What to Do When You Can't Afford College Second Semester
How in the world are you going to pay for college second semester? Your checking account has less than $15 in it. You don’t want to borrow money if you don’t have to, but your parents cannot afford to help you financially either.
I’ve been here. I remember one semester in particular being so broke that I couldn’t even imagine how I could go back to college. My words were barely understandable as I sobbed to my dad explaining my situation. I was terrified and had absolutely no idea how I could make the first payment of second semester. What could I do?
When you’re in this situation, instead of panicking (like I did) sit down and think through these 3 options: working, applying to scholarships and grants, and getting student loans.
3 Options to Consider When You Can’t Afford College
1. Consider your work options.
Many freshmen do not work during their first year of college. With all of the adjustments they are experiencing, not working is understandable. However, after adjusting to college, working may be necessary if you want to continue your college education.
Working during the school semester can be challenging, because you’re already so busy. How can you possibly add another thing to your busy schedule? You can successfully balance your work and school life, and you may have to if you want to continue with your college degree.
So, what are your work options? Your answer depends much on the transportation available to you. If you don’t have a car or can’t afford a car, you need to think about transportation before looking for work. You basically have 3 options: walking, carpooling or taking public transportation. If you are unwilling to use any of these 3 options, try to find work on your campus.
Working off-campus usually pays more than working on-campus, but you may have a difficult time finding work off-campus that isn’t retail or food service. Before settling on working at Starbucks or Chick-Fil-A, look for internships at local companies. Having a contact person can be incredibly helpful, so consider connecting with local companies or professionals in the area.
Your professors may be of great help here. If you have built a good reputation with them, getting a recommendation will be no problem. But if you’ve slacked off and barely attended lectures, your recommendation request may be be ignored. Your lack of effort last semester probably came across as laziness, and why would a professor want to help a seemingly lazy student?
Working at your college is another option. Although student income is usually minimum wage or less, it can be a good alternative for the college freshman without access to transportation. Most colleges include on-campus job opportunities for students on their website.
For example, UNC posts positions for students online. It includes both on-campus and off-campus opportunities. Most of these positions can be applied for online, but some may require an application to be submitted in person.
Use your connections to get the best position possible. For example, your roommate may be friends with a student manager at your college’s library. Use this to your advantage! Connect with that student manager to see if he can put in a good word for you.
Consider what privileges your job provides as well. Some on-campus jobs allow you to do homework while at work. For example, college computer labs often allow you to get homework done when students do not need your help. These positions are usually more competitive but completely worth fighting for in the long run.
Wherever you work, try to work in a position that will further your studies and/or career. This is not always possible, but getting a job related to your major will give you an advantage and look great on your resume. So, if you’re a computer science major, see if your college has any job openings available in the IT department. If you’re an English major, see if your college has any tutoring positions open.
2. Consider your scholarship and grant options.
College scholarships and grants can be confusing. They also require some upfront work, so if you’re not willing to put in the work don’t even start.
In addition to time, you will probably need a parent’s help as well, so be considerate of his or her time. Bringing this up at the very end of winter break is a recipe for disaster, so get started on this sooner rather than later.
Finances can be a touchy topic, especially to your financially strapped parent(s). When approaching this topic, I would suggest mentioning it a few different times: early on in your winter break, a week later, and then again a few days later. Set up an actual time to sit down and talk. Outline a few specific points, and be willing to put in the work to help out as much as possible.
Even though people use “scholarship” and “grant” interchangeably, they are slightly different things. So, before discussing scholarships and grants, make sure you know the difference between them.
While they both generally come from the same sources (the government, colleges or private organizations), most scholarships are based upon merit. Being earned only by students with certain qualifications, they also usually require recipients to maintain their GPA at a certain level. They will require completion of the FAFSA and may also require other financial aid forms to be completed.
Grants, however, are different. Most grants are based on student needs. Typically these needs are financial, so they will require that you complete the FAFSA. Much of your eligibility for grants depends on your parents’ incomes.
If you are looking at scholarships, be sure you read the guidelines and stipulations. Because certain scholarships may not be applicable to you, you don’t want to waste valuable time applying to these. Instead focus on scholarships for which you are an eligible candidate.
Begin by looking on your college’s website. It will often list scholarships directly related with the school. Then check if your employer or your parents’ employers provide college scholarships. Follow the links below for more helpful information about college scholarships:
If you are looking at grants, also read the fine print to see if you are eligible. Grants are often connected with your major or location. So, if you are a nursing student, consider looking at hospitals and health foundations for grants. If you are a fine arts student, search art and music foundations’ websites for grants.
Depending on where you live, your state may have many grants available to you. Certain states provide more grants than others, but you can find grants based on your state by following the links below:
3. Consider your loan options.
Student loans are a topic of great debate. Some people believe that you should never go into debt to get a degree, while others believe that student loans are a necessary evil. Whatever you decide, know the possible repercussions of your choice.
Student loans can come with high interest rates that continue until they are completely paid off, which often takes years. But, staying out of school to earn money for college can delay your earning a degree. Many people who plan to stay out of college only one semester end up failing to return at all. Take into account the current and future results of getting or not getting loans.
If you do decide to take out student loans, what are your options? Student loans are usually private or federal. So, what’s the difference? Federal loans, according to Federal Student Aid, come from the government with terms and conditions set by law, whereas private loans come from private organizations (usually banks) with terms and conditions set by that organization.
Federal loans can be confusing and complicated. While they may sound scary (and can be scary), understanding how they work may help you in this process. This post only explains the basic parts of federal loans: their types, advantages, and disadvantages.
First, what are the different types of federal student loans? Within the category of federal student loans there are two types: subsidized and unsubsidized. Subsidized loans do not accumulate interest while you are in college. (Technically they do, but the government pays the interest for you.) In other words, you just have to pay the amount of money you borrowed and nothing more until after graduation. Unsubsidized loans do accumulate interest while you are in college. So, while in college your repayment amount gradually increases based on the interest rate.
Second, what are the advantages of federal student loans? These kinds of loans often use fixed-interest rates. Fixed-interest rates describe interest rates that do not change. Federal loans also include income-driven repayment plans. Income-driven repayment plans base your repayment amount on income and family size. In addition, these types of loans do not require payment until after you complete college, although you can pay them off before graduation.
Third, federal loans come with some disadvantages. One of the biggest is that your loan amount differs based on what criteria you meet. In addition if either of your parents claim you as a dependent on tax forms, you cannot borrow as much money. So, you may have to supplement your federal loans with private loans. Another big disadvantage is that you cannot get out of paying for these loans by declaring bankruptcy. If you fail to make loan payments, severe consequences may follow.
Private loans can be even more confusing and complicated than federal loans. This article again only provides a brief overview of private loans: their types, interest rates, advantages, and disadvantages.
First, private loans are sometimes subsidized but are more often unsubsidized. The reason for this probably has to do with the source of most loans. Most private loans are from banks and, therefore, require some payment before your graduation.
Second, how do interest rates work with loans? Private student loans either have a fixed-interest rate or a variable-interest rate. A fixed-interest rate remains the same regardless of the market, whereas a variable-interest rate changes with the market. In general, most private student loans use a variable-interest rate.
Third, what are the advantages of a private loan? Private loans have less limit in size and may cover your Cost of Attendance. Some private loan lenders are more willing to work with you when an unexpected financial situation occurs. Under the right circumstances, some private loans can even be forgiven. College students may also receive discounts on private loans for earning good grades or using automatic payments.
Third, what are the disadvantages? Private loans typically increase as time goes on due to interest, like unsubsidized federal loans. Some lenders include hefty fees in addition to the loan and its interest. Getting a private loan usually requires a good to excellent credit score. Because most high school students don’t have a credit history, these loans usually require a cosigner (a person who agrees to pay the debt if you cannot).
In my personal opinion, getting a loan should never be your first choice. If you do go through college without any loans, firstly congratulations and secondly please get a credit card. If you have no credit history, buying anything of a larger size after college will be difficult. You don’t have to spend wild amounts of money, but do consider using a credit card to buy what you would normally purchase with your debit card. Be sure to regularly pay it off, making each payment on time.
If you can, try your best to pay student loans off quickly after graduating. This may mean living tightly for a while, but getting out from under these loans sooner rather than later is best. Also, know that subsidized loans usually provide a 6-month grace period after graduation. In this time period, your loans will not accrue interest. Paying off as much as you can in this grace period is not required but a very wise decision.
College is incredibly expensive, so if you find yourself struggling to pay the registration fee for second semester you’re not alone. Many students barely scrape by from one payment to the next. Know what options are available to you. Talk to your parents. Then, choose the best option for you.
