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Five Ways to Pay the Remaining Balance
It's financial aid offer season, and many students and families are trying to figure out how to pay the remaining balance after financial aid. Paying for college is a bit easier when the piecemeal approach is used! Here are five ways to meet the cost of higher education.
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1. Apply for scholarships
Scholarships are a great way to help fund the cost of higher education, especially since scholarship dollars are FREE MONEY. Begin searching for scholarships on FAME’s Maine Scholarship Search, complete with a scholarship tracker. School counseling offices and local and community organizations are also great places to find scholarships. Every free dollar awarded in a scholarship is one less dollar that might need to be borrowed and repaid-with interest!
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2. Utilize savings
The piecemeal approach to paying for higher education consists of multiple funding sources, one of which can be college savings. Whether it’s money from a savings account, 529 plan, or other savings methods, any money that can be put toward the balance can reduce debt. To learn more about Maine’s 529 plan, visit NextGenForMe.com.
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3. Use a payment plan
Most colleges provide the opportunity to finance some or all of the outstanding balance with a monthly payment plan. These plans often charge a small enrollment fee but are interest-free. Sign up early to spread the payments over as many months as possible, making each monthly payment smaller. Contact the billing or bursar’s office to learn more about the options that exist.
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4. Consider employer tuition assistance
Many employers offer tuition assistance to their employees. Major retailers such as Amazon, Walmart, McDonald’s, and Starbucks offer tuition assistance, as do many local businesses. Check out this list of employers who offer tuition assistance and be sure to ask your employer; if they don’t offer it now, asking the question may prompt them to do so!
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5. Fund a portion through loans, if necessary
It’s important to limit borrowing, but some families explore borrowing beyond federal student loans. There are many options and lots of things to consider, including who will be the primary borrower (student or parent), federal versus private lenders, interest rates (fixed or variable), and repayment options. A great place to start exploring loan options is the Borrowing Student Loans section of our website.
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For more information, check out our recent webinar: | So There's Money Left to Pay | |
For most families, the financial aid offered doesn’t cover the total bill owed to the college. Sometimes, this can be a startling number for families. In this webinar, we discuss ways to cover that remaining balance and offer tips to help students create a plan to pay. | |
For additional helpful information and resources, find previous tips on our website. | |
FAME's College Access and Financial Education Team: | |
The Finance Authority of Maine (FAME) does not discriminate in the administration of any of its programs or in its employment practices on the basis of race, color, national origin, age, gender, religion, physical or mental disability, political affiliation, marital status or sexual orientation. FAME is an equal opportunity employer, provider and lender.
FAME provides links to other websites as a convenience and does not endorse or guarantee the content, accuracy or usability of such sites.
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