terms of your private student loan.

If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you are a borrower with a secure job, emergency savings, strong credit and are unlikely to need any of the options available to distressed borrowers of government loans, a refinance of your government loans into a private student loan may be attractive to you. You should consider the costs and benefits of refinancing carefully before you refinance.

If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.

Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.


5 Important Disclosures for Discover.

Discover Disclosures

  1. Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
  2. View Auto Reward Debit Reward Terms and Conditions at DiscoverStudentLoans.com/AutoDebitReward.
  3. Aggregate loan limits apply.
  4. Lowest rates shown ARE FOR THE UNDERGRADUATE LOAN AND include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. The interest rate ranges represent the lowest INTEREST RATE OFFERED ON THE DISCOVER UNDERGRADUATE LOAN and highest interest rates offered on Discover student loans, including Undergraduate, Graduate, Health Professions, Law and MBA Loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.50% as of July 1, 2019. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit https://www.discover.com/student-loans/interest-rates.html for more information about interest rates.
3.99% – 11.44%1Undergraduate and Graduate

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3.98% – 11.35%*,2Undergraduate and Graduate

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3.96%
11.98%
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Undergraduate, Graduate, and Parents

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3.66% – 9.64%4Undergraduate and Graduate

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3.87%
11.87%
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Undergraduate and Graduate

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.