With tuition rising faster than financial aid dollars, more students and families are finding that the financial aid award is not enough to cover the costs of attending college. Students and their families want to know how to pay the difference. Here are some suggestions that we provide to families who contact FAME for advice:

Reach out to the financial aid office. If the college’s financial aid offer of loans, grants, scholarships and work-study are not enough to cover the balance due to the college, discuss your situation with the financial aid office. They are a great source of information and assistance. To prepare for your discussion:

Review your Free Application for Federal Student Aid to make sure it is complete and accurate. Ask if there are any other financial aid applications that the college requires.

If your family’s financial circumstances have changed dramatically since you filed your FAFSA (i.e. death, unemployment, medical expenses), prepare documentation for the financial aid office to review.

Look for scholarships. Check with your local library, organizations in your community and your employer for additional scholarship opportunities. Talk to your high school guidance counselor about local scholarships for which you may be eligible to apply. Go online and use FREE scholarship search sites. Consider a part-time job. If work-study is not part of your financial aid award notification, ask the financial aid office if it is a possibility. Research the campus and surrounding community to find other viable employment options.

Reduce expenses. Explore ways to reduce the cost of attending school. Is the school in an area where you might be able to live at home or with relatives? Do you really need to have a car on campus? Can you use the college computer lab instead of buying your own? Can you meet the same academic goals at a lower cost institution? Have you considered accelerated programs where you might complete a degree in three years rather than four? Can you attend a community college for two years, and then transfer to a four-year college to complete your degree?

Consider tuition payment plans. Colleges offer monthly tuition payment options that are short-term (12 months or less) installment plans. By using a payment plan, you can split your tuition into equal monthly payments. Many plans are interest-free, but some have sign-up fees. Ask the college about its payment plan options.

Get the most from your loans. First, be sure you’re borrowing the maximum you can in federal student loans. For instance, Stafford loans allow dependent undergraduate students to borrow up to $5,500 their freshman year; $6,500 their sophomore year; and $7,500 for each remaining year.

Federal PLUS loans are also available to parents to help pay for the education expenses of the student enrolled at least half time. The financial aid office at the college will have more information on how to apply for this loan. If you still do not have enough money to cover costs, you can approach a private lender for a supplemental loan. Private education loans, sometimes called “Alternative Loans,” have different interest rates, terms, and conditions than Federal loans. Since Federal student loans are often a less expensive borrowing option than private loans, be sure to exhaust all grant, scholarship and Federal loan options before taking out a private loan. Also, be sure to research which private educational loan best meets your needs as a borrower.

Remember – you have options. Choose the options that are best suited for you and your family’s needs. Some students may choose to use the payment plan option to cover all tuition costs. Another family may decide that the parent will pay for half of the costs with a PLUS loan and the student will pay the other half by working a part-time job and borrowing an alternative loan. Utilizing a combination of financing options is sometimes to best way to cover the cost of tuition.

Work with the financial aid office to help identify these options if you need assistance.