How to Get Help Paying for College When You Don’t Have Any Money

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If you have an empty bank account and a desire to attend college, you’re not alone. You’re actually in the majority.

In fact, more than 60 percent of current undergraduates’ families failed to make a financial plan for college, according to Sallie Mae*†.

But there are other ways to pay for college.

6 ways to pay for college when your bank account is empty

Only 11 percent of college students reported that they weren’t responsible for any of their college costs, according to an ABODO survey.

If you’re among the 89 percent who must figure out how to pay for school with no money in your bank account, check out these six options.

1. Identify schools that are tuition-free or close to it

When you build your college list, prioritize affordability. You can use the College Board to search for schools by the percentage of financial aid you’d like to receive. You can also check out the Department of Education’s (DOE) College Scorecard to compare schools by average annual cost.

If you’re hoping to learn how to attend college for free, check in with the financial aid office of your top choices. Some prestigious schools offer a free education.

If you’re unable to find a four-year school that’s a fit economically and academically, you might consider delaying your decision by two years. Enrolling at a community college would give you more time to identify the right school. You’ll also save money along the way.

The average public two-year college costs $3,570 in tuition and fees, according to the College Board. A four-year university would set you back an average of $9,970. And the price would increase if you opt for an out-of-state or private school.

2. Apply for federal and state grants

To truly compare your cost of attendance at different schools, you’ll have to wait and see the award packages they offer you.

It’s possible to have most or even all of your cost of attendance covered by need-based aid. For that to happen, your Free Application for Federal Student Aid (FAFSA) would have to spit out an especially low Expected Family Contribution (EFC).

To fill out the FAFSA, you’ll supply your family’s latest tax return and other financial information. The lower your resulting EFC, the more likely you could receive a Pell Grant or Supplemental Educational Opportunity Grant from the federal government. Your school might also be a source of need-based financial aid.

Don’t forget to search for need-based grants in your state. Contact the education agency listed on the DOE’s handy map.

3. Seek out merit-based scholarships

There are cases where you might rely more heavily on merit-based gift aid. You could be a dependent student with a high EFC, for example, but have parents who are unwilling or unable to help you pay for college.

No matter your situation, apply for both grants and scholarships to help you pay for college. Unlike loans, they don’t need to be repaid.

Scholarships can be found at your prospective schools, via online search tools, and from local and national organizations. There are many ways you could differentiate yourself from other scholarship applicants. You might highlight community service efforts or academic accomplishments.

4. Ask for some extra help

If you win a no-strings-attached scholarship for college, you can stow it away in your growing savings account. The same could be said for any money offered by family and friends.

Of all the ways to pay for college, you might consider this one to be the hardest. But shed your pride because it doesn’t hurt to ask for some help.

You can strengthen your pitch to potential donors by describing the work you’ve put in to apply for grants and scholarships. Explain that you’re still coming up short and are trying to avoid student loans.

A relative — or a relative stranger — could be convinced to help you fill in the gaps. You might try starting a crowdfunding campaign.

You could also return to your top schools’ financial aid offices and explain your situation. Try to negotiate your award packages. You never know what might come of your efforts. If an office representative can’t set you up with a work-study program, for example, they still might help you find a job on campus.

5. Trim your academic expenses

You might be motivated to fundraise to cover the cost of your prospective schools’ tuition. But your other college expenses could be more expensive.

In fact, students attending in-state, four-year public schools spent an average of $25,290 during the 2017-2018 school year. Just 39 percent of that cost of attendance — or $9,970 — went toward tuition, according to the College Board.

how to pay for school with no money

Image credit: College Board

So if you’re still scrounging, brainstorm ways to be thrifty and consider these tips for three major expenses:

  • Room and board: Choosing a school near home would allow you to commute, skipping the costs of on-campus dorms and meal plans. If you’re determined to have the full college experience, becoming a resident assistant (RA) could at least help cover your living expenses.
  • Books and supplies: In college, you might have to buy one or more new books for each of your classes. Instead, look into sharing with classmates and buying used or digital copies. At the end of every semester, you could also sell any hard copies you purchased via a website like TextbookRush.
  • Transportation: Living off campus might save you money on room and board, but don’t spend those savings on transportation. Explore your options, from taking the bus to biking, to find the most cost-effective solution.

6. Consider federal and private loans

Unless you’ve made the decision to attend a no- or low-cost school, it’s possible that you’ll need to borrow money to pay for college.

But student loans from the federal government or a private lender should be your last resort. Unlike grants and scholarships, loans need to be repaid to the lender over time and with accruing interest.

It’s generally recommended you rely on federal loans first, which you become eligible for after completing the FAFSA. Federal loans are the easy answer to how to go to college with no money and bad credit. They don’t require a credit check. They also come with repayment protections that private lenders don’t match.

If you have a parent or another creditworthy adult to serve as a loan cosigner, you might consider recommended private lenders, too. You could score a better interest rate than what the federal government offers. Just be sure that you won’t miss the government’s protections.

Start saving whatever you can

If you don’t have a healthy savings account to dip into for college costs, it’s never too late to start building one. There are relatively easy steps to opening a bank account. Your opening deposit could be as little as $1, depending on your bank.

From there, start contributing to your account a little bit at a time. If you have a job, save a cut of your paycheck. If you don’t have income, consider starting a side hustle.

Don’t worry about saving every cent of your future tuition costs. It’s more important to get started. Set aside as much as you can without taking away from everyday expenses like food and rent.

Your savings, however small, could eventually help you afford secondary academic expenses like books and supplies.

How to pay for college with no money saved

The benefit of these six ways to pay for college is that they could be read as a list of six steps.

Some these options might be better suited for your situation, and you should prioritize those first. Applying for gift aid, for example, could be done before you resort to student loans.

And remember to deposit every cent you earn into your new or improved bank account. It could help you pay for your sophomore year.

*Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
†The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

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2 Important Disclosures for College Ave.

CollegeAve Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

(2)This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7% variable Annual Percentage Rate (“APR”): 96 monthly payments of $179.28 while in the repayment period, for a total amount of payments of $17,211.20. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

(3)As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 5/22/2019. Variable interest rates may increase after consummation.


* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
3 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

4 Important Disclosures for Discover.

Discover Disclosures

  1. At least a 3.0 GPA (or equivalent) qualifies for a one-time cash reward of 1% of the loan amount of each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
  2. View Terms and Conditions at DiscoverStudentLoans.com/AutoDebitReward.

5 Important Disclosures for SunTrust.

SunTrust Disclosures

Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.

Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.

©2019 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.

  1. Interest rates and APRs (Annual Percentage Rates) depend upon (a) the student’s and cosigner’s (if applicable) credit histories, (b) the repayment option and repayment term selected, (c) the requested loan amount and (d) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms effective for applications received on or after 5/1/2019. The current variable APRs for the program range from 4.251% APR to 11.300% APR and the current fixed APRs for the program range from 5.251% APR to 12.00% APR (the low APRs within these ranges assume a 7-year $10,000 loan, with two disbursements and no deferment; the high APRs within these ranges assume a 15-year $10,000 loan with two disbursements). The variable interest rate for each calendar month is calculated by adding the current One-month LIBOR index to your margin. LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is published in the Money Rates section of The Wall Street Journal (Eastern Edition). The One-month LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day, the next business day thereafter), and is rounded up to the nearest 1/8th of one percent. The current One-month LIBOR index is 2.500% on 5/1/2019. The variable interest rate will increase or decrease if the One-month LIBOR index changes. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount.
  2. Any applicant who applies for a loan the month of, the month prior to, or the month after the student’s graduation date, as stated on the application or certified by the school, will only be offered the Immediate Repayment option. The student must be enrolled at least half-time to be eligible for the partial interest, fully deferred and interest only repayment options unless the loan is being used for a past due balance and the student is out of school. With the Full Deferment option, payments may be deferred while the student is enrolled at least half-time at an approved school and during the six month grace period after graduation or dropping below half-time status, but the total initial deferment period, including the grace period, may not exceed 66 months from the first disbursement date. The Partial Interest Repayment option (paying $25 per month during in-school deferment) is only available on loans of $5,000 or more. For payment examples, see footnote 7. With the Immediate Repayment option, the first payment of principal and interest will be due approximately 30-60 calendar days after the final disbursement date and the minimum monthly payment is $50.00. There are no prepayment penalties.
  3. The 15-year term and Partial Interest Repayment option (paying $25 per month during in-school deferment) are only available for loan amounts of $5,000 or more. Making interest only or partial interest payments while in school deferment (including the grace period) will not reduce the principal balance of the loan. Payment examples within this footnote assume a 45-month deferment period, a six-month grace period before entering repayment and the Partial Interest Repayment option. 7-year term: $10,000 loan disbursed over two transactions with a 7-year repayment term (84 months) and 8.382% APR would result in a monthly principal and interest payment of $198.61. 10-year term: $10,000 loan disbursed over two transactions with a 10-year repayment term (120 months) and an 8.851% APR would result in a monthly principal and interest payment of $161.70. 15-year term: $10,000 loan disbursed over two transactions with a 15-year repayment term (180 months) and a 9.335% APR would result in a monthly principal and interest payment of $135.68.
  4. The 2% principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, cancelled, or returned. To receive this principal reduction, it must be requested from the servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation (e.g. copy of diploma, final transcript or letter on school letterhead) must be provided to the servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.
  5. Earn an interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”). Earn a 0.25% interest rate reduction when you auto pay from any bank account and an extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank checking, savings, or money market account. The auto pay discount will continue until (1) automatic deduction of payments is stopped (including during any deferment or forbearance) or (2) three automatic deductions are returned for insufficient funds during the life of the loan. The extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank account will be applied after the first automatic payment is successfully deducted and will be removed for the reasons stated above. In the event the auto pay discount is removed, the loan will accrue interest at the rate stated in your Credit Agreement. The auto pay discount is not available when payments are deferred or when the loan is in forbearance, even if payments are being made.
  6. A cosigner may be released from the loan upon request to the servicer provided that the student borrower is a U.S. citizen or permanent resident alien, has met credit criteria and met either one of the following payment conditions: (a) the first 36 consecutive monthly principal and interest payments have been made on-time (received by the servicer within 10 calendar days after their due date) or (b) the loan has not had any late payments and has been prepaid prior to the end of the first 36 months of scheduled principal and interest payments in an amount equal to the first 36 months of scheduled principal and interest payments (based on the monthly payment amount in effect when you make the most recent payment). As an example, if you have made 30 months of consecutive on-time payments, and then, based on the monthly payment amount in effect on the due date of your 31st consecutive monthly payment, you pay a lump sum equal to 6 months of payments, you will have satisfied the payment condition. Cosigner release may not be available if a loan is in forbearance.
  7. If the student dies after any part of the loan has been disbursed, and the loan has not been charged off due to non-payment or bankruptcy, then the outstanding balance will be forgiven if the servicer is informed of the student’s death and receives acceptable proof of death. If the student becomes totally and permanently disabled after any part of the loan has been disbursed and the loan has not been charged off due to non-payment or bankruptcy, the loan will be forgiven upon the servicer’s receipt and approval of a completed discharge application. If the student borrower dies or becomes totally and permanently disabled prior to the full disbursement of the loan, and the loan is forgiven, all future disbursements will be cancelled. Loan forgiveness for student death or disability is available at any point throughout the life of the loan.

6 Important Disclosures for LendKey.

LendKey Disclosures

Additional terms and conditions apply. For more details see 


7 Important Disclosures for CommonBond.

CommonBond Disclosures

A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.

Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.

Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
If you are unable to pay your government loan, the government can refer your loan to a collection agency or sue you for the unpaid amount. In addition, the government has special powers to collect the loan, such as taking your tax refund and applying it to your loan balance.

A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If you refinance your government loan, your new lender will use the proceeds of your new loan to pay off your government loan. Private student loan lenders do not have to honor any of the benefits that apply to government loans. Because your government loan will be gone after refinancing, you will lose any benefits that apply to that loan. If you are an active-duty service member, your new loan will not be eligible for service member benefits. Most importantly, once you refinance your government loan, you will not able to reinstate your government loan if you become dissatisfied with the terms of your private student loan.

If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you are a borrower with a secure job, emergency savings, strong credit and are unlikely to need any of the options available to distressed borrowers of government loans, a refinance of your government loans into a private student loan may be attractive to you. You should consider the costs and benefits of refinancing carefully before you refinance.

If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.

Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.


8 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Student Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of May 1, 2019, the one-month LIBOR rate is 2.48%. Variable interest rates range from 4.45%-12.42% (4.45% – 12.32% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan. 
  2. Citizens Bank Student Loan Eligibility: Borrowers must be enrolled at least half-time in a degree-granting program at an eligible institution. Borrowers must be a U.S. citizen or permanent resident or an international borrower/eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For borrowers who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank- participating school.  
  3. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.
3.99%
11.32%
2
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4.50% – 11.35%*,3Undergraduate and Graduate

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4.84%
13.49%
4
Undergraduate and Graduate

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4.25% – 11.30%5Undergraduate and Graduate

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4.50% – 9.47%6Undergraduate and Graduate

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3.74%
9.72%
7
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4.45%
12.32%
8
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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

 

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