How to Pay for College

It happens every summer. You’re gearing up to go to college when you suddenly realize: it’s going to cost a lot more than you had initially thought.

Now you start panicking. How will you be able to go to college? Where are you supposed to find that money? Does this mean you’ll graduate with more money in student loan debt than you can ever afford to repay? Keep reading to learn what to do if you don’t currently have enough money to pay for school.

How to make up the difference

If you’re applying to colleges and discover a considerable difference between what you will need in order to attend and what you can afford pay, there are ways to bridge the gap. Here are some options:

Apply for scholarships

While schools usually have set application deadlines, scholarship deadlines are much more flexible. There is no specific time of the year to look for scholarships. It’s a year-round process. Scholarships can bridge the gap without requiring you to take out student loans.

If you need a lot of money, it might be tempting to only look for big-name national scholarships, like the Coca-Cola Scholars Program Scholarship. However, the bigger the award the more competition there will be. Instead, look for scholarships with local or regional ties or ones for specific students.

For example, let’s say you’re a Hispanic student from the Midwest interested in studying medicine. Instead of looking for major scholarships, try to find awards that fit your interest, skills and background. The Latino Medical Student Association (LMSA) Midwest Scholarship may be a perfect scholarship opportunity for you. Your chances of winning niche awards is much higher.

Send an appeal

Schools decide how much financial aid each student receives. Fortunately for students, that number is not set in stone. In fact, you can file an appeal to ask for more financial aid. The school should be able to provide information on how to submit your appeal directly to their financial aid office.

Your appeal letter needs to be carefully constructed to prove that your financial situation is different from what the FAFSA results reflect. You need to show specific reasons that you deserve more aid and may need to have documents to back up your claim.

For example, let’s say one of your parents got laid off, but it happened after you submitted the FAFSA. You can mention this in your appeal and include a copy of your parent’s termination notice.

Your appeal letter should be well-written and concise. Try to avoid being overly emotional. Colleges need to see real proof and documentation - not a heartsick, desperate plea.

Get a part-time job

A part-time job can help provide some buffer between what you need and what you’re getting in financial aid. It might not get you all the way there, but it’s a good place to start.

If possible, look for a job that gives you time to study on the clock, like working in the library or computer lab. You can also ask your professors or mentors if they know of anyone hiring.

Apply to be an RA

For many students, the cost of room and board is almost as high - or sometimes higher - than tuition. Reducing those expenses can provide some relief.

One of the best ways to do that? Sign up to be a Resident Advisor (RA). RAs often receive free housing and a free or discounted meal plan. Some RAs may even get an additional stipend. Plus, it’ll look good on your college resume.

Becoming an RA is often a competitive process because there are so many perks and benefits. If you’re interested, you should find out ASAP when the application is due. You may also need to provide references from past supervisors to prove that you’re responsible.

Complete the FAFSA as soon as possible

A common reason that students struggle to get enough financial aid is that they don’t submit the Free Application for Federal Student Aid (FAFSA) soon enough. Many types of financial aid are only available on a first-come, first-serve basis. You may miss out on those types of grants even if you are technically eligible.

Work-study is one of the most common types of financial aid, but is limited to a small number of spots. The Federal Supplemental Educational Opportunity Grant (FSEOG) is similar to the Pell Grant in that it doesn’t need to be repaid, but there are fewer individual awards available.

The FAFSA is usually available starting October 1 the year before the fall semester. For example, for the 2024-2025 school year, the FAFSA was available in December 2023.

Also, schools that provide their own internal scholarships may have strict limits on how much they can give out. Again, submitting the FAFSA as soon as possible can boost your chances at receiving a scholarship.

Some awards may also require a separate application, a recommendation from a teacher or more. Ask your academic advisor about how to maximize your chances to be considered for all possible scholarships. They may have specific scholarship and grant ideas.

Have parents take out Parent PLUS Loans

If your parents are willing and financially secure, they can take out Parent PLUS loans, a type of federal student loan specifically for parents. Parents can borrow much more in Parent PLUS loans (up to 100% of the cost of attendance) than undergraduate students can take out in regular student loans (either $31,000 or $57,500).

However, there are some drawbacks. These loans have higher interest rates than other types of federal student loans and fewer repayment options. Also, these loans are only available for parents of undergraduate students. If you’re a graduate student, you’re not eligible.

Avoid private loans

It’s usually best to avoid taking out private student loans, which are different from federal student loans. Private loans often have higher interest rates and fewer borrower protections.

For example, these loans usually don’t have income-driven repayment plans or loan forgiveness programs. If you feel like private loans are your only option, make sure to compare rates among several lenders.