• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The College Investor

Student Loans, Investing, Building Wealth

  • About
  • Podcast
  • Research
  • Contact
  • Save For College
      • How To Start

      • How To Save For College
      • How To Pay For College
      • What Is the Average Cost of College?
      • What Is A 529 Plan and Where to Open One in Your State
      • How Much Should You Have In A 529 Plan By Age
      • How To Use A 529 Plan For Private Elementary And High School
      • What Are Qualified Expenses For A 529 Plan (And What Doesn’t Count)?
      • The Best Brokers To Open A 529 Plan
      • Tools + Accounts

      • 529 Plans: The Ultimate College Savings Plan
      • 529 Plan Contribution Limits
      • Prepaid Tuition Plans | What To Know
      • Understanding And Using 529A ABLE Accounts
      • Using A Roth IRA To Save And Pay For College
      • FAFSA Deadlines for Financial Aid
      • CollegeBacker Review
      • Upromise Review
      • UNest Review
      • Other Options

      • Student Loan And Financial Aid Programs By State
      • The Guide To Military And VA Education Benefits
      • How To Fill Out The FAFSA
      • How To Find College Scholarships
      • The Best College Scholarship Search Websites
      • How To Find Grants To Pay For College
      • Pell Grants: What They Are And How To Qualify
      • Understanding Federal Work-Study
      • How To Use A 529 Plan If Your Child Doesn’t Go To College
  • Student Loans
      • Borrowing

        • How Student Loans Work
        • How To Apply For A Student Loan
        • Best Student Loans And Rates In January 2023
        • 10 Best Private Student Loans Of January 2023
        • Best Student Loans To Pay For Graduate School
        • Best Student Loans To Pay For Medical School
        • Parent Loans To Pay For College
        • No-Cosigner Student Loan Options
        • Guide To Income Sharing Agreements (ISAs)
        • Best International Student Loans
      • Get Out Of Debt

        • Best Student Loan Refinance Companies In January 2023
        • Best Student Loan Repayment Plans
        • Best Student Loan Refinancing Bonuses And Promotional Offers Of January 2023
        • Student Loan Forgiveness Programs (The Complete List)
        • The Full List Of Student Loan Forgiveness Programs By State
        • Public Service Loan Forgiveness (PSLF)
        • Top Student Loan Scams
        • Average Student Loan Monthly Payment
        • Average Student Loan Debt By Year
      • Reviews

        • Credible Review
        • Splash Review
        • Ascent Review
        • Citizens Bank Review
        • Commonbond Review
        • Earnest Review
        • ELFI Review
        • Laurel Road Review
        • LendKey Review
        • SoFi Review
  • Investing
      • How To Start

        • How To Start Investing in High School
        • How To Start Investing In College
        • How To Start Investing In Your Twenties For 22 – 29 Year Olds
        • How To Start Investing In Your 30s For 30 – 39 Year Olds
        • How To Start Investing With $100 Or Less
        • How To Give Kids The Gift Of Stock
        • What Is Dividend Growth Investing
        • IRA Rollover Chart
      • Tools + Accounts

        • Best Online Stock Brokers
        • The Best Traditional And Roth IRA Accounts
        • The Best Robo-Advisors
        • The Best Investing Apps
        • The Best Places to Trade Options
        • The Best Places To Open A Health Savings Account
        • The Best Solo 401k Providers
        • The Best Self-Directed IRA Providers Of 2023
        • Best Cryptocurrency Exchanges
      • Reviews

        • Vanguard Review
        • Fidelity Review 2023
        • M1 Finance Review
        • TD Ameritrade Review 2023
        • Charles Schwab Review
        • Robinhood Review
        • Webull Review
        • Betterment Review 2023
        • Wealthfront Review
  • Earn More Money
      • Extra Income

        • 20 Best Side Hustles You Can Start Earning With In 2023
        • 53 Side Hustle Ideas To Make Money Fast
        • 100 Ways To Make Money In College
        • 80 Ways To Make Money From Home In 2023
        • 5 Quick Money Making Ideas (That Take Less Than 1 Hour)
        • 10 Interesting Ways You Can Make Money Driving
        • High-Paying Side Gigs That Earn $1,000 or More Per Month
        • The 10 Best Money-Making Apps
        • Paid Surveys: Earn Money For Giving Your Opinion Online
        • 10 Crazy Ways To Make $10,000 You’ve Never Heard Of
      • Build Wealth

        • 40 Passive Income Ideas You Can Use To Build Wealth In 2023
        • 3 Ways To Make $50,000 Per Year Without Working With Passive Income
        • How To Become A Real Estate Investor With Just $500
        • 15 Best Online Business Ideas
        • Residual Income: 7 Super Smart Ways to Build It
        • The Most Common Multiple Income Streams
        • How To Become A Real Estate Mogul With Only $10,000
      • Reviews

        • Fundrise Review
        • RealtyMogul Review
        • FarmTogether Review
        • AcreTrader Review
        • Swagbucks Review
        • Survey Junkie Review
        • TopCashback Review
        • DoorDash Review
  • Personal Finance
      • Banking

        • 10 Best High Yield Savings Accounts Of January 2023
        • 10 Best Money Market Accounts Of January 2023
        • 10 Best Free Checking Accounts In January 2023
        • Best Bank CD Rates Of January 2023
        • 10 Best Business Checking Accounts In January 2023
        • Best Online Banks Of January 2023
        • Best Credit Unions Nationwide Of January 2023
        • Best College Student Checking Accounts Of January 2023
      • Insurance

        • Best Life Insurance Companies
        • Renters Insurance
        • Car Insurance
        • Pet Insurance
        • Umbrella Insurance
        • Disability Insurance
        • Tuition Insurance
        • Travel Insurance
      • Credit Tools

        • Best Budgeting Apps
        • Cash Advance Apps
        • How To Get A Free Credit Score Report
        • Best Credit Monitoring Services For 2023
        • Debt Settlement: Inside The Secret World
        • Credit Repair Explained: Should You Pay For Help?
        • Best Personal Loan Companies And Lenders
        • Online Loan Companies To Borrow From Home
      • Tax

        • Best Tax Software
        • Free Tax Software
        • IRS Tax Refund Calendar
        • Common IRS Questions and Errors
        • Federal Tax Brackets
        • Capital Gains Tax Brackets
        • 401k Contribution Limits
        • IRA Contribution Limits
        • HSA Contribution Limits
  • Forum
  • Search
Home » Student Loans » FAFSA » Options To Pay For School If You Don’t Have Enough Financial Aid

Options To Pay For School If You Don’t Have Enough Financial Aid

Updated: June 27, 2022 By Mark Kantrowitz

Tweet
Share
Share
Pin
Email
Print

At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Any investing information provided on this page is for educational purposes only. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

options to pay for school

What can you do if you don’t have enough money to pay for school? The answer is duct tape.

What? Duct tape has a lot of practical uses, such as reinforcing book bindings, patching holes in backpacks, removing lint and catching bugs.

But, what does duct tape have to do with paying for college? Duck brand duct tape sponsors a $10,000 scholarship for making a prom costume out of duct tape. Visit the stuckatprom.com website for more information.

If that particular scholarship doesn’t help you get out of your sticky situation, then look for scholarships at free scholarship search websites, such as Fastweb.com and the College Board’s Big Future. Just beware of scholarship scams, which charge a fee to apply for a scholarship.

Here are ten other options to help pay for school when you don't have enough financial aid.

Table of Contents
1. Choose A Cheaper College
2. Complete The FAFSA
3. Appeal For More Financial Aid
4. Join The Military
5. Get A Job
6. Cut College Costs
7. Sell Your Stuff
8. Ask Friends And Family For Help
9. Get Help From The IRS
10. Borrow The Remainder

1. Choose A Cheaper College

College costs vary by type of college. Often, an in-state public college will cost a quarter to a third of the cost of a private college, even with less financial aid.

Another option is one of the six dozen or so colleges with “no loans” financial aid policies. These colleges replace loans with grants in the financial aid package. These colleges include all Ivy League colleges, MIT, Stanford, Caltech, UC Berkeley, Johns Hopkins, Amherst, Williams, Wellesley, Northwestern, University of Chicago, Swarthmore, Rice, UVA, Vanderbilt, Vassar and other selective colleges.

Community colleges are much less expensive. But if your goal is to obtain a bachelor’s degree, taking a detour through a community college may cause you to miss your destination. Only a fifth of students who start at a community college graduate with a bachelor’s degree within six years, compared with two-thirds of students who start at a 4-year college.

Enrolling part-time may reduce college costs by spreading them out over a longer period of time. But students must be enrolled at least half-time to qualify for student loans and the in-school deferment. Other forms of financial aid may be prorated based on enrollment status.

2. Complete The FAFSA

Yes, I realize that the whole point of this article is to give ideas for how to pay for school if you don't have enough financial aid. But this point still bears mentioning as some students assume that they won't qualify for much financial aid based on their household income or other reasons.

Based on these assumptions, some students fail to apply for financial aid by filing the Free Application for Federal Student Aid (FAFSA), thinking that it would be a waste of time anyway. However, the FAFSA is a gateway to financial aid from not only the federal government, but also state governments and most colleges and universities. 

Less than 200 mostly private colleges use a supplemental form called the CSS Profile for awarding their own financial aid funds. But most still use the FAFSA for federal and state aid. So even if you wouldn't qualify for enough government aid to pay for school completely, submitting the FAFSA could help you qualify for additional merit aid from your academic institution.

File the FAFSA as soon as possible on or after the October 1 start date. Students who file the FAFSA sooner qualify for more grant aid than students who wait to file the form. Some grants are awarded on a first-come, first-served basis until the money runs out. Other grants have early or preferred deadlines.

3. Appeal For More Financial Aid

If you need more money to pay for school because of special circumstances, contact the college 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 since the prior-prior year, such as job loss and pay cuts. (The FAFSA is based on two-year-old income information.)

They also include circumstances that differentiate the family from a typical family, such as high unreimbursed medical expenses, K-12 tuition for siblings, dependent care costs for a special needs child or elderly parent, and disability related expenses. 

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

Military student aid may be an option to pay for school if you wish to serve in the U.S. Armed Forces. Examples available from the federal government include ROTC scholarships and the G.I. Bill. Eligible students can receive a ROTC scholarship for one year before being required to commit to service. 

There are also scholarships for servicemembers, veterans and their families from private organizations, such as AMVETS, the American Legion, Paralyzed Veterans of America and Veterans of Foreign Wars.

5. Get A Job

Part-time jobs are available on and near college campuses. Some employers provide tuition assistance and student loan repayment assistance programs. (Up to $5,250 of this assistance per year is tax-free.) 

Even if you already have a job, you might be able to work a second job in the evening or weekends. Also, consider asking your employer for a raise or switching to a job with better pay.

But, be careful about working too much while pursuing a college education. Students who work a full-time job are half as likely to graduate with a bachelor’s degree as compared with students who work 12 hours or less per week.

6. Cut College Costs

Aside from choosing a college that charges less tuition and fees, students can also economize 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 a few tips on ways to cut these costs:

  • Cut the cost of textbooks by buying used textbooks or selling your textbooks back to the bookstore at the end of the semester.
  • Live off campus or get a roommate to split housing costs. Just keep in mind that students who live on campus are more likely to graduate on time. 
  • Minimize the number of trips home from school.
  • Use public transportation instead of a taxi, Uber or Lyft to get to and from campus. Don’t bring a car to college, as parking, fuel and maintenance can quickly add up.
  • Cut discretionary spending, such as subscriptions, entertainment and eating out.

Related: The 50 Best Ways To Save Money In College

7. Sell Your Stuff

Selling your stuff on Facebook Marketplace, letgo, Offerup, or other platforms is a quick way to raise cash to pay for school. Start by selling anything you haven’t used in over a year.

Related: 10 Places To Sell Your Used Clothes Online For Cash

8. Ask Friends And Family For Help

It’s better to beg than to borrow. Ask your friends and family to help you pay for school. Ask parents, grandparents, aunts and uncles to give the gift of college for your birthday and holidays. (You can also sell the gifts they give you to get money to pay college bills.)

It doesn’t hurt to ask for help. The worst that can happen is they say no. Try asking them to cover something specific, such as textbooks or tuition. Crowdfunding for college might also be an option for students who have a compelling story and are asking for a small amount of money.

9. Get Help From The IRS

Get money from the IRS when you file your federal income tax return by claiming certain education tax benefits. The American Opportunity Tax Credit (AOTC) provides a partially-refundable tax credit worth up to $2,500 based on amounts paid for tuition and textbooks. It’s limited to four years. But then there’s the Lifetime Learning Tax Credit (LLTC) that's worth up to $2,000. 

The student loan interest deduction provides a tax deduction for up to $2,500 in interest paid on federal student loans and most private student loans. It is an above-the-line exclusion from income, so you can claim it even if you don’t itemize.

Two-thirds of the states provide a state income tax deduction or tax credit based on contributions to the state’s 529 plan. Seven states allow the state income tax break for contributions to any state’s 529 plan. Most states allow the tax break even if you immediately withdraw the money. 

In effect, this provides a discount on college costs based on your marginal tax rate. Four states limit the state income tax break to contributions net of distributions. In this case, you'll need to make the contributions and take the distributions in different years. 

10. Borrow The Remainder

The least desirable option is to borrow the money, since student loans must be repaid, usually with interest. Before you borrow, ask the college bursar whether they offer a tuition installment plan. Tuition installment plans spread out the college bills into equal monthly payments over the academic year. Tuition installment plans don’t charge interest, but may charge a small up-front fee.

If you must borrow, borrow federal first. Federal student loans offer low fixed interest rates, don't require cosigners and have flexible repayment options. Federal student loans offer longer deferments and forbearances, income-driven repayment plans, and loan forgiveness and discharge options. You must file the FAFSA before you can receive a federal student or parent loan.

Private student loans and private parent loans are available from many lenders, including banks, credit unions and other financial institutions. Most students will need a parent or other relative to cosign the loans. Even if you can qualify without a cosigner, a creditworthy cosigner can help you qualify for a lower interest rate.

Shop around for the best interest rate, since the advertised rate might not be the rate you get. If you'd like to compare multiple lenders in minutes, consider using Credible as it makes loan shopping a breeze. Check out Credible here >>>

Mark Kantrowitz
Mark Kantrowitz

Mark Kantrowitz is an expert on student financial aid, scholarships, 529 plans, and student loans. He has been quoted in more than 10,000 newspaper and magazine articles about college admissions and financial aid. Mark has written for the New York Times, Wall Street Journal, Washington Post, Reuters, U.S. News & World Report, MarketWatch, Money Magazine, Forbes, Newsweek, and Time. You can find his work on Student Aid Policy here.

Mark is the author of five bestselling books about scholarships and financial aid and holds seven patents. Mark serves on the editorial board of the Journal of Student Financial Aid, the editorial advisory board of Bottom Line/Personal, and is a member of the board of trustees of the Center for Excellence in Education. He previously served as a member of the board of directors of the National Scholarship Providers Association. Mark has two Bachelor’s degrees in mathematics and philosophy from the Massachusetts Institute of Technology (MIT) and a Master’s degree in computer science from Carnegie Mellon University (CMU).

Options To Pay For School If You Don’t Have Enough Financial Aid
Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
Subscribe
Connect with
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of

I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree

0 Comments
Inline Feedbacks
View all comments

Primary Sidebar

Student Loan Resources

Featured Lender Reviews

>  Credible (recommended)
>  Splash (recommended)
>  ELFI
>  LendKey
>  Earnest
>  Laurel Road

Paying For College

  • Best Student Loans And Rates
  • Best Private Student Loans
  • Student Loan And Financial Aid Programs By State
  • Student Loans For Community College
  • Best International Student Loans
  • Best Student Loans For Graduate School
  • Best Student Loans For Your MBA
  • Best Student Loans For Medical School
  • How To Get A Private Student Loan With No Cosigner
  • How To Get A Student Loan With Bad Credit

Navigating Repayment

  • How To Select The Best Student Loan Repayment Plan
  • 5 Legal Ways To Lower Your Student Loan Payment
  • How To Use A 529 Plan For Student Loan Repayment
  • These Companies Offer Student Loan Repayment Assistance

Student Loan Forgiveness

  • Student Loan Forgiveness Programs (The Complete List)
  • Student Loan Forgiveness Programs By State
  • President Biden’s Student Loan Forgiveness Plan
  • Public Service Loan Forgiveness
  • Borrower Defense To Repayment
  • For-Profit College Student Loan Forgiveness List
  • Private Student Loan Forgiveness
  • Trade School Loan Forgiveness Programs

Student Loan Refinance

  • Best Student Loan Refinance Companies
  • Best Student Loan Refinancing Bonuses And Promotional Offers
  • Lenders That Offer Student Loan Refinancing Without A Degree
  • How To Refinance An International Student Loan
  • Best Medical School Student Loan Refinancing

More On Student Loans

  • Top Student Loan Scams
  • Does The Government Profit Off Of Student Loans?
  • Statue Of Limitations Laws For Student Loans
  • What Should You Do With Your Old FFELP Loans?
  • How To Get A Refund Of Your Federal Student Loan Payments

Footer

Who We Are

The College Investor is an independent, advertising-supported financial media publisher, focusing on news, product reviews, and comparisons.

Connect

  • Contact Us
  • Advertise
  • Press & Media

About

  • About
  • Our Team
  • Podcast
  • Editorial Guidelines
  • How We Make Money
  • Archives

Social

Copyright © 2023 · The College Investor · Privacy Policy ·Terms of Service · DO NOT Sell My Personal Information

wpDiscuz