Paying for College
My child is set to graduate high school with an AA degree and a state scholarship covering 100% of their tuition and some fees. They plan to attend an in-state university and live in a dorm. Even with the state scholarship and the maximum federal loan of $5,500, they’ll still have an outstanding balance of $6,500. Since I can’t take out a PLUS loan, I’m wondering what other options are available to cover this cost. I assume that as a middle-class family, the Pell Grant assistance will be minimal. We’ll also be applying for additional scholarships, but am I overlooking any other funding methods? How do middle-class families typically manage college expenses? Is it common for parents to take out PLUS loans?
It sounds like you’ve done a great job planning for your child’s college education so far! Here are some options you might consider for covering that remaining $6,500:
Payment Plans: Many universities offer payment plans that allow you to pay tuition in installments rather than all at once. Check with the financial aid office to see if this is an option.
Work-Study Programs: If your child qualifies for work-study, they can take on a part-time job on campus, which can help cover living expenses or contribute to tuition.
Private Scholarships: Continue to explore outside scholarships. There are thousands available, and every bit can help. Websites like Fastweb, Cappex, or the College Board Scholarship Search can be great resources.
Employer Tuition Assistance: If either you or your spouse works for a company that offers tuition reimbursement or assistance, it could significantly offset costs.
State Aid: Depending on your state, there may be additional grants or aid programs for which your child could qualify.
Student Savings or Earnings: If your child has worked during high school and has savings, this can be put toward education costs. Similarly, they can take on part-time jobs during college to cover expenses.
Negotiate Financial Aid: It’s worth having a conversation with the financial aid office to discuss your financial situation. Sometimes there are options that aren’t readily visible on forms.
Consider Community College Options: If a state school is still too costly, another route can be to finish some general education courses at a community college before transferring to a university, which could save significant tuition costs.
It’s true that middle-class families are navigating a challenging landscape when it comes to paying for college. Many parents are indeed taking out PLUS loans, but there are also various other strategies that families utilize to make it work. You’re not alone in this, and with careful planning and exploration of options, you can find ways to bridge that financial gap. Good luck!