Ways to acquire extra money for college
Many families are unprepared for the often high cost of attending college. According to a recent College Ave survey conducted by Barnes & Noble College Insights, only 44% of families felt ready to pay for their child’s first tuition bill. However, the summer still leaves time for soon-to-be college students to make additional money for school-year expenses. Here are seven tips on ways to find last-minute money to pay for college, including applying for late-deadline scholarships and finding a summer job.
Fill out the FAFSA
For students heading to college in the fall, it’s not too late to fill out the Free Application for Federal Student Aid, or FAFSA, experts say. The federal due date is June 30 of the following academic year a student plans to enroll — 18 months after the form’s typical Oct. 1 open date. States and institutions have their own deadlines, which are often earlier for priority consideration. “We are still encouraging (completing the FAFSA) at this point,” says Heather Yoke, director of financial aid and scholarships at Fairmont State University in West Virginia. “They can still receive all of that federal financial aid that they may have qualified for if they had done it earlier, so definitely still want students to fill those out.” Some funding may be limited, however.
Apply to late-deadline scholarships
When summer rolls around, there’s a misconception that scholarship deadlines have already passed, says Angela Colatriano, chief marketing officer at College Ave, a financial services company. While some have passed, there are still funding options available, so she advises students to “never stop looking.” Students can start their scholarship search at the local level, such as through small businesses, community organizations, clubs or an employer of a parent or guardian. When looking for outside scholarships, it’s important to be “cautious with the websites that you are accessing, particularly if you are giving out information,” Colatriano says. “Do your homework to make sure that you are dealing with a reputable source before you put your information in.”
Find a summer job
Forty-six percent of families reported that their child will have a job in college to help cover the cost of college, per the College Ave survey. Students can start saving early for college expenses, however, by working part-time or full-time over the summer. Some fast-food restaurants and other companies even offer tuition assistance to eligible employees, which requires students to continue working during the school year. Part-time employees at McDonald’s, for instance, can earn $2,500 to help pay off tuition and course fees not covered by scholarships or grants.
Create a side hustle
Those wanting flexible work options to fit in with their schedule — and not formal summer employment — may want to consider on-demand jobs, such as dog walking, ride sharing or food delivery, Colatriano says. Other options could include selling unused clothes or homemade crafts, babysitting, freelancing or blogging, or creating content for social media platforms. It’s important for students to “think creatively, figure out what their constraints are in terms of schedule or what their goals are in terms of the amount of money they are trying to earn and to save,” Colatriano adds.
Plan out a budget
Before heading off to college, students should work on putting together a budget to account for any additional costs, like membership fees for any clubs or organizations, or dining out at off-campus restaurants. “Budgeting is a difficult thing to do,” Yoke says. “But it is very important, especially in situations where a student is not working during the academic year.” She recommends students track their expenses, such as through an Excel spreadsheet, to know how much money is coming in versus going out. Many stores and companies also offer student discounts to save on subscriptions, clothes and other items.
Set aside money for a rainy day fund
To prepare for any unplanned expenses in college, such as medical or dental bills, car repairs, or unexpected travel costs, students should have an emergency or rainy day fund, experts say. “Set aside a small portion of your paycheck so that when those surprises happen — and they will — it just makes it that much easier and less stressful to be able to manage them,” Colatriano says. Students can talk with their parents, or college-going siblings or friends to decide on the appropriate amount of money to save.
Appeal your financial aid award package
Colleges and universities send out financial aid award packages based on information students and their families disclose in the FAFSA. These letters inform students about what aid they are eligible to receive. However, if a student’s financial circumstances have since changed — due to job loss or a death in the family, for instance — an appeal can be filed through a school’s financial aid office. “We can review that information and potentially make changes to their financial aid offered that way,” Yoke says.
Learn more about paying for college.
Visit the U.S. News Paying for College center for more tips and advice to help make college affordable. Follow U.S. News on Facebook and X/Twitter to keep up with the latest information on scholarships, grants, student loans and more.
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7 Ways to Raise Last-Minute Money for College originally appeared on usnews.com
