7 Options to Consider if You Didn’t Receive Enough Financial Aid

Are you struggling with your college bill or fees as you are finding the submission a nightmare as you have already applied for the scholarships and financial aids for the same? If you land up in the same position, then you can consider 7 options to proceed:

1. Payment Plans

Paying the full balance of your tuition after financial aid might be an issue many students. If you are a student who can’t pay everything all at once, there are various options available to pay the amount in installments. Speak with someone in the student accounts office to discuss your options.

2. Student-Based Loans, Emergency Aid, and Aid Advances

Many schools nowadays are offering various kinds of loans, including emergency loans. Besides paying your tuition and fees, living costs and miscellaneous expenses can add up. So, if you are having trouble paying your school bills, check with the financial aid office to learn about an emergency loan.

3. Part-Time Work

A part-time job can really help you cover your extra costs during the school year. You can find part-time jobs available on campus, in the area surrounding the college, or online. Check with the student employment office to learn about open positions. In addition to helping you pay your bills, a job on or near campus will be convenient without much travel time.

If you do want to find a job on campus, don’t give up if you are not awarded work-study with your financial aid award. Most colleges have non-work-study positions available.

Making money will be really helpful to pay your bills. You might even have extra money to go out and have fun with your friends. However, you need to be cautious about spending too many hours working because you will need to study for your classes.

4. Scholarships

Make sure you schedule some time to apply for scholarships. Check with your financial aid office, as well as your academic department for scholarships. In addition to national scholarships, they may know of institution-specific scholarships that will have a smaller applicant pool.

In addition to local scholarships, check with statewide organizations and state governments. National scholarships can be competitive, but apply for these scholarships if you believe you can be a competitive applicant.

Don’t rush when you are applying for scholarships. Craft the best scholarship essays you can. In addition. meet the deadlines and research the scholarship providers so learn about what they value. Knowing what is important to the scholarship provider can help you stand out from the crowd.

Be aware of scholarships that can be scams. If the scholarship is asking for information that is too personal, such as a social security number, it could be a scam. If you find misspellings or grammar errors, be weary of the scholarship. Follow your gut. If something doesn’t seem right, skip the scholarship and go on to another scholarship.

5. Alternative or Private Loans

Lots of institutions offer private loans to the students. However, we recommend that if you are taking loans to consider the federal loans first because they typically have the lowest interest rates.

Private loans will require a cosigner and do have higher interest rates and fees charged depending on the credibility of the student. Before applying for a private loan, compare the interest rates, creditworthiness, fees, repayment terms, academic progress requirements, etc. After doing all of the research, then make the decision.

6. Additional Student Aid

If you have exhausted all you’re earned and free money options, check with your financial aid office for eligibility information for additional aid. Share your information and see if there are scholarships that might be able to add to your account.

7. Special Circumstance Re-evaluation

At times the family finances do require a re-evaluation from the financial aid office. There can be changes that are responsible because of divorce, job loss, separation, etc. So a student can ask for their financial aid to be re-evaluated due to special circumstances.

If you ask for re-evaluation, the financial aid office will reconsider your eligibility for additional aid, as well as notify you of additional services that might be able to help.

The above is a shortlist of some of your options if you find yourself with not enough financial aid to pay for college. Do y

We have tried to shortlist as many options for you if you need help paying for college. Dream big and aspire to do well in your education. Try hard and knock on every door until you get sufficient financial aid. We wish you LUCK for your future.

Guest blog by Natasha Oberoi

 

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