Covering Your Remaining Costs

Build a Plan for What Financial Aid Doesn't Cover

After comparing your financial aid offers, you may find that scholarships and grants don't cover the full cost of attending your chosen school.

That difference is your remaining cost—and you need a plan for how you'll cover it.

A remaining cost doesn't automatically mean you need a student loan.

Before borrowing, look at all of the resources available to you and determine how they can work together.

Start With Your Remaining Cost

Cost of Attendance − Scholarships & Grants = Estimated Remaining Cost

Now ask: How will I cover that amount?

Start With the College Bill

Your estimated remaining cost includes both direct and indirect expenses, but not everything will be due to the college at the beginning of the semester.

Separate your expenses into:

What You'll Pay the College

These may include:

Tuition
Required fees
College-owned housing
Meal plan

Subtract scholarships and grants that will be applied to your account to estimate the amount you'll actually owe the school.

What You'll Pay Throughout the Year

You'll also need money for expenses such as:

Books and supplies
Transportation
Food not included in a meal plan
Personal expenses
Off-campus housing
Other education-related costs

Knowing when you'll need the money is just as important as knowing how much you'll need.

Look for Additional Scholarships & Grants

Your initial financial aid offer doesn't have to be the end of your scholarship search.

Continue looking for:

Local scholarships
Community foundation awards
Employer scholarships
Professional and industry scholarships
College departmental scholarships
Scholarships related to your major or career
State financial aid programs

Even smaller scholarships can help close the gap.

A few $500 or $1,000 awards can reduce the amount you need to earn, pay, or borrow.

Find Scholarships →

Ask the Financial Aid Office About Your Options

If you have a remaining balance, talk with the school's financial aid office.

Ask:

Are there additional scholarships or grants available?
Are there institutional funds I may qualify for?
Are there scholarships available through my academic department?
Is there additional financial aid I haven't accepted?
Are there other programs that could help with my costs?

Don't assume the financial aid offer you initially receive represents every possible option.

Has Your Financial Situation Changed?

Your financial aid eligibility is generally based on information provided through the FAFSA, but that information may not reflect what's happening in your family now.

You may have experienced circumstances such as:

Job loss
Reduced income
Divorce or separation
Death of a parent or spouse
Significant medical expenses
Other major financial changes

If your current financial circumstances are significantly different, contact the college's financial aid office.

Explain what's changed and ask whether the school can review your situation.

Don't change FAFSA information simply to reflect your current circumstances unless instructed to do so.

Determine What You and Your Family Can Contribute

Next, identify resources you may already have available.

These might include:

College savings accounts
Personal savings
Family savings
Current family income
Student income
Gifts or other financial support

Be realistic.

Don't commit every dollar your family has available to the first college bill. Consider the full academic year—and the years that follow.

Use Student Earnings Strategically

Working during college can help cover some education and living expenses.

You may have income from:

Federal Work-Study
An on-campus job
Off-campus employment
Summer employment
Internships or other paid experiences

Student earnings may be particularly useful for ongoing expenses such as:

Books
Food
Transportation
Personal expenses
Rent
Supplies

Remember that work-study isn't money automatically applied to your bill. You have to obtain a job and earn those funds through your wages.

Learn About Federal Work-Study →

Ask About a Payment Plan

You May Not Have to Pay the Entire Balance at Once

Many colleges offer tuition payment plans that allow families to divide a remaining balance into smaller payments over several months.

For example, instead of paying a $4,000 balance at the beginning of the semester, a payment plan might allow you to make a series of smaller payments.

Payment plans don't reduce the amount you owe, but they may make the expense easier to manage from current income.

Before enrolling, ask:

How many payments are required?
When are payments due?
Is there an enrollment fee?
Are there other fees?
Is automatic payment required?
What happens if a payment is late?

Contact the college's billing or student accounts office for details.

Look for Ways to Reduce Your Costs

Sometimes the best way to close a financial gap is to reduce the amount you need in the first place.

Review your budget and consider whether you can lower expenses related to:

Housing

Compare campus housing, off-campus housing, commuting, and available living arrangements.

Meal Plans and Food

Choose a meal plan that fits how you'll actually eat and use it.

Books and Supplies

Consider used books, rentals, digital materials, library resources, or other lower-cost options when appropriate.

Transportation

Think about commuting, parking, public transportation, trips home, and whether bringing a vehicle to campus is necessary.

Personal Expenses

Build a realistic spending plan and distinguish between needs and wants.

Small changes may not eliminate a large funding gap, but they can reduce the amount you need to cover throughout the year.

Revisit the College Choice If the Gap Is Too Large

Sometimes the remaining cost is a signal that you need to reconsider the overall plan.

Ask yourself:

Can I realistically cover this gap for one year?

Then ask the more important question:

Can I realistically cover a similar gap every year until I finish my program?

Consider whether another education option could help you reach the same career goal at a more manageable cost.

That might mean comparing:

Different colleges
Community college transfer pathways
Living at home
Different housing options
Programs with stronger scholarship opportunities
Other education or training pathways

Choosing a more affordable option isn't giving up on your goal.

It's finding a financially sustainable way to reach it.

Calculate What's Still Missing

After exploring your other resources, calculate what's left.

Example

Suppose you begin with an estimated remaining cost of:

$12,000

You plan to cover:

− $2,000 Additional scholarships
− $2,500 Savings and family contribution
− $2,000 Student earnings
− $1,500 Costs you can reduce

That leaves:

$4,000 Remaining Gap

Now you can make a borrowing decision based on the amount you actually need, rather than automatically accepting every loan offered.

Borrow Only What You Need

If a gap remains after you've explored your other options, student loans may be part of your plan.

Start by understanding the federal student loans available to you through your financial aid offer.

Before accepting a loan, know:

How much you're borrowing
Interest rate
Fees
Whether interest accumulates while you're in school
When repayment begins
Estimated monthly payment
How much you may borrow over your entire education

You aren't required to accept the full amount of student loans you're offered.

If you need $3,000, don't borrow $5,500 simply because $5,500 is available.

Learn About Student Loans →

Borrow Last

Think about covering your remaining costs in this order:

1. Scholarships & Grants
Money you generally don't have to repay.

2. Savings & Family Resources
Money you've already planned or have available for education.

3. Student Earnings
Money you can earn through work-study or other employment.

4. Payment Plans
A way to spread costs you can afford over time.

5. Reduce Expenses
Look for realistic ways to lower your education and living costs.

6. Student Loans
Borrow only what you still need after considering your other resources.

The goal isn't necessarily to avoid borrowing at all costs.

The goal is to borrow intentionally and keep your total education debt manageable.

Plan for the Entire Program

Don't solve this year's funding gap without considering what happens next year.

If you need to borrow $8,000 beyond your existing financial aid this year, consider what could happen if you face a similar gap for four years.