What Should You Do When College Aid Isn’t Enough?

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As students head off to college over the coming weeks, some will be doing so with significantly smaller aid packages in place which means that they’ll have to come up with additional funds in order to stay in school. For those students who successfully close the funding gap, they’ll continue their education uninterrupted. But for other students, leaving college for a semester or more may be the only choice that they have.

college moneyMany students will be angry when they learn at a very late date that their college funding for the fall semester, indeed the entire academic year, is not adequate. Several states only recently announced their cutbacks following reductions in the state budget that kicked in when the new fiscal year began on July 1st.

Let’s take a look at some ways you can close the reward money gap with no time to waste:

Apply For Scholarships – Some colleges have scholarship money available even as the fall semester closes in. Ask a financial advisor at your school if funds can still be tapped and what you must do in order to apply.

Student Loans – Federal student loans, better known as Stafford loans, remain a popular way for college students to pay for their education. Also, consider private student loans, including loans offered through Sallie Mae and other lenders. Finally, ask your parents to consider a Parent PLUS loan where they can borrow money to pay for your education.

Go Part Time – As someone who worked his way through college, I can attest that balancing work and education may suit you. In fact, some employers will provide tuition assistance for their employees as a benefit. Going to school part-time means it’ll take you longer to graduate, but you’ll reach your goals and probably with a lot less debt to carry than the student who needs to borrow money in order to stay in school full time.

Transfer To Another College – It may be too late for you to transfer to another college, but if you can’t afford the tuition, then maybe attending a school that is within your financial reach is your best option. Lots of students have been sold on the idea that only certain private schools can provide the education and opportunities that they seek in life. However, there are plenty of excellent public colleges and universities who offer a top notch education at a reasonable “sticker” price.

Life is full of challenges and for students heading off to college this fall, their financial position could be the most important challenge when it comes to paying for their education.

Adv. – With the start of college imminent, do you have all of your finances in order? If not, you may need to secure a private student loan to help close the financing gap. Please visit SayStudent.com for review your private student loan options.

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Categories: Personal Advice