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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Even after putting your best foot forward and , your financial aid package may come up short. Some grants and scholarships are first come, first served, while others are limited to students who have exceptional financial need. Whatever the case may be, if you don’t receive enough grants and scholarships from your school to cover the cost of attendance, don’t fret; you still have options to make your education more affordable. How to get more financial aid money
When you receive your from your school, you’ll see which major grants or scholarships you’re eligible for. If those aren’t enough to cover your expenses, there are ways to get more financial aid. Get a part-time job
Many students choose to pursue a part-time job in school to help offset costs. In many college towns, students may find night and weekend employment at restaurants, bookstores, libraries and other companies that understand the unique scheduling needs of a full-time student. If you demonstrate , you may also qualify for , which is a type of federal aid that pairs students with part-time job opportunities affiliated with the college. You’ll need to indicate that you’re interested in work-study when you fill out the FAFSA, and you’ll see whether you’re eligible when you receive your financial aid award letter. If you’d like to accept a work-study award, it’s best to do so early, as opportunities are limited. Ask about payment plans
In some cases, your financial aid office may be willing to negotiate a payment plan with you if you can’t afford to pay your tuition upfront. This could be a particularly good option paired with a part-time job — that way, you’ll be able to earn money as you go and put it toward tuition payments every month. Apply for private scholarships
Private scholarships are a key way to supplement aid you receive from your school. Use a to find scholarships geared toward your particular interests, hobbies or future career, and apply for as many as you can. You can also call your school’s financial aid office to see if there are department-specific awards that have been left out of your financial aid award letter. The sooner you ask and apply, the better. Accept federal student loans
Your financial aid letter will outline which federal student loans you qualify for and how much you’re able to take out for that academic year. While not ideal, taking out can significantly decrease your out-of-pocket costs. If you’d like to go this route, you can speak with your financial aid office to ensure that you’ve elected to borrow the maximum amount that you’re offered, which will vary based on your year in school, your school’s total cost of attendance and your financial need. You should never borrow more than you actually need, since you’ll have to pay back everything with interest. If possible, wait to take out loans until you’ve exhausted other possibilities for aid. Apply for private student loans
After maximizing federal, state and institutional aid, can help cover the remainder of your college education. Private student loans don’t come with the benefits of federal loans, like income-based repayment plans and no credit checks, but they’re useful for filling in small gaps. If you’re an undergraduate student, you’ll likely need to apply with a co-signer. How to ask for more financial aid
If your financial situation has changed since filling out the FAFSA, you can send an at your school asking for more aid. Things like layoffs, a death in the family or a medical emergency are all grounds for an appeal letter. All colleges have a different appeal process, but be prepared to provide documentation and references from people who can verify the situation. Your letter should clearly describe details about the extenuating circumstances, including dates when you were affected how the situation affects your family’s finances. The more specific you are, the more likely you are to have a successful appeal. SHARE: Hanneh Bareham specializes in everything related to student loans and helping you finance your next educational endeavor. She aims to help others reach their collegiate and financial goals through making student loans easier to understand. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Related Articles