When it's time to pay for school, there is a simple way to cut through all the financial information. It's as easy as "get the cheapest money first." And that's as easy as Sallie Mae's 1-2-3 approach to paying for college.^SM

1. Use free money first

Look for financial aid that does not have to be repaid, like scholarships and grants. Be sure to fill out the FAFSA to see if you qualify for need-based federal grants. Consider supplementing with your current income and money saved through a college savings plan, and explore an interest-free monthly payment plan.

Ask around, visit Sallie Mae's free scholarship search, and get all the "free money" you can.

Explore the TuitionPay^® Plan — an interest-free monthly installment option that helps you better manage the cost of education.

Take advantage of Upromise's college rewards program and savings plans.

2. Explore federal student loans

Explore federal student loan programs available to both students and parents. They have fixed interest rates and flexible repayment options. You can qualify regardless of financial need, and you may be able to borrow up to your school’s cost of attendance.

3. Fill any gap with private loans

After you've pursued free and federal money, private student loans can help cover the rest of your college costs. There are a variety of loans, each with its own requirements and features. Securing a creditworthy cosigner may help you qualify and/or reduce your interest rate.