What Should You Do if Student Loans Won’t Cover Tuition?

I guess this can and has happened to students. Sometimes student loans don’t cover tuition and or/textbooks, and you need to find a way to come up with the money so you can continue going to school without getting kicked out because you have a late payment.

bills and mail

I have some search engine traffic from students asking “what do I do if student loans don’t pay for tuition”. It’s a scary thought if your student loans fall short on tuition payments, but there are things you can do so you can still pay tuition.

Drop Some Courses

While it’s best to get in and get out and graduate as fast as possible it’s not always realistic, especially if your student loans won’t cover the cost of tuition. So try to drop some courses so that your student loans will cover the costs, and pick them up later.

Bonus of dropping some courses is that it gives you more time to work, or more time to get better grades and then you can apply for scholarships.

Work

You can usually get financial aid to cover the other part of your tuition and then you need to pick up a part time job so that you can pay off the financial aid. You want to graduate with the least student loans possible so that you aren’t drowning in debt when you finally walk across the stage and start your career.

Save

Skip the pizza out with your buddies on Friday night and save that $10, and the $5 you spend on coffee, and the $200 you spent decorating your dorm, and pay for the rest of your tuition (the portion that student loans don’t cover) out of pocket.

You should be saving anyway, since you’re a poor student and all.

Skip a Semester

Again, it’s good to graduate as soon as possible as a student because then you can get into your career and start making the real money, but if you can’t cover tuition, then skip a semester, work full time, and then maybe you won’t even have to rely on student loans to get you through school.

Think of It As a Good Thing

If your student loans won’t cover the cost of tuition and you have to end up paying some money out of pocket to pay for your school, that is less student loans that you will have to pay back when you graduate and less debt that you will be drowning in.

 

Have you ever had this situation?

 

A Christmas Giveaway (Win One of 5 Prizes)

It’s Christmas almost and especially if you are a student you know how tight times can be in the holidays. So many students want to be able to get their family and friends nice gifts like they receive every year but sometimes it’s just not possible with tuition payment coming up (January semester) and other expenses like textbooks. 

Luckily there is a collective of bloggers giving away some gift cards, which you can use for gifts if you want, and if you want to keep them for yourself, no judging.

Enter below and see the rules below.

Prizes

You have 5 Chances to Win!

  1. First Prize Two $50.00 Visa Gift Cards 
  2. Second Prize One $50.00 Home Depot Gift Card and One $25.00 Home Depot Gift Card
  3. Third Prize One $50.00 Target Gift Card and one $25.00 Target Gift Card
  4. Fourth Prize One $50.00 Walmart Gift Card and one $25.00 Target Gift Card
  5.  Fifth Prize One $50.00 Starbucks Gift Card and one $25.00 Starbucks Gift Card 

Terms

November 29th to December 13th is the length of time it runs. This is a blogger sponsored giveaway. Winners will be notified by email, therefore a valid email is required. All entries in the RaffleCopter are optional. Terms and conditions are in the RaffleCopter widget. Open to North America Only (Gift cards cannot be shipped to PO Boxes). All entries will be verified.

Enter Here

a Rafflecopter giveaway

Summer Jobs for Students: Why Students Should Get a Summer Job

If you’re a poor student and don’t already have a job, you should be looking for summer jobs pretty quickly, especially in the spring when everyone is hiring for the summer.

Students typically see summer as a great opportunity to slack off, hang out at the beach, and play beer pong. Don’t get me wrong, that’s all fun, but if you don’t work during the summer, you could end up having to take out student loans to pay for your next semester.

Of course you don’t want to graduate in debt, because who wants to start out their lives in tens of thousands of dollars worth of debt and having to move back in with mommy?

Here’s why you should get a job during the summer:

Build Up Experience

When you graduate, you are graduating with a whole bunch of people who are entering the workforce (or trying to) with you, so you want to make sure that you have a leg up on them.

You won’t be able to have a leg up on these people if you don’t have any work experience whatsoever.

The students who were working during the summer will have a leg up on you, if you didn’t have a summer job, because they will at least be acclimatized to the working environment.

Become Less of a Poor Student

So we’re poor students, and working for a few months isn’t going to make us rich, but it will offset the cost at least a little, especially if you don’t piss away the money on .. well, beer pong.

Make as much money as you possibly can so you won’t be eating ramen as much during the semester.

A Summer Job May Help You In Your Courses

Depending on what type of summer job you are able to land, a summer job might help you in your courses.

Learning is easier when you are doing it in more than one way – ie supplementing book learning with hands-on practical experience.

I worked regularly throughout my last couple of years in school and it did teach me a thing or two and that was helpful when it came exam time.

I would just have to remember back to what we actually did in the workplace when I was stuck.

You definitely need to work in the summer if you don’t work year round as a student. There are so many benefits to it, as I’ve clearly laid out here. You won’t regret working, but you will regret not working and pissing your life away.

-Stu

Why You Should Graduate ASAP

There are a lot of students that really drag out their graduation, for many reasons. For instance, they may want to take it slow and enjoy the student life style, living it up and playing beer pong and they don’t want to take so many classes that they have to take things more seriously.

Some people also don’t graduate very quickly because they are working toward education that is much lengthier and there are a lot of factors that their graduation date hinges on, like the couple at Evolving Personal Finance, who are doing really well as students so they don’t have to worry as much.

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Source

As fun as the student lifestyle is (which by the way isn’t very fun because who likes to live like a pauper on a student budget?), you should try to graduate as soon as possible for various reasons. Here’s why:

Start Making Money

You should graduate ASAP because you need to start making money early in life. The less time you have to live on campus, the better, because you save money on student housing by not living on campus which is a bonus.

Plus, if you do rely on student loans to get you through college, you want to start paying them back as early as possible in life so that you aren’t in debt when you reach your thirties or forties (provided that you don’t go and do something stupid like take out more debt).

Get Ahead of Your Peers

There are going to be a ton of graduates in every class looking for jobs just like you, but if you graduate early you can get ahead of your peers and that’s one set of people you don’t have to compete with for jobs. Graduating as soon as possible is important so you can get the cream of the crop when it comes to jobs. 

Start Investing

If you graduate as soon as possible, you can generally start investing earlier,  because you’ll be able to make money earlier than your peers.

The more time you have to invest, the more money you can make in your investing accounts in interest and dividends. Students can invest too, I do it, but it’s easier to invest when you make more money and I don’t have student loans so I’m able to invest more comfortably.

Starting your real life will be able to happen as soon as you graduate, so try to graduate as soon as possible. That way you can start your career and start accumulating real wealth instead of pennies.