University of Iowa Announces Spring 2024 Graduates

College can be a huge financial investment. For the 2023-24 academic year, the average cost of tuition and fees for a full-time student attending an in-state four-year public college is $11,260, according to the College Board. That doesn’t include books, supplies and living expenses.

Financial aid can be a huge resource, but you may still have a funding gap to fill. Experian has compiled six ways to help pay for college if financial aid isn’t enough.

1. Appeal your award letter

If your family’s financial situation has changed, writing an appeal letter could help you obtain more financial aid. After you complete the Free Application for Federal Student Aid (FAFSA), each institution to which you have been accepted must send you a letter explaining your aid package. Your Expected Family Contribution (EFC) determines your eligibility for certain types of federal aid. (Starting in the 2024-2025 academic year, it will be replaced by something called the Student Aid Index (SAI), which will serve the same function.)

Financial aid award letters typically include:

• Your estimated cost of participation
• Your EFC (or SAI from the 2024-25 academic year)
• Your financial need
• Scholarships and Grants
• Eligibility for work-study
• Federal Student Loans

You can also appeal your award letter if you made a mistake on your FAFSA or if you received a better offer from another school and want to see if the university will match it. Either way, it’s a matter of writing a personalized letter to the university that explains your situation. Providing documentation can strengthen your case.

2. Apply for scholarships

Unlike student loans, scholarships don’t have to be repaid. This type of free money can be very helpful when financial aid isn’t enough, and it seems like there’s enough money to go around. According to the National Scholarship Providers Association, about $100 million in scholarships go unclaimed each year.

Databases such as Scholarships.com and Fastweb can be a great place to start. You can also search for national and local organizations and groups that award scholarships based on specific criteria:

• Hobbies and interests
• Majors
• Ethnicity
• Extra-curricular activities
• Religion

Stay alert and continue to apply for scholarships throughout your college career, not just as a freshman.

3. Review grants

Like scholarships, grants are considered free and clear gifts. If you have financial need, you may be eligible for federal grants. The information on your FAFSA will determine your eligibility. This type of free money may also be available from states, private organizations, and colleges.

Start by filling out the CSS Profile, which is an online application that many colleges and scholarship providers use to award non-federal financial aid. It’s administered by the College Board, and fee waivers are available to eligible students. You can also check with your state to see if there are any grants up for grabs.

4. Consider part-time jobs

Finding a part-time job can be a great way to earn extra money if your financial aid isn’t enough. In 2022, about 42% of full-time college students were working, according to the U.S. Bureau of Labor Statistics. Here are some potentially paying jobs:

• Working on campus
• Exploring Off-Campus Jobs in Restaurants, Retail Stores, and Offices
• Tutoring
• Driving for rideshare apps
• Freelance work (e.g. writing, editing, graphic design, or social media management)
• Babysitting or pet sitting