By Cheryl Winokur Munk
May 8, 2019
National College Decision Day has passed. But some students and their families may still be struggling with another decision: How exactly to pay the looming tuition bill.
Even families who have successfully set aside money in a 529 college-saving plan or some other savings vehicle may find they still require additional funds—especially if the financial aid they were awarded was smaller than expected, the chosen school was a pricier one or the family's financial situation has recently changed.
Here, then, is a look at some last-minute funding ideas.
You still have time for the FAFSA
At this point, many families have already filled out the Free Application for Federal Student Aid, or FAFSA. But a number still procrastinate or never fill it out for a variety of reasons, including thinking that they won't qualify for any aid. Filling out the form is necessary for federal financial-aid purposes, and is also generally a prerequisite for institutional and state-based awards.
Students still seeking aid for the 2019-2020 academic year (which includes the summer semester) actually have until June 30, 2020, to submit the FAFSA. While the aid pool is undoubtedly smaller at this point since a portion of the money is often awarded on a first-come-first-served basis, there may still be opportunities available. Students should check with their college to see if the deadline has passed and, if so, if there's any flexibility. Federal Student Aid, an office of the Education Department, also lists financial-aid deadlines by state.
Even if the deadline has passed for certain college or state aid, experts say it's still important to submit the FAFSA as soon as possible so families can avail themselves of federal loans and the federal Pell Grant, if they qualify. Members of the high-school class of 2018 who were eligible for a Pell Grant left about $2.6 billion in free aid on the table by not completing the FAFSA, according to a recent NerdWallet analysis.
"You don't want to miss out on any of that federal money," says William Wozniak, vice president of marketing at INvestEd, a provider of advice and college funding to Indiana families or students attending college in Indiana.
Dig deeper for private scholarships
Many students don't think to apply for scholarships in the latter half of their senior year of high school, believing that all opportunities have passed by the time spring rolls around. But some scholarships have later deadlines.
"There's never a point where we say scholarships are not an option anymore," Mr. Wozniak says. "You're just limiting yourself more and more as time goes on."
Students can search for scholarships on various websites—including one from the College Board, which helps students find scholarships, other financial aid and internships from more than 2,200 programs.
High-school guidance offices are another good resource since they often have an inventory of scholarships from smaller, local companies, says Rhiannon Schade, senior director at Collegewise, a college counseling company that guides students on admission and financial-aid matters. Each of these scholarships may be small—say $500 to $1,000—but the pool of applicants is smaller, which can be beneficial, she says. Piling up as many of these scholarships as possible can be especially useful for students who ended up choosing a school with a larger price tag than was originally planned or who received a smaller-than-expected financial-aid package from the school.
A town's chamber of commerce may be another good source of information for local scholarships. And students should reach out to volunteer or civic organizations they are involved in, Ms. Schade says.
Explore military benefits
Members of the Army, Navy, Marines, Air Force, and Coast Guard or qualified family members may be eligible for an array of education benefits, scholarships and grants. The U.S. Department of Veterans Affairs' website has information on benefits that may be available through the GI Bill programand other education-assistance programs. Each branch of the military also offers a variety of other education benefits for eligible students, including tuition assistance and scholarships.
Approach the school
Families whose financial circumstances have changed or who have additional pertinent information to offer the financial-aid office can appeal their award package at any point—even after they've committed to the school or have started classes. Students who plan to appeal should provide as detailed information as possible about how their finances have changed and provide relevant supporting documentation. Students also can ask whether the school has other scholarships or flexible payment options available beyond what was offered in their aid package.
According to a recent survey by College Ave Student Loans, of those families that received award letters, 17% appealed at some point during the year, and more than half (58%) of those parents were successful in receiving more aid from a school.
If a student's aid package didn't originally include a work-study component, students should ask the school's financial-aid office about the possibility of adding it. Another option: Seek out the student employment center or campus career office for available part-time job opportunities during the school year.
Inquire about work-related aid
Parents should ask their employer's human-resources department whether the employer offers tuition assistance to employees and their dependents. Students who have part-time jobs also can ask their employer if any aid opportunities are available.
"It's worth asking the question to see if your employer has this type of arrangement," says Elaine Griffin Rubin, a communications specialist at Edvisors, a provider of free information on paying for college and financial aid.
Use private loans as a last resort
Students and families who still need more money to pay for college after they have exhausted opportunities for scholarships, grants and federal loans can explore the private-loan market. There are a number of private-loan providers, and terms can vary widely based on factors such as the borrower's credit score, the length of the loan, and whether it is fixed or variable.
Since these loans can carry hefty interest rates—around 4% to nearly 14%, according to Credible.com, a student-loan marketplace—students and their families need to be clear on the terms.
Also keep in mind that private loans generally don't offer the same types of borrower protections as federal loans do, such as income-based repayment, public-service loan forgiveness and teacher loan forgiveness.
To avoid high rates, some families also may be able to take advantage of an interest-free loan option. Finding these opportunities can take some digging, since there's no central repository for interest-free loans. Students can speak to the financial-aid office at their prospective schools, local religious and community organizations, high-school guidance counselors, the agency in their home state responsible for higher-education access and search online to help uncover these opportunities.
Ms. Winokur Munk is a writer in West Orange, N.J. Email her at reports@wsj.com.
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