Getting acceptance letters from colleges can feel really good. But it can also feel like a lot of pressure. Especially if you’ve been accepted by a school you definitely want to go to, only to find that the cost of attending is more than you or your family can afford.
Your first instinct may be to take out a large loan to cover that cost, especially if the college is offering financial aid in the form of a loan. But that can result in years and years of debt and lots of money going to nothing but interest payments.
So what can you or your family do?
The fact is, you do have options, even at this late stage in the process. Here are some possibilities you may want to consider, none of which involve loans:
1. Ask about starting in the winter semester
Some colleges will reduce the price of admission if a you agree to start in the winter, rather than the fall. The reason: The school is aware that a certain percentage of the entering class will have dropped out after the first semester, and they may offer a discount to other students in order to fill those spots.
2. Defer admission for a year and take a job.
This won’t lower the admission price, but it will provide the opportunity to build up funds for college, which in turn can reduce the amount you may need in loans. The added time also enables you to get a jump on looking for scholarships for the coming year, which usually have their application deadlines in December and March. Plus, if you're able to get a job related to your major, you may be able to get a sense of what it's like to work in that field.
3. Go to a community college and take credits that will transfer.
Community colleges have late application deadlines, and going to one for a year or two is a good way to save on both tuition and the costs of living away at school. However, there is something you want to be sure of if you choose this option: Make sure that the classes from the community college will be counted for credit by the school where you plan to get your undergraduate degree. For example, many state colleges will accept local community college credits. But it’s essential that you check first. Interesting fact: the percentage of students transferring from community colleges to regular colleges has been increasing. This article shows the data.
4. Look into colleges that will accept late applications.
When all of the schools where you’ve been accepted cost more than your family budget allows, there may be less expensive schools that will accept late applications. Here’s a list to check out. With this option, you may be able to take a year or two at the less expensive school, and then be able to afford transferring to the school you really wanted to go to that accepted you. Much like the community college option, be sure to check with the desired school to be sure they’ll accept credits.
5. Even if you paid a deposit, it may be smart to walk away.
This can be a difficult decision. However, if it turns out that the total cost of a bachelor’s degree at a given school is beyond yours or your family’s budget, it could make financial sense to let the non-refundable deposit go and switch to a college with a more reasonable cost of attending.
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