The cost of college tuition has steadily increased over the years. Paying for tuition, housing, and food can require a significant amount of money, especially if you plan to attend a foreign university. As students across the country look forward to starting classes, many are worried about how they will pay for it all. Inflation has affected everyone, but students with tight budgets are particularly impacted.
According to a recent poll by College Ave Student Loans, nearly three out of every four families (72%) found the cost of college to be more than they expected. The expense that surprised families the most was college tuition and fees (72%), followed by room and board/rent and food (68%), school and activity fees (45%), and books and supplies (44%).
The good news is that it’s never too late to create a financial plan. Even if you don’t have enough money to cover your college tuition costs or if you weren’t able to start a college fund in time, there are still ways to plan for it at the last minute.
Here are 5 last-minute strategies to help you pay for college:
1. Apply for Institutional & Government aided scholarships and scholarship programs
Did you know that you can apply for scholarships right up until the deadline? Sometimes scholarships are still available because applicants don’t meet the awarding criteria. Ask your institution if any scholarships are still available, and search for options for government-funded scholarships, particularly those with still-open deadlines. Depending on the nation, institute, and stream, you can choose from a variety of fellowship opportunities, although they may be more competitive than institutional scholarships.
2. Contact your school or college financial aid office
Several universities offer financial aid or price reductions for students who cannot afford the cost of tuition. Some even let students sign up for monthly fee payment plans. The requirements to be eligible for financial aid are listed on your institute’s website. Get in touch with your institution’s financial aid office to learn what to do next.
3. Consider taking out a student loan
Even though it may seem obvious to take out a loan, many students choose not to because they mistakenly believe it will lead to debt. However, unsecured education loans are collateral-free financing options, so you do not have to worry about losing your possessions.
Moreover, you can easily apply for one with less paperwork and favorable interest rates. These loans are quickly disbursed by lenders. Therefore, it’s important to do your homework because private student loans vary widely. Look for one with an easy application process, flexible repayment options, a competitive interest rate, and excellent customer support. Here’s what you need to know about how student loans can affect your credit score.
4. Apply for work-study or part time jobs
Most universities offer work-study programs that are available for students with demonstrated financial need. By the start of the course, many work-study positions are still open, so it’s still not too late to apply! Again, the financial assistance office at the college can offer more details. Also, if you are able to do so, having a part-time job while going to school full-time may be very advantageous. Your salary could come in the form of a tuition reduction or as a cash payout to cover non-tuition costs like room and board, food, etc.
Also Read: 7 advantages of taking a loan for higher education
5. Build a budget and have a candid discussion about costs with your parents
The best time to start budgeting is today! Download a budgeting app, make a list of your or your parents’ income and expenses, and resolve to make a few small cost-saving changes, like only buying used items or making your own coffee at home. In order to understand your financial responsibility, be open and honest about the costs and funding strategy. Be explicit about who is responsible for what costs and, if you or your parents want to borrow money, who will pay back the loans. Early guidance will help prevent future financial stress, which will give you both peace of mind.
Remember, patiently analyzing your options and making the most of them are the keys to properly managing your cash at the last minute. And if you do decide to get a loan, make sure to pick the correct lender.
Varthana’s customized student loans can help you advance your profession, start college, obtain a degree, or obtain certifications. Accelerate your ambitions—apply now to power your career with Varthana’s support.