Registration and dorm clearance crunch time: Last minute tips to start college this fall

AppId is over the quota
AppId is over the quota
August 29th, 2012 by Ken

College campuses are all abuzz with new students and continuing students. While many students have completed their FAFSA early and handled all their funding issues during the summer, there will always be students that are behind schedule. With some miraculous help from the financial aid office, admissions, and the bursar some of these students are able to get cleared at the last minute, but inevitably some are turned away. Here are some tips to get cleared, and some contingency plans in case it does not work out.

1. Late FAFSA? It’s never too late for Pell grant eligibility, no matter how late the FAFSA is filed as long as the applicant meets income/asset requirements. Everyone is eligible for at least a minimum amount of federal Stafford loans, so if a student is behind, at least they know they can qualify for some funding. However, a late FAFSA may also mean reduced or terminated eligibility for school based grants and state based grants. What can be done?

University of South Carolina

If you absolutely must start this fall semester: You may need to turn to additional loan funding to help pay the bill, especially if it is a more costly school. Look at the parent Plus loan or a private student loan to fund the difference. Since the goal is to gain clearance now, apply for enough to cover the entire bill and after financial aid is awarded this additional loan can be reduced. When applying for a private loan make sure to have all required documents ready, like your ID, and your cosigner is ready with their ID and proof of income. Watch the application every step of the way and communicate with the lender regularly to make sure the loan is processed.If you can wait until next fall, it may make more sense: If you are already terribly late, and the financial aid offer was greatly reduced due to a late FAFSA, it may make sense to hold off until next year. This way the FAFSA can be filed on time in January 2013, and the student can get a fair shake on financial aid eligibility. However, if the student would not have been eligible for financial aid due to high income even if FAFSA were filed on time, then it would not make much of a difference. Also, waiting until Spring 2013 to start school will not make a difference because both Fall and Spring are based on the same FAFSA that was already filed late. The concern that many have with this strategy is that the student decides not to attend college at all during the year they are out of school. This is a good point, however, if there was a lack of planning going into school the first time around, a student may already be off to a poor start taking out more loans than necessary. For a student that would have qualified for a great deal of financial aid if the FAFSA were filed on time, a gap year may not be the worst option available considering college costs today. Move in is a family event!

2. Be ready to start a payment plan: Many schools offer a payment plan option where the entire semester balance is split into 4 or 5 payments due over as many months. Let’s say a student needs to get cleared for their dorm or registration now. They may be able to enact the payment plan, and can afford to make the initial payment, but do not have enough cash to make all the required payments during the semester. If they file the FAFSA and apply for loans the rest of the bill can be paid with these additional proceeds, and the payment plan can be canceled.

Payment plan risk: If a student commits to a school by starting the payment program, but is unable to get approved for the loan funding necessary to pay the rest of the bill, they may be stuck with a bill they cannot afford. If using a payment plan for dorm/registration clearance with the intention to cancel, make sure the alternative funding source can be secured. FAFSA will provide some funding, but if a private loan is necessary, the student needs to make sure they will be credit approved before committing to the payment plan. If the funding is not made available, the student now has a balance and no means to pay for it. Move in is a big event at York

3. Temporary clearance: Sometimes students are able to get cleared for dorm/registration temporarily while their billing issues are being settled. A student may be able to stay in their room and go to class for the first week, but are obligated to have their billing issues settled, or be forced out. Most students use their time to get a solution quickly. However, some just ignore the problems entirely, making the situation worse. If in this situation, do not procrastinate. Instead, continue follow up with your schools financial aid office and any loan provider you are working with to expedite the process as quickly as possible.

Temporary clearance can be tricky if it turns out the student cannot acquire the funding to pay the full bill. Before committing to a temporary clearance, confirm what charges the student would be liable for if they ended up having to exit the school due to lack of funds. The easiest part in the march to graduation

Take a step back and reevaluate: Going into a college decision in an unprepared or rushed manner can lead to unforeseen problems, like a poor choice of school, a major that does not make sense, or taking out more student loans than necessary. Being admitted to an overly expensive school without scholarships and financial aid is not a guarantee of success, especially if clear goals of college are not apparent. College decisions should not be made impulsively. However, societal pressures can seem insurmountable. A stigma of failure can be associated with not transitioning from high-school directly into college. Don’t let these feelings get in the way of good decisions. If you are in a last minute situation, and things are not looking good, taking time to more clearly reconsider options available may be preferable to jumping into college right away. This will help potential students sort out what is really important for their educational needs, and put them in position to succeed based on patience and better decisions.

Tags: bursar, college campuses, contingency, cosigner, fafsa, fall semester, federal stafford loans, financial aid office, grants, last minute, new students, office admissions, parent plus loan, pell grant eligibility, private loan, private student, proof of income, student loan, university of south carolina