Funding College Education
My child is set to graduate high school with an AA degree and a state scholarship covering 100% of 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 access ($5,500), there will still be a remaining balance of $6,500 owed to the university. Since I cannot take on a PLUS loan, I’m wondering what options are available to cover this cost. Being middle class likely means they won’t qualify for much, if any, Pell Grant funding. They will be applying for other scholarships, but is there something I’m overlooking? How are middle-class families managing the cost of college? Is it common for parents to take out PLUS loans for this?
One Reply to “Paying for college”
Leave a Reply
Related Post
Feeling Anxious About My First Bio Test Hey everyone! I recently returned to college at 22 and enrolled in a local community college. So far, things have been going well, but now that we’re about five weeks in, my first tests and major assignments are approaching. I’m in a 100-level biology class with a teacher […]
My Roommate Studies Loudly—What’s the Best Approach? Hey everyone! 🙂 I’m dealing with a bit of a situation with my roommate. She tends to study out loud—really loud, actually. She’s generally quite vocal about everything she does, while I prefer a more low-key environment. I usually try to be understanding since our room is basically […]
Can a College Expel a Student Due to a Physical Disability? A Personal Account Navigating the complexities of education can be especially challenging for students with disabilities. One young woman, 20 years old, shared her experience as she faced a troubling situation at her community college due to her condition, Osteogenesis Imperfecta, commonly known as […]
It sounds like you’re navigating a common situation for many families! Here are some options that might help you cover that remaining $6500:
Outside Scholarships: You mentioned applying for other scholarships, which is a great approach. Look for local community scholarships, private organizations, and even those specific to your child’s area of study. Websites like Fastweb and Scholarship.com can be useful in finding opportunities tailored to your child’s interests.
Payment Plans: Check with the university to see if they offer a payment plan. Many institutions allow families to spread out tuition payments over the academic year, making it more manageable.
Work-Study Programs: Encourage your child to look into work-study programs or part-time jobs on campus. These programs can help reduce the financial burden while providing valuable work experience.
State Grants or Community Programs: Investigate if your state has any additional grants or financial aid programs for middle-income families. Some states have initiatives to help cover the gap for students attending in-state schools.
Federal Student Aid: While you mentioned that you might not qualify for a Pell Grant, it’s still worth filling out the FAFSA (Free Application for Federal Student Aid). There may be other forms of federal aid available that you weren’t aware of, including subsidized or unsubsidized loans with lower interest rates.
Negotiating with the University: Contact the university’s financial aid office to discuss your situation. They may have additional resources or advice, or there might be emergency funds available for students in need.
529 Plan: If you have a 529 college savings plan, you can use those funds to cover expenses as well. Check the specific rules regarding qualified expenses to make sure you’re using it correctly.
Crowdfunding: Some families have successfully used crowdfunding platforms to raise money for educational expenses. Consider sharing your child’s story and their aspirations; sometimes, friends and family are willing to contribute.
It’s definitely a challenge for many middle-class families, as tuition continues to rise. Explore all available options and don’t hesitate to reach out to financial aid advisors for guidance—sometimes they can offer solutions you hadn’t considered. Good luck!