If you didn’t receive enough financial aid to cover your school expenses, you still have options to help you fill in the gap between the aid you’ve been offered and your school’s cost.
The financial aid office at your college, career school or trade school determines how much aid you’re eligible to receive based on the information provided on your Free Application for Federal Student Aid (FAFSA) form.
Even after submitting your FAFSA form and receiving your aid offer, your school’s financial aid office is an excellent resource to help you understand and explore ways you can fill the gap.
Here are seven options to consider if you didn’t receive enough financial aid.
- Scholarships
Scholarships are usually based on a student’s grades, skills or abilities, and they don’t have to be repaid. The key to applying for scholarships is being prepared because most scholarships have deadlines and may require time to write essays. So, get organized and regularly search and apply for scholarships.
Be cautious of student aid scams. If you’re concerned about the legitimacy of a scholarship opportunity, contact your school’s financial aid office.
- Aid Adjustment
Sometimes, a family’s finances are not accurately reflected on the FAFSA form because of special financial circumstances. Your school will review your request for an aid adjustment based on its specific policy, which is also referred to as professional judgment.
To request an aid adjustment, contact your school’s financial aid office. Your school may request that you provide documentation about your circumstances so that they can consider modifying your FAFSA information and aid offer.
Examples of documentation:
- A documented interview between you and a financial aid administrator
- Statements from you, your parent, spouse or a third party
- Statements from school staff
- Court or legal documents
- Other supplementary information about you or your family’s financial status or personal circumstances
NOTE: Special financial circumstances are different than unusual circumstances, which refer to a situation where a dependent student is unable to contact a parent or where contact with a parent would pose a risk to the student.
- Needs-Based Programs
You may be able to reduce some of your food and health care expenses by checking to see if you’re eligible to receive assistance from government or school programs.
The USDA’s Supplemental Nutrition Assistance Program (SNAP) is the largest federal nutrition assistance program. SNAP provides benefits to supplement the food budgets of individuals and families in need, allowing them to purchase healthy food.
You can also explore your school’s meal plan options, which typically include special food pricing and may offer student discounts or deals at local restaurants, cafes and stores. If you need additional assistance, many schools have food pantries that provide fresh produce, ready-to-eat items and hygiene products for students at no cost. Look for information about food pantries on your school’s website or use the U.S. Department of Housing and Urban Development search tool.
Better health insurance coverage could reduce the amount you pay for copays or prescription medicine. Check with your school to see if you are eligible to sign up for your school’s health plan.
- Part-Time Work
If your aid offer confirms that you’re eligible for Federal Work-Study (FWS), be sure to lock in a position to help cover costs.
However, even if you weren’t awarded work-study, most schools have other part-time, on-campus (and sometimes off-campus) positions that can help you pay for school expenses. Working part-time can be beneficial to your educational experience, as long as you can find a healthy balance between school and work. Reach out to your school’s career services office for information on how to apply for part-time positions.
- Tuition Payment Plans
Your school’s billing office (sometimes referred to as the bursar’s office, cashier’s office or student accounts office) may have payment plans available to help you spread any remaining costs over several payments throughout a semester. A payment plan can help you budget more effectively by allowing you to pay in installments rather than in one lump sum. It may also help you avoid costly late fees.
- Federal Student Loans
If you’ve exhausted other options, you can consider additional federal student loans.
If you’re a dependent student, your parent can apply for a Direct PLUS Loan for parents. If your parent’s application is denied because of an adverse credit history, they still have options to become eligible.
If a parent borrower isn’t able to secure a PLUS loan, you may be eligible for additional unsubsidized student loans of up to $5,000, depending on your grade level.
Graduate or professional students enrolled at least half-time at an eligible school may qualify for a Direct PLUS Loan for graduate or professional students. The process is similar to parent PLUS loans.
- Alternative Loans
Some private financial institutions, such as banks or credit unions, may offer education loans that don’t require the FAFSA form.
Federal student loans provide many benefits that aren’t typically available with private student loans. Private loans will almost always require a cosigner and may have higher fees or interest rates depending on your credit. Before borrowing money from a private lender, ensure you understand the key differences between federal and private student loans.
Before making any final decisions on how to fill the gap, we recommend meeting with a representative from your school’s financial aid office to determine the available resources and options.
Source: Federal Student Aid
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