CommonCentsMom.com is advertiser-supported: we may earn compensation from the products and offers mentioned in this article. However, any expressed opinions are our own and aren't influenced by compensation. The contents of the CommonCentsMom.com website, such as text, graphics, images, and other material contained on this site (“Content”) are for informational purposes only. The Content is not intended to be a substitute for professional financial or legal advice. Always seek the advice of your Financial Advisor, CPA and Lawyer with any questions you may have regarding your situation. Never disregard professional advice or delay in seeking it because of something you have read on this website!
The deadline for tuition and accommodation payments is possibly around the corner, and you’re probably worried you still don’t have enough in your coffers to clear the looming obligations and other necessities.
What do you do? One way might be to get a job and stash away your earnings alongside setting budgetary controls. However, a job might not be forthcoming, or the earnings may be insufficient to cater to your needs. That said, the best way to clear your obligations is to enroll in your university’s financial aid programs. So, ensure you try that out before any other.
There are tons of other ways of paying for college you may want to explore. We’ve covered some of these below. Read along!
Apply to Late Deadline Scholarships
Although most of these are not usually available in summer, you’d still come across some with relaxed deadlines that extend well beyond Spring. You should keep applying whenever a new one pops up and not restrict yourself to some specific periods.
These extended deadline scholarships, such as the David Hudak Memorial Essay Contest, and Korean American Scholarship Foundation Scholarship, are worth checking out.
Consider Asking for Family Support
Another great way to cut back on the bulk of the fees you’re expected to clear up is to persuade your household members to contribute money on your behalf. Such could then be piled up and paid into a 529 plan, a typical tax-advantaged school’s savings account provided by colleges.
Students stand to enjoy a seamless customized way to set funds aside for all education-related expenditures with a college provided 529 plan as long as they have been formally named the beneficiary of such accounts.
Stick to Budgets
It’s a no-brainer here. Spending all the funds you’ve got on any new craving you’ve developed is a surefire way to burn through all your savings in no time. Although, there are some educational costs like textbooks that’d often need to be catered to. You can still look for ways to cut down and save money on your expenses, and it’s not just by creating a budget for those but by looking for reduced low-cost alternatives.
Consider tucking away that extra dough you’ve spared for a Mcdonald’s in a high-interest account. If you find it difficult to stick to budgets, you may want to seek professional help or check out basic money management tips for students to help out. At the end of the day, though the sum of money you’ve piled up may not amount to much, it certainly will take some of the stings away from your college tuition.
Try Crowdfunding or a Side Hustle
Consider reaching out to several people for donations with sites like GoFundMe. Another viable idea would be to start a side hustle to provide some extra cash by the side. Consider making YouTube videos and advertisements for online retailers when you get enough traction on your channel or other social media platforms. You may also open an E-commerce store or engage in ride-sharing services like Uber and Lyft.
Look For a Job to Help Pay for College
With the recent hikes in job loss figures, part-time jobs are getting inadequate as a source of income useful in paying for a college education. Such jobs will ease the burden of payment for texts and other essentials off the student’s shoulders.
Jobs worth checking out include contract work at fast-food franchises and the occasional package delivery jobs. You may be eligible for a local student loan, especially with banking-affiliated institutions.
Fill Out the Free Application for Federal Student Aid
Ordinarily, it’s recommended that needy students fill out their FAFSA form around September of their school year. However, if things don’t go the way you want early enough, there is still a chance for others to submit anytime they feel ready. The more you postpone the completion of your FAFSA form, the lesser the bulk of the federal aid available to help you out would be.
Submit an appeal to the financial aid office
Typically, most colleges require that a student’s relative complete a portion of the Fees tagged as a relative contribution amount before qualifying for financial aid. Some students sometimes find these fees a bit difficult to get. In such cases, it may become necessary to appeal to the appropriate office, especially if the family’s finances recently took a negative downturn.
To make an effective plead, students would need to forward a letter detailing the reasons for the relative’s inability to make the payments and provide further paperwork attesting to the facts of a relative’s dreary finances.
Ask about college payment plans
Payment plans are another great way to ease the burden of clearing up all your fees. Universities typically contract such plans’ administration and monitoring to independent third parties. Such allow you to clear your fees in installments over a six-ten month period with minimal interest.
Consider enrolling in community college
Attending one is another great way to jumpstart your college education. Initially, you could clear out some of your coursework at such colleges and later transfer to another to complete your degree if you may just enroll in the fall semester to clear some few course requirements out of the way.
Take Advantage of Tax Deductions
More often than not, students can benefit from tax relief on all fees college-affiliated, like clearing away loan returns and so on. Obviously, with such deductions, you wouldn’t need to pay as much as you ordinarily would without one.
Conclusion
Gone are those days when students had to defer an academic session because they couldn’t get the funds for their tuition and other necessities on time. You could bank on several options as a student to get part – if not all – of your college money.
Look out for the occasional grants and make your applications early for financial aid. If these don’t come to fruition, consider asking your family members for further monetary support. You can complete your four-year degree properly without any hitch due to your financial situation. Ensure to stick to the guides we’ve outlined to fundraising as hassle-free as possible.
About The Author
This article was written by John Elliott, a career guidance expert from papersowl.com. He has worked in numerous capacities as a financial advisory professional and a regular guest blogger on several personal finance websites. Now, he offers top-notch tutoring on financial aid writing, scholarships application, and money management.
