It’s no secret that college is expensive. Higher education becomes even more expensive when students receive their financial aid offers – and they’re smaller than everyone hoped. While opening those offers and realizing there’s a gap between what you can afford and what you’re given is frightening, it isn’t the end of your college journey. Here’s 6 things you can do when your college financial aid falls short of expectations:
1. Reassess your budget.
Start by taking a detailed look at your personal budget to see where you might be able to cut back. Prioritize essential expenses like tuition, books, and housing, while adjusting discretionary spending if possible. Consider cheaper housing options, meal plans, or transportation to reduce costs. This can free up funds for other areas of your education.
2. Understand Your Financial Aid Package
Review your award letter carefully to ensure you’re fully understanding what’s offered—scholarships, grants, loans, and work-study opportunities. Sometimes, what looks like a shortfall could be due to misunderstood components of the package. Double-check the accuracy of your financial aid award. If you spot any mistakes or omissions, don’t hesitate to contact the financial aid office to correct them.
3. Contact Your School’s Financial Aid Office
If your financial situation has changed since you applied for aid (e.g., job loss, medical expenses), reach out to your school’s financial aid office to discuss a possible reevaluation of your financial aid package. The fires in LA this year may impact individual situations, so don’t hesitate to reach out if your ability to pay has changed! Some schools allow students to appeal for additional aid if they can demonstrate extenuating circumstances. Be prepared to provide supporting documentation, such as a letter explaining your situation and any relevant financial documents.
4. Look for Additional Scholarships or Grants
There are often many scholarships available that don’t require a full-time student status or are not widely advertised. Many colleges also have departmental or need-based scholarships that you may not have been aware of. Reach out to your academic department or student affairs office to inquire about these opportunities.
5. Consider Federal and Private Loan Options
If you haven’t already, look into federal or private student loans. For many people, this is a last resort, but do your research carefully if you decide to go with loans. Be sure to compare terms, interest rates, and repayment plans. Borrow only what you truly need.
6. Look into Work-Study or Part-Time Jobs
If you’re eligible for federal work-study, take advantage of the opportunity to earn money while studying. These jobs are often on campus and designed to accommodate student schedules.If you don’t have work-study or are able to work beyond those hours, look for local part-time jobs or freelance opportunities to boost your income.
Closing the gap between the offer you received and what you can pay feels daunting, but with some creativity and research, it is possible to pay for the college of your dreams!
More about Jodi and College Financial Aid Advisors
Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.