Not Enough Financial Aid? Here’s what to do

Posted on August 23, 2010 | Category: Featured, Money Trivia

With college just having started over the past few weeks, many students are still struggling with how to pay their tuition. What do you do when you don’t have enough financial aid?

Don’t panic! College is a great investment in your future (although student loans are a pain!) but  if you don’t have the money to pay for it, there are ways to get help.

The best method (from your point of view), of course, is to get more financial aid; don’t stop looking just because school has started! Many scholarships become available during the school year, especially for those with financial need.

IF you can’t find more scholarships or grants, look for work. Don’t overdo it – classes and homework should be your first priority – but a part-time job will help you pay the bills. Work study arrangements are likely available through the financial aid department; these are part time jobs that will allow you to schedule your working hours around your classes.

As a last resort, there are student loans; you can generally borrow enough each year to pay for the cost of your education. Just don’t overdo it – these do have to be paid back, so borrow only what you need! You’ll want to get subsidized loans if you can, so that the government is paying the interest while you are in school; otherwise, loans you take out in your first year will grow quite a bit before you graduate. Still, college is an investment in your future; you just need to make sure you’re putting in enough effort so that the benefits of the degree outweigh the cost.

Again, remember to keep filling out the FAFSA every year, and check with your school’s financial aid department for scholarships that may be available only to students at that school; less competition means a better shot for you! Best of luck!

» Filed Under Featured, Money Trivia

Leave a Reply