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Completing Your Piecemeal Funding Source "Pie"
Over the course of this email series, we’ve talked about the piecemeal approach to paying for higher education, and we've outlined various funding sources—summer earnings, savings, scholarships, and financial aid. But what happens when all of those pieces are in place, yet 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 remaining costs. Borrowing can be considered an investment in yourself, but it’s important to keep borrowing to a minimum. Need some ideas on how to do that? Check out our list of steps to take before you borrow. If you do need to borrow, try to stick to federal student loans only. We want to be sure you can afford the life you want after college!
Additional Options: Payment Plans, Tax Credits & College Savings Accounts
Payment plans are a great tool, as they allow all or a portion of the bill to be spread out over the semester. Most schools offer payment plans, and the details can typically 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 result in more money being 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 contribute to your college savings account when giving birthday and holiday gifts.
Next Steps
One of the goals of this series is to help you build a list of schools with an eye on affordability. This is one of the best ways to make sure you have lots of great options to choose from without taking on a lot of student loan debt. Having a list of potential schools (say four to eight) ready to go when you start your senior year will help make the process more manageable.
We're Here for You!
Our aim is to provide you with the tools, information, and support you need to pursue education after high school. To that end, we'll resume our emails in September to help you get ready to file the FAFSA when it becomes available on Oct. 1st, and we'll continue our emails throughout your senior year to share timely information and tips to help you stay on track and prepare for the next chapter in your education.
As we've mentioned in previous emails, our financial aid and FAFSA help is always free. If you have questions and/or need assistance, we're here to help! Please don't hesitate to reach out to us. Support is available:
Online:
FAMEmaine.com/affording-education/
By Phone:
800-228-3734 | TTY: 207-626-2717
By Email:
Education@FAMEmaine.com
Attend an Event:
https://www.famemaine.com/events/
Watch our Events page for virtual and in-person events on financial aid and the FAFSA.
On Facebook:
Join our group, “PayingForCollegeForME” — a community where parents, caregivers, and others can discuss how to navigate the higher-ed process.
Sign Up for Free FAFSA Coaching:
FAMEmaine.com/FAFSA/coach
One-on-one help is available! Schedule an appointment.
Follow Us on Social:
Find us as FAME Maine on social media for timely tips on paying for higher education. See links below in the "Connect with Us!" section.
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