Even with financial aid and scholarships, your college bill may seem higher than you think you can afford. So, what can you do? The good news is that your family has more options than ever
before.
Do you and your family have a plan to pay for your "family share of costs," the bottom line on the college bill? Many financing options exist, so you'll want to consider each one carefully:
* Payment plans: Most colleges provide a variety of ways to spread out payments, such as monthly payment plans:
* Loans: Parents can borrow up to the cost of education, minus financial aid, with a federal PLUS Loan. Students also have the option of taking out federal unsubsidized Stafford Loans and private loans.
* Savings withdrawals: Now is the time to withdraw funds from personal savings and college savings plans such as 529 plans.
* Financial aid appeals: If your family has recently been affected economically, consider asking the financial aid office to reevaluate your aid package.
You're not required to borrow the full amount of loan aid shown in your offer letter. If you can reduce your expenses or increase your funds, you may be able to borrow less. Using money from savings, working more hours, or winning scholarships are all ways to keep your student-loan debt to a minimum.