What if the FAFSA loan isn't enough?

Answer 1

If the loans you are eligible for after filling out a FAFSA are not enough to cover the entire cost of your college education, there are other ways that you can save on college costs:

1. If your financial aid situation has changed since you filled out the FAFSA, discuss your situation with the financial aid office.

2. Look into scholarships.

3. Take AP classes and/or the AP tests so you have the opportunity to get college credit for beginning college courses.

4. Start at a community college. See if you can take concurrent classes while in high school (you may be able to go to community college instead of taking upper level high school classes), take courses during the summer, or spend your first year there. Just make sure that the credits will transfer into the college you would like to finish at. You can get financial aid for community college too.

5. Go to school in state and close enough so that you can live at home.

6. Start pricing schools now so you can figure out how much you will need to save.

7. Start earning and saving money by working, even if it is just walking dogs or babysitting.

8. Save money on textbooks by buying them used, buying them online used, renting them, or selling them back each semester.

9. Take advantage of the services your college offers. You may get a savings on public transportation, be able to use the computer lab for free or a small fee, use the rec center, get physical and mental health coverage or services for free or low cost, find a meal plan that works for you, and other services. If you will not be using these services though, find out how many of the fees you can opt out of.

10. Talk to your high school guidance counselor or advisor, a school librarian or local librarian, and also a financial aid representative at the school you would like to attend. These people will help you come up with new ways to search for financial aid.

11. Once you know what school you would like to attend, look into their scholarships, work study, and residence programs.

12. Take out private loans as a last resort. If you absolutely need to get loans, get federal subsidized loans so you don't have to pay interest during school, can start paying the loans back after six months after being out of school, and have a low interest rate. Unsubsidized loans mean you need to pay interest while in school (which is still low, but can be a pain). Private loans from banks will usually have much higher interest rates.

13. Plan to take a few semesters off during college.

14. If you do go to school out of state, you may need to pay out of state tuition for the first year or so, but look into residency requirements because you may qualify as a resident after a year or two. Also look into any schools that may offer in state tuition to people in your state. Some states close by may do this if they are tiny enough.