Looking for last minute financial help.
As families across the country finalize their college enrollment, many are still trying to find last-minute financial assistance.
The free application for federal student aid debacle that kicked off the faculty admissions season delayed colleges in providing financial aid packages, meaning many families didn’t even know what they might pay for faculty until May or June.
In addition, the U.S. Department of Education reports that as of June 7, families had submitted 9.4% fewer FAFSA applications for the 2024-25 school yr than they did last yr. That means the delays could have a big impact and lead to fewer students receiving the support they should attend school.
If you’re still in search of short-term financial help, you’ll be able to search here.
Fill out the FAFSA form
Although the 2024-25 academic yr is nearly underway, it isn’t too late to fill out the FAFSA form for the college yr. In fact, the FAFSA deadline for the upcoming academic yr isn’t until June 30, 2025.
Of course, many states and colleges have their very own FAFSA and college application deadlines which might be well before that, but for some schools in your list or the college you’re attending, you could not be too late. The National Association for College Admission Counseling even has a continuous list from schools which have prolonged enrollment and financial aid priority deadlines this yr.
Regardless of what your college offers, completing the FAFSA form is the one strategy to qualify for Pell Grants and quite a few other scholarships and grants. The FAFSA form also allows students to borrow federal student loans for education, which are sometimes a very important a part of a family’s college financing plans.
Apply for last-minute scholarships
Kevin Ladd from Scholarships.com says some scholarships are still available with application deadlines this summer and funding might be claimed for the 2024-25 academic yr.
“Students can still create an account and run a free scholarship search to find and apply for scholarships that fit them,” he says, adding that you may easily seek for available scholarships up until the deadline. June, JulyAnd August,
Johnnie Johnson, vp of enrollment management at Washington College in Chestertown, Maryland, says many colleges and universities still have financial aid (including scholarships) available, but families and students must be proactive and ask institutions about scholarships through academic programs or other offerings.
Johnson also recommends using Fastweb.com to look for scholarships based on their identity, field of study and other aspects. He points out that students can fill out a profile of themselves on Fastweb and have the platform show them what sorts of scholarships may be available to them.
Other places where you will discover scholarships could also be much closer to where you reside.
“Families should also check with their local churches, parishes and mosques, as well as their parents’ human resources departments, to see if they are eligible for employee benefits,” Johnson says.
Negotiate your financial aid package
Dr. Shaan Patel from the test preparation company Preparation Expert also points out that the financial aid packages you receive from a college aren’t necessarily set in stone, nor are they all the time the ultimate offer. Students should fastidiously review the financial aid packages offered by each college and consider situations wherein they might have room to barter.
“If your family’s financial situation has changed since you submitted your FAFSA or CSS, such as job loss, medical expenses, or other significant changes, document those circumstances,” says Patel. From there, you’ll be able to write a proper appeal letter to the Financial Aid Office explaining your situation and why you wish additional help. You must also include any documentation that supports your case.
After you submit your appeal, Patel says it’s best to check with the Financial Aid Office to see in case your application has been received and inquire about the timeframe for a response.
“By being persistent, you demonstrate your commitment and your need,” he says.
Contact employers for help
Financial advisor and student grant expert Jack Wang from Innovative consulting group also recommends that you just inquire about employer financial assistance options. In fact, many large corporations support college funding through quite a few different programs, and a few even offer free higher education opportunities through certain online schools.
For example, Starbucks employees can earn a bachelor’s degree from Arizona State University online at no cost so long as they work enough hours to qualify. Other employers that help pay for or reimburse tuition include Amazon, Boeing, Disney and Home Depot, to call a number of.
If your employer doesn’t offer college assistance, the corporate could also be enticed to accomplish that when it’s made aware of the tax advantages. Thanks to the CARES Act, corporations will pay employees as much as $5,250 per yr to repay student loans or reimburse tuition on a tax-advantaged basis – through December 31, 2025. in accordance with the IRS.
Further considerations
Wang points out that completing the FAFSA application is critical on the subject of financing college, even if you happen to only must borrow money within the short term when you work out a long-term plan.
“One possible strategy is to borrow money to make up any shortfalls and buy time to get other aid or scholarships,” he says, adding that student loans can all the time be paid off early without penalty. In summary, student loans should buy enough time for other payment strategies to work.
If your loved ones lacks the financial means to pay for education, it could be helpful to take one other have a look at your college plans and see in the event that they make sense.
For example, Patel says that if resources are tight, it is usually preferable to attend a junior college or community college first after which transfer to a four-year school. Many community colleges have transfer agreements with four-year colleges and universities that be sure that credits earned on the community college transfer easily.
“By completing the first two years at a community college, students can save a lot of tuition and fees,” he says.
It may additionally make sense to easily attend a special college entirely—one which higher suits the family budget or allows for less money to be borrowed for college. Whatever is set, the time left to use for financial aid is quickly running out.
