Getting ready for college can be quite the process, and the costs can add up fast. At Elements, we’ve explored many ways students and parents can manage those expenses while building solid financial habits. Even after completing the FAFSA, receiving scholarships, and accepting federal student loans, some families are still left with a tuition bill. Our trusted experts are always here to support students toward their educational pursuits. If you’re a student or the parent of a student who has exhausted all other sources of financial aid, consider these tips for finding last-minute funding:

Cut Unnecessary Costs

Although expenses such as tuition are non-negotiable, other areas may be more flexible and provide opportunities to save some money. Here are a few areas where students might find some flexibility:

• Meal Plans: Do you need to purchase the full campus meal plan? How often will you be on campus to actively use the meal plan? Determine how many meals you truly need per week. You may find that it’s cheaper to purchase and prepare your own meals at times.
• Books and supplies: Before you purchase all your materials, consider looking at used items. Many websites and online marketplaces offer used textbooks and other supplies that can save you money. Take your time to browse and find what best fits your budget.
• Transportation: Are you living on campus or commuting? If you’re living on campus, you may not need a car, as most college campuses tend to be walkable. If you are commuting, figure out how long your drive is and plan your gas expenses within your budget. You might also look into insurance policies that offer student driver discounts, which can help you save more if you’re paying your own car expenses.
• Housing: Consider all your housing options. Sometimes, a single dorm room could be more expensive than sharing it with a roommate. The same principle could apply to off-campus housing, where you can split rent and utilities among multiple roommates.

Making a few small adjustments now can save students thousands of dollars each year! This extra cash can go toward any remaining college bills or be used to enjoy some well-deserved leisure activities.

Late Deadline Scholarships

The best thing about scholarships is that they don’t need to be repaid. Although most scholarships are awarded in the spring, there are still opportunities with later deadlines—you just need to do a little digging. Check with your school to see what late-deadline scholarships they offer. Websites like Big Future or Sallie Mae are also helpful resources for finding scholarship options.

Consider Private Student Loans

Private student loans like those offered by credit unions were developed for this exact situation. Once you’ve exhausted all other sources of financial aid, a private student loan can be a lifesaver. When you consider private loans, it’s important to look at interest rates, repayment terms, and fees to make sure you’re choosing the loan that’s best for you! Our Private Student Loan could be an option for students or parents looking for last-minute funds to help finalize their college checklist.

Whether you have questions about the private loan process or you’re a student seeking support in your endeavors, let Elements assist you! Schedule a free 1:1 session with our student loan experts to explore options and get help completing your loan application!