Navigating College Costs
My child will graduate from high school with an AA degree and a state scholarship that covers 100% of their tuition and some fees. They plan to attend an in-state university and live in a dorm. After applying the state scholarship and the maximum loan amount they can take ($5,500), they will still be responsible for $6,500 in tuition.
Since I can’t take out a Parent PLUS loan, I’m wondering if there are any other options available to cover this gap. Being from a middle-class family, I assume we won’t qualify for a Pell Grant or that any we might receive will be minimal. We’re actively seeking additional scholarships, but am I overlooking any alternatives?
How are other middle-class families managing the costs of college? Is it common for parents to rely on PLUS loans?
It sounds like you’re in a challenging but common situation when it comes to funding college. Here are a few options you might consider to help cover the remaining $6500:
State and Local Scholarships: In addition to the scholarships your child plans to apply for, look into local organizations, community groups, and businesses. Many regional scholarships are specifically aimed at students in your area and may not be as competitive as larger national ones.
Part-time Employment: Encourage your child to look for part-time work during the school year or full-time work during the summer. Jobs on campus often offer flexible hours and can help cover living expenses or tuition costs.
Payment Plans: Many universities offer payment plans that allow you to spread tuition payments over the academic year rather than requiring a lump sum. This may ease the financial burden.
Federal Work-Study: Check if your student is eligible for a work-study program; this can provide part-time jobs for students with financial need, allowing them to earn money to help offset costs.
Additional Federal Loans: Beyond the $5500 federal student loan, students may also qualify for additional subsidized or unsubsidized loans if they have exceptional financial need. Encourage your child to meet with their school’s financial aid office to explore all available options.
Explore Grants: Though you mentioned a lack of eligibility for Pell Grants, there may be other grant opportunities that your child can tap into, including state grants or institutional grants based on merit or specific areas of study.
Ask for Financial Aid Review: If there are any changes in your financial situation, you might consider appealing to the university’s financial aid office for a review. They may be able to provide additional support based on unique circumstances.
529 Plans or Savings: If you have a 529 college savings plan or other college fund, now is the time to consider using those funds to cover any remaining costs.
Middle-class families often face these unique challenges, and finding a combination of scholarships, loans, and work can help bridge the financial gap. It’s great that your child is already looking into scholarships, as that proactive approach can make a significant difference. Good luck!