Many students are reconsidering their higher education plans as a result of COVID-19's terrible economic impact. According to a recent survey, four-year universities may see enrollment losses as a result of the coronavirus pandemic, as 13 percent of college students consider dropping out.
While safety is a key concern, college costs also have an impact on admissions and student enrolment. One of the most significant concerns with financial aid is the information you must give on the Free Application for Federal Student Aid (FAFSA) (FAFSA). The FAFSA uses financial information from two years ago to calculate your financial aid package – the 2020-2021 FAFSA requires applicants to provide information from their 2018 tax returns — which is often out of current for borrowers, especially in light of the coronavirus outbreak.
Here are seven methods to receive the money you need for school if you are suffering to pay for college due to the COVID-19 pandemic.
1. Appeal Your Financial Aid Decision
If your financial status has changed significantly since last year, you might be eligible for greater federal aid this year.
If you or your parents lost their jobs, experienced big medical bills, lost a parent, or had another event that significantly affected your household income, you can file a financial assistance appeal to obtain greater support.
Many students may be able to appeal their financial aid awards because of the coronavirus outbreak, which resulted in millions of people losing their employment.
Inquire about the appeals process through your school's financial assistance office. The procedure varies by school; some enable you to send a letter explaining your condition, while others need you to fill out specific documents.
When appealing a financial aid decision, you should do so as quickly as possible to increase your chances of receiving more funding. Additional grants and awards may be available at schools, but they are frequently granted on a first-come, first-served basis.
2. Apply for Federal COVID-19 Emergency Grants
The federal government granted financing to universities and colleges under the Coronavirus Aid, Support, and Economic Security Act, popularly known as the CARES Act, to provide emergency relief to students afflicted by the pandemic.
If you qualify for a grant, you can use the funds to cover necessities like food, housing, course materials, healthcare, and child care. The money do not have to be repaid because they are a grant – a type of gift aid.
Directly applying for a grant from the US Department of Education is not possible. Instead, inquire about available grants and federal financial help at your school's financial aid office. Because each school sets its own eligibility requirements and award levels, a financial aid specialist can explain how to apply and how much you might be eligible for.
3. Work Remotely
Working and earning money while in school can help you pay for your education while also gaining useful experience and expanding your professional network. While work-study, retail, and food-service positions on campus may be curtailed as a result of the epidemic, you can still earn money from home. For instance, here are some alternative ways you might earn money off-campus to assist pay for college tuition:
- Deliveries of groceries
- Transcription via the internet
- Tutoring over the internet
- Sitting for pets
- Management of social media
- Work as a virtual assistant
- Customer service via the internet
You may choose your own schedule and work when it's convenient for you with these types of jobs. Using your wages to cover a portion of your education costs can help you avoid needing financial aid or incurring student loan debt.
4. Ask for Emergency Assistance
Some colleges have their own emergency aid programmes for students who are struggling financially.
The University of Central Florida, for example, enabled students to postpone tuition and housing payments until later in the semester. In addition, the public university established a Short Term Advance programme, in which students could get up to $600 in financial aid to purchase textbooks and materials.
If you can't afford your accommodation, textbooks, or other expenses, go to the financial aid office or the office of residence life before returning to school; you could be eligible for assistance.
5. Search for Scholarship Opportunities
You can apply for scholarships while still in school, and you can even apply for scholarships and get financial help in the middle of the semester. If you need financial assistance for your education, look for options on sites like Listscholarship.com, FastWeb or Scholarships.com. You can build a profile on these sites and get linked to potential scholarships. You can apply for many rewards because they have millions of scholarships in their database.
6. Contact NonProfit Organizations
Some groups have set up emergency relief funds in response to the epidemic to assist people who have been financially harmed by COVID-19, including initiatives aimed primarily at college students.
Funds have been established by organisations such as United Way to assist college students with accommodation, food, school expenses, and even computers for distance learning.
7. Consider Private Student Loans
Private student loans can be a beneficial option for student loan borrowers to finance the balance of their education if they've exhausted all grant and scholarship alternatives and are ineligible for additional federal student loans.
You can borrow up to 100% of the total cost of attendance from a lender using private student loans, giving you the funds you need to pay for tuition and room and board.
Private student loan interest rates are now quite low, making borrowing money more reasonable. You can also pick a repayment plan and loan length that fits your needs and budget.
You can get a rate quote in as little as two minutes with Earnest, and verifying your rate has no impact on your credit score.
Paying for College
The COVID-19 pandemic has had a considerable impact on high school and present college students, as their families may have suffered significant financial losses as a result of the outbreak. If your financial situation has deteriorated as a result of the coronavirus, there are programmes available to assist you. If you're thinking of taking a gap year, deferring enrollment, or dropping out of school due to financial constraints, go to your financial aid office right away. There may be options available to help you stay in school and complete your degree.
