College students and their families already know the 2023-24 academic year is only weeks away, so there’s not a lot of time to get everything in order if they haven’t already. Steps to take now include making sure you (or your student) have everything needed for a successful school year, from books and supplies to clothing, toiletries and kitchen supplies.
However, it may also be necessary to look for last-minute ways to pay for college, either by picking up extra hours at work or dipping into emergency savings.
Moves to make right away can also include lining up last-minute financial aid for college. Mark Kantrowitz, a student loan expert and Forbes contributor, says there’s still time to get some financial aid ready to go for the coming academic year if you act quickly.
How can you snag last-minute financial aid, exactly? According to Kantrowitz, there are several strategies to consider. For example, you can:
- File the Free Application for Federal Student Aid (FAFSA) if you haven’t already. While some forms of financial aid may not be available in time for the 2023-24 school year, filling out the FAFSA now is the only way to find out for sure. After all, this form is required to qualify for federal student loans, work-study programs, federal grants, and more.
- Appeal for more financial aid through your school. Kantrowitz says appealing for more financial aid with an appeal letter can work if your financial circumstances have changed or if there is anything unusual about your family’s financial situation. For example, appealing for more financial aid can make sense if you are facing high dependent care costs for a special needs child or elderly parent, private k-12 tuition, or high unreimbursed medical or dental expenses.
- Search for scholarships on free scholarship matching websites. Kantrowitz says some available scholarships have very late deadlines, so it may not be too late. For example, check out this scholarship that rewards students for making a prom costume out of duct tape since it has a June deadline every year.
Other Ways To Pay For College This Year
In addition to the last-minute strategies for lining up financial aid mentioned above, there are additional ways to pay for higher education. For example, you can call your school or show up to the financial aid office and ask about tuition installment plans. Kantrowitz says these plans let you spread out the costs of college tuition and fees over a year of monthly installments. This can help you fund college education as you go provided you can afford the monthly payments throughout the year.
Financial advisor and college planning expert Jack Wang also says to make sure you explore relevant state-based financial aid programs that aren’t accessible by filling out the FAFSA.
“Most colleges will automatically apply for or consider state aid on behalf of a student, but sometimes students need to fill out an additional application, send a transcript or other item in order to be considered,” says Wang. “Make sure you are exploring any and all options.”
Another option comes in the form of student loans, although you will likely want to consider federal student loans you’re eligible for before you apply for private student loans. After all, federal student loans come with federal benefits like deferment and forbearance, as well as the option to repay over up to 20 or 25 years using income-driven repayment plans.
That said, there’s only one way to qualify for federal student loans — filling out the FAFSA. So, ultimately, this is one step you can’t really get around and should move forward with as soon as you can.
Kantrowitz adds that you should really only consider parent or private student loans if you’ve reached the limits of the federal student loans. “But, be aware of borrowing too much,” he said, adding that your total student loan debt at graduation should be less than your annual starting salary.
“If total debt is less than annual income, you should be able to repay your student loans in ten years or less.”
The Bottom Line
If you (or your dependent) are heading off to college this year, it’s not too late to secure more financial aid. There are several steps you can take right now to do so, including filling out the FAFSA, writing an appeal letter to request more financial aid based on changed financial circumstances, or searching for scholarships and applying to as many as you can.
If you still need to find ways to save money, you can also consider changing up your college situation altogether. For example, you could defer enrollment for a year and get some credits at a local community college while living at home to save up for the future.
Wang adds that working, either under a work-study program or just getting a job in general, can help provide some money to cover miscellaneous expenses or books.
The income you earn may not be enough to pay for tuition, but every dollar you earn is one you don’t have to scrounge up somewhere else.
“Also, live like a student while you’re in school so you don’t have to live like a student after you graduate,” said Kantrowitz.
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