Dear Liz: I’m a 19-year-old student who will be transferring to a four-year college from community college in the fall. My parents don’t really play a part in paying for college or determining where I go or where to apply; I do all that myself.
I’m seriously considering a university that costs about $46,000 a year and has offered me $39,200 in financial aid (the majority of which is grants, not loans).
However, I have no idea how I’ll be able to pay for the $6,800 gap. My parents don’t have much savings, and I’ve never asked them to pay for anything college-related.
I was planning to get a summer job, and I’m applying for scholarships, but what if that’s not enough?
Do you have any advice for me as to the best way of going about this?
Answer: You’re getting a substantial discount on an expensive education. You should investigate whether you can get a better deal at a public school, but the gap between the cost and the aid you’re being offered might wind up being about the same.
If that’s the case, talk to your parents about whether they can help. If they can’t, consider filling at least some of the gap with federal student loans. The loans in your aid package may be need-based, but you probably qualify for additional federal loan money that doesn’t require you to demonstrate need.
Those loans, plus your earnings, should allow you to pay for this education.
Winning scholarships may not get you much further ahead, since colleges typically compensate by reducing the grants you’re given.
You want to use federal student loans before you turn to the private student-loan market, since private loans are more expensive and less flexible.
Also, don’t borrow more for your education than you expect to make in your first year out of school.
If you follow those guidelines, you should be able to comfortably afford your payments once you’re out of school.
You can find out more about student loans and paying for college at FinAid.org.
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