filling the financial aid gap

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After calculating your financial need, financial aid administrators determine how much aid they are able to offer you. Sometimes your school of choice may offer an aid amount that is less than your financial need. This is called the financial aid gap (sometimes referred to as unmet need). You can help bridge that gap with:

Tuition plans and employment opportunities. Offered by most colleges and universities, tuition plans break up payments into monthly installments for a minimal participation fee. Students may also find jobs on campus through employment opportunities that are not related to Federal Work-Study. The financial aid office or career services office should be able to direct you to the appropriate employment office on your campus.

Private loan programs. Offered by banks, credit unions, and private non-profit lenders to provide additional funds to meet the cost of education once other sources of aid have been depleted or when the annual limits have been reached. The borrower may be the parents or the student; however, these credit-based loans may require a co-signer who is equally liable for the loan. State and non-profit lenders often offer private loans with interest rates lower than PLUS or Graduate PLUS loans, and with lower or no fees. If you are considering a private loan, ask your financial aid office for recommendations and choose a reputable lender that offers excellent customer service and default-prevention services.

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filling the financial aid gap