Financial aid isn't the only way to pay for college. If you've been denied financial aid, here are a few ways you can take to appeal the decision and find alternate funding streams.
- Double Check Your Forms
If you received a rejection after filling out the Free Application for Federal Student Aid (FAFSA) online, look again at your forms and make sure all your information was correct. A blank space might have confused the computers. Bad calculations might have made you appear richer than you are. If you accidentally added an extra zero on your Expected Family Contribution (EFC), that could put you in an entirely different income bracket.
- Look for Loans
There are a number of student loans out there that can help you pay for college no matter what the financial aid office says. Stafford loans are the most popular, but you can also look into Perkins loans and PLUS loans. PLUS loans are actually designed for the express purpose of covering academic expenses that other lenders don't, so they're a good way to "fill the gaps" in your educational funding.
- Talk to Your Bank
It’s an expensive option, but if you really need cash to start the semester on time then your bank may be able to give you a private student loan. Just beware that their interest rates are quite high compared to other lenders. You'll need a careful plan and steady income to keep yourself out of debt.
- Apply for Scholarships
There are thousands of scholarships available for college students. Need-based scholarships often offer the heftiest awards, but even if you don't have the GPA for a full ride to the Ivy League, you can still rack up smaller sholarships for things like gender, ethnicity, and intended major. There are even scholarships for certain extracurricular activities.
- Seek Third-Party Sponsorship
Starbucks offers tuition reimbursement for certain employees. AmeriCorps awards its members an "educational credit" after a year of service. You can also find substantial funding in the military if you're willing to be a reserve officer after graduation. Don't be afraid to look outside the classroom for financial help if other avenues aren't working out for you.
- Improve Your Circumstances
Think about ways you can change the reason for your denial. There's nothing you can do if you simply make too much money, but if the problem was, say, a low GPA that didn't meet federal standards of academic progress, that can be fixed. Pay for a few classes out of pocket, raise your test scores and then re-apply for financial aid.
These are just a few things to consider if you've been rejected from financial aid. You can still get to college. You’ll just have to take the long way around to receive the funding you need.
