November 9, 2020
What do to do if your parents can’t afford college anymore? While most families offer to finance the tuition of their child, it is with the hope that their financial conditions will remain largely unchanged. Even with slight income reductions or temporary unemployment spells, a strong strategy would likely see the child through to college.
Sad to say, a global pandemic causing mayhem on the economy and employment market is what these preparations may not seem to prepare for.
Most parents of college-age kids now struggle to remain stable, much less pay college tuition. This puts their children in a difficult spot who were previously planning to graduate from college with little or no debt.
So if you’re unexpectedly a student struggling with your tuition payment and can’t afford college, what would you do? For some approaches to help you remain on track, read below.
Contacting the university and letting them know that your financial condition has changed is the first step. You will need to write something that describes how your parent’s income has been reduced.
Many students assume that the government state supplying students with assistance, but the schools themselves actually directly administer government grants. The only organization with the authority to offer extra support is the university. You’re out of luck if they decide not to extend any further loans or grants.
If there are any scholarships you can apply for, ask your counselor. If you’ve already chosen a major, make sure to inquire about both general university scholarships and department-specific scholarships. Ask them for advice about where to find more options for scholarships if you have a successful relationship with a professor.
Tuition and room and board costs, graduating early will save you thousands or even tens of thousands. Also, the earlier you graduate, the better you can start repaying your student loans and get a career.
If graduating early is realistic for you, ask your counselor. It can require that you take more classes per semester than you intended and be strategic about the courses for which you sign up.
If you don’t have a career already, it’s time to find one now if you can’t afford college. To see what resources are available around the university, look at online notice boards. Check places such as LinkedIn, Monster, or Indeed for job ads. Make sure you have a resume and cover letter that is well-made.
Start a freelance company if you’re a talented visual artist and look for customers on platforms like Upwork. Start tutoring other students if you’re a fluent Spanish speaker. Search for employment where when things are slow or that provide food while you work, you can study.
Ask everybody you meet, including former and current professors, older students, and advisors, for feedback. Ask your old boss if you’ve got a job back home. These days, since so many people work remotely, they might be able to recruit you even if you’re in another city.
Private student loans could be the next best choice if you do need more money after you have maxed out your federal student loans and applied for more scholarships.
Usually, private student loans have higher interest rates and fewer opportunities for repayment and redemption than federal loans. In 2020, the federal undergraduate student loan amount was 2.75 percent, while private student loan rates ranged from 3.53 percent to 14.50 percent.
Private loans have higher credit rates than the federal government and will typically pay less financial assistance for tuition expenses. For instance, if your tuition costs $35,000 a year and federal grants and scholarships cover $10,000 a year, you’ll be given $25,000 annually from a private lender.
Struggling with your tuition payment? We Can help!