"I couldn’t afford the colleges that accepted me."

College Money Matters Responds

First, give yourself credit for recognizing when a price is higher than what you and your family can afford. A good number of people in your situation have borrowed large amounts in loans and then ‘hoped for the best’ in terms of being able to pay it back. But as our country’s Student Loan Crisis has shown, that just isn’t a good strategy. 

Some last-minute options when you find your choices cost more than you can afford

You made the point that there isn’t time left to apply to other colleges, but you still may have some options. Here are some possibilities to consider, and none of them involve taking out a loan:

1. Ask about starting in the winter semester – You may be able to negotiate more financial aid this way.
2. Defer admission for a year and take a job – The money you earn could help pay for school.
3. Go to a community college and take credits that will transfer – But before you do, make sure the school you want to go to will accept enough of your credits.
4. Look into colleges that will accept late applications – Schools looking to reach certain enrollment goals may offer incentives to students. Visit this site to find out more about them.
5. Even if you paid a deposit, it may be smart to walk away if the school is too expensive – This is a hard choice, but it might save you more money in the long run to switch to a more affordable college.

For more details, visit this page.