What can you do if you don’t have enough money to pay for school? The answer is duct tape.
What? Adhesive tape has many practical uses, such as reinforcing bookbinding, plugging holes in backpacks, removing lint, and trapping insects.
But what does duct tape have to do with college pay? Duck brand adhesive tape sponsors a $ 10,000 scholarship to make an adhesive tape dance costume. Visit stuckatprom.com for more information.
If this particular scholarship doesn’t help you get out of your sticky situation, look for scholarships on free scholarship search websites, such as Fastweb.com and the Great Future of the College Board. Beware of scholarship scams, which charge a fee to apply for a scholarship.
Here are ten more options to help pay for school when you don’t have enough financial aid.
1. Choose A Cheaper College
College costs vary by faculty type. Often, a public school in the state will cost from a quarter to a third of the cost of a private school, even with less financial aid.
Another option is one of six dozen schools with “no loan” financial aid policies. These colleges replace loans with grants from the financial aid package. These colleges include all Ivy League, MIT, Stanford, Caltech, UC Berkeley, Johns Hopkins, Amherst, Williams, Wellesley, Northwestern, University of Chicago, Swarthmore, Rice, UVA, Vanderbilt, Vassar and other colleges. selective schools.
Community colleges are much less expensive. But if your goal is to get a bachelor’s degree, making a detour to a community college can cause you to lose your destination. Only one-fifth of students starting at a community college have a bachelor’s degree within six years, compared to two-thirds of students starting at a 4-year college.
Part-time enrollment can reduce college costs by spreading them over a longer period of time. But students must be enrolled at least half-time to qualify for student loans and postponement to school. Other forms of financial aid may be prorated depending on enrollment.
2. Complete the FAFSA
Yes, I realize that the purpose of this article is to give you ideas on how to pay for school if you don’t have one enough financial aid. But this point still needs to be mentioned, as some students assume that they will not be able to get great financial help depending on their household income or other reasons.
Based on these assumptions, some students do not apply for financial aid by submitting the free application for federal student aid (FAFSA), thinking it would be a waste of time anyway. However, the FAFSA is a gateway to financial aid not only from the federal government, but also from state governments and most colleges and universities.
Less than 200 mostly private schools use a supplementary form called CSS Profile to award their own financial aid funds. But most still use the FAFSA for state and federal aid. Therefore, even if you do not meet the requirements to get enough government grants to pay for school in full, filing the FAFSA can help you get help on the additional merit of your academic institution.
Submit the FAFSA as soon as possible from or after the start date of October 1st. Students who submit the FAFSA will soon be able to get more grants than students who expect to submit the form. Some grants are awarded on a first-come, first-served basis until the money is exhausted. Other grants have early or preferred deadlines.
3. Call for more financial help
If you need more money to pay for school due to special circumstances, contact the university’s financial aid office to ask how to appeal for more financial aid.
Special circumstances are financial circumstances that affect your ability to pay for college. They include changes in circumstances from the previous year, such as job loss and pay cuts. (The FAFSA is based on two-year income information).
They also include circumstances that differentiate the family from a typical family, such as high non-reimbursed medical expenses, K-12 tuition for siblings, dependent care costs for a child or elderly parent with special needs, and expenses related to disability.
You can appeal for more financial aid even in the middle of the school year. Many colleges also have emergency aid funds available through the financial aid office.
4. Join the military
Aid to military students may be an option to pay for school if you want to serve in the United States Armed Forces. Some examples available from the federal government are the ROTC grants and the GI bill. Eligible students may receive a ROTC scholarship for one year before committing to the service.
There are also scholarships for the military, veterans and their families from private organizations such as AMVETS, the American Legion, paralyzed American veterans and foreign war veterans.
5. Get a job
Part-time jobs are available on and near university campuses. Some employers offer tuition assistance and student loan repayment assistance programs. (Up to $ 5,250 a year of this aid is tax-free).
Even if you already have a job, you may be able to do a second job in the evenings or on the weekends. Also, consider asking your employer for a raise or switching to a better-paying job.
But be careful not to work too hard while pursuing college. Students who work full-time are half as likely to graduate with a bachelor’s degree compared to students who work 12 hours or less a week.
6. Reduce college costs
Aside from choosing a university that charges less tuition and fees, students can also save on other college costs. About half of the cost of a public college education is due to living expenses, such as room and board, textbooks, transportation, and miscellaneous personal expenses.
Here are some tips on how to reduce these costs:
Related: The 50 Best Ways to Save Money in College
7. Sell your things
Selling your stuff on Facebook Marketplace, letgo, Offerup or other platforms is a quick way to raise money to pay for school. Start by selling anything you haven’t used in over a year.
Related: 10 places to sell used clothes online for cash
8. Ask friends and family for help
It is better to borrow than to borrow. Ask your friends and family to help you pay for school. Ask parents, grandparents, aunts and uncles to make the college gift for your birthday and vacation. (You can also sell the gifts they give you to get money to pay for college bills.)
It doesn’t hurt to ask for help. The worst that can happen is that they say no. Try asking them to cover something specific, such as textbooks or license plates. Collective funding for college can also be an option for students who have a compelling history and are asking for a small amount of money.
9. Get help from the IRS
You get money from the IRS when you file your federal income tax return claiming certain educational tax benefits. The American Opportunity Tax Credit (AOTC) provides a partially refundable tax credit of up to $ 2,500, based on the amounts paid for tuition and textbooks. It is limited to four years. But there is also the lifelong learning tax credit (LLTC) which is worth up to $ 2,000.
The student loan interest deduction provides a tax deduction of up to $ 2,500 on interest paid on federal student loans and on most private student loans. This is an over-the-line revenue exclusion, so you can claim it even if you don’t detail any.
Two-thirds of states offer an income tax deduction or a tax credit based on contributions to state plan 529. Seven states allow for the reduction of income tax on contributions to plan 529 of any state. Most states allow tax cuts even if you withdraw the money immediately.
In fact, this provides a discount on college costs based on your marginal tax rate. Four states limit the state income tax break to net distribution contributions. In this case, you will have to make the contributions and make the distributions in different years.
10. Undertake the remainder
The least desirable option is to borrow the money, as student loans have to be repaid, usually with interest. Before applying for a loan, ask the college scholarship holder if they offer a tuition fee plan. Tuition fee plans distribute college bills in equal monthly payments during the academic year. Tuition fee plans do not charge interest, but they may charge a small initial fee.
If you need to borrow, you must first borrow federal. Federal student loans offer low fixed interest rates, do not require co-signers, and have flexible repayment options. Federal student loans offer longer deferrals and repayments, income-based repayment plans, and loan forgiveness and discharge options. You must file the FAFSA before you can receive a federal student or parent loan.
There are private student loans and private parent loans to many lenders, including banks, credit unions, and other financial institutions. Most students will need a parent or family member to grant the loans. Even if you can get the requirements without a co-signer, a credible co-signer can help you opt for a lower interest rate.
Look for the best interest rate, as the advertised rate may not be the one you get. If you want to compare multiple lenders in a matter of minutes, consider using Credible, as it makes loan purchases very fast. Also, if you prequalify Credible for a private student loan, you can get a $ 20 gift card. Check out Credible here >>>
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