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Week 9: The Final Piece in the Piecemeal Approach
Throughout this series, we've outlined the piecemeal approach to paying for higher education and highlighted different funding sources. But what if all those pieces are in place and you're still not able to cover the cost?
Here are some additional options to consider:
Student Loans
Some students turn to student loans to cover the remaining costs. Borrowing can be considered an investment in yourself, but it’s important to keep borrowing to a minimum. Need ideas on how to do that? Check out our steps to take before you borrow. If you do need to borrow, try to stick to federal student loans only. You want to be sure you can afford the life you want after college!
Payment Plans, Tax Credits & College Savings Accounts
Payment plans allow you to spread all or a portion of the bill over the semester. Payment plans aren’t loans and they don’t accrue interest, but they usually have a small enrollment fee. Most schools offer payment plans, and the details can usually be found on the school’s website on the Student Accounts or Billing/Bursar’s Office page.
There are also education tax credits that may be available. Paying less in taxes can mean more money available for future semesters.
It's also not too late to increase savings! Even small (but regular) contributions to a college savings account can make a big difference. Consider asking family members and friends to give to your college savings when giving birthday and holiday gifts.
Next Steps
One of our goals in this series was to help you build a list of schools with an eye on affordability. This is one of the best ways to have great options that don’t require a lot of student loan debt. Identifying several schools (say four to eight) that meet your criteria by the time you start your senior year will help make the process more manageable.
We're Here for You!
Throughout the entire process of applying for financial aid and paying for college, we're here to support you. We'll resume our emails in September to help you get ready to file the FAFSA when it becomes available in December. FAME’s FAFSA and financial aid help is always free. Please reach out as needed!
Here are some ways to get help:
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