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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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.

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  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.
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Undergraduate Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of October 1, 2019, the one-month LIBOR rate is 2.05%. Variable interest rates range from 3.15% – 11.41% (3.15% – 11.26% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.72% – 12.19% (4.72% – 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

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