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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 unable 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? Visit our webpage, Consider Before You Borrow where we’ve outlined six 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, and 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.
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