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Eric C
Eric C asked in Education & ReferenceFinancial Aid · 6 years ago

How should I about paying for my college bill?

Ok, I'm turning to this for a quick answer. I plan to contact my school's financial aid office tomorrow but want to stop here for a few ideas.

My bill for college has been released and my financial aid does not cover the entire tuition. My aid was $7,456 for the upcoming semester but my charges are at $8,631 which leaves a balance of $775 needed to be paid. These totals are per semester so I am assuming I will also need another $775 for the second semester but as of now these are the charges on my account.

My question is how should I go about paying for these charges. My Financial Aid package has been received and I took all the money I could get for the year. My only other federal loan option is the Parent PLUS Loan. Thus would lead me to yet another option which would be the private loan. If I take out a private loan should I take out the amount due for just this semester? Would I be able to take out another loan once the second semester bill releases. My last resort is having to just pay it out in cash but my problem with that is that I still need to buy books and dorm accessories therefore I know that I would need to borrow some type of money to cover the rest of tuition.

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  • nancy
    Lv 7
    6 years ago

    I would recommend that your parent apply for the PLUS, even if he/she doesn't want it. If your parent is denied for this loan, then your unsubsidized loan can be increased by up to $4-5,000 (depending on your grade level), which would solve your problem. If approved, then your parent could take a loan for any amount up to your cost of attendance minus other financial aid. If your parent does not want the PLUS, then apply for a private loan. It would make sense to apply for enough to cover both semesters, both because it's easier to apply just once and to know that you're covered for the year, but also because most lenders require a minimum loan of $1000. You'd need to borrow at least that much, so you might as well borrow the few extra dollars you'd need for the second semester.

  • Danielle
    Lv 4
    6 years ago

    A private loan for that small of an amount? I can make that much in a month with a part time job.

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