Do You Have A Financial Aid Gap? Here’s What To Do Next

Getting your financial aid offer can feel like a huge weight off your shoulders—until you realize it doesn’t cover everything. Maybe tuition, housing, or other expenses are adding up to more than what you’ve been awarded. If you’re facing a gap between what college costs and what you can afford, don’t panic: there are ways to make up the difference without derailing your education.

Step 1: Determine If You Have a Financial Aid Gap

Before looking at ways to cover your financial aid gap, start by reviewing your financial aid award letter. Compare the total financial aid package (including college grants, student loans, and scholarships) against the Cost of Attendance (COA) listed by your school.

Use a financial aid estimator to determine your unmet financial need—the amount you still owe after applying all sources of student financial aid. If there’s a financial aid shortfall, you’ll need to take action to close the college funding gap before tuition deadlines arrive.

Step 2: Contact Your Financial Aid Office for Help

Still unsure how to cover your financial aid gap? Your school’s financial aid office can provide guidance on financial aid verification letters, emergency aid, and additional funding sources. Here’s what you need to do:

Find the Financial Aid Office phone number on the school’s website.
Schedule a financial aid consultation with a financial aid advisor to discuss options.
Submit a formal request through your financial aid acceptance process. This will vary by school.

Step 3: Appeal Your Financial Aid Award

If you believe your financial aid offer doesn’t accurately reflect your financial situation, you may be eligible for a financial aid reconsideration.

Common reasons to appeal financial aid are job loss, medical expenses, family changes, multiple family dependents attending college simultaneously, or other unexpected financial hardships since originally submitting your Free Application for Federal Student Aid FAFSA®.
To appeal a financial aid package, contact the college financial aid office and request a financial aid appeal process guide.
Be aware of the financial aid appeal deadline! Each school sets its own deadline, so act quickly.
Pro Tip! Let Going Merry do the work for you, and use Going Merry’s Financial Aid Appeal Letter Generator to write your letter.

A strong financial aid appeal letter can lead to even more financial aid awards through additional college grants or institutional aid. In some cases, it may cover your gap!

Step 4: Apply for More Scholarships and Grants

Unlike student loans, grants and scholarships don’t need to be repaid (score!). We recommend that you try to cover your gap with as much of this kind of aid as possible. You can:

Apply to a lot of scholarships: Scholarships can be a numbers game, so make sure you don’t give up after just a few applications. It can also be about finding those niche awards that only you are eligible for! Platforms like Going Merry will help you find opportunities tailored to your background and interests, and our guides can help you make the most out of your applications.
Look for college grants for low-income students: Check if you qualify for federal student aid, such as Pell Grants or Supplemental Educational Opportunity Grants (SEOG).
Use GI Bill Benefits: If you or a family member has served in the military, you may be eligible for education benefits through the GI Bill. These benefits can cover tuition, housing, and other college expenses, significantly reducing out-of-pocket costs. Check your eligibility and learn more through the U.S. Department of Veterans Affairs.
Explore alternative ways to pay for college: Many colleges and organizations have emergency relief funds specifically for students who experience financial hardships. These grants can help cover tuition, housing, transportation, food, or even medical expenses. Contact your school’s financial aid office or student support services to see what’s available.
- Some universities offer “Student Emergency Funds” or “Hardship Grants,” which provide one-time financial assistance to students in need.
- Several nonprofit organizations, like The Hope Center for College, Community, and Justice, provide emergency funding to college students facing financial crises. These funds may cover rent, groceries, or essential school supplies.
- Some states, like California, have funds set aside for students experiencing financial difficulties. These may come in the form of grants or zero-interest loans that can help cover urgent costs.
- If you’re working while in school, check if your employer offers tuition assistance or reimbursement programs. Some companies, like Amazon and Starbucks will pay for part (or all) of your tuition in exchange for a work commitment.
- Some colleges offer short-term, interest-free emergency loans (sometimes referred to as “Institutional Loans” to help students manage unexpected costs. Schools may also allow students to set up payment plans instead of paying tuition in one lump sum.

Pro Tip: Keep applying to scholarships throughout college—many scholarships accept applications year-round!

Step 5: Find Flexible Work Opportunities

A part-time job can provide additional funds while allowing you to focus on your studies. Options include:

Work-study programs: If your financial aid package includes work-study eligibility, check with your college financial aid office for job openings.
On-campus jobs: On-campus jobs in libraries offer a quiet, study-friendly environment, while student centers provide social interaction and event experience. Dining hall roles offer flexible hours and often include meal benefits, making them a practical choice.
Freelance work: Online tutoring, virtual assistance, or gig work can supplement your income without interfering with your class schedule.

Remember, it’s crucial to carefully assess whether part-time or even full-time work is feasible, considering your academic workload, personal life, and the need to maintain a healthy balance between all three.

Step 6: Ask About Tuition Payment Plans

Many colleges offer gap funding for college through tuition payment plans, allowing students to break up tuition payments into manageable installments. Contact your university financial aid department or bursar’s office to learn more.

Benefits: No origination fees or interest charges, unlike federal student loans, and no interest charges on private student loans.
How to apply: Visit your financial aid advisor to discuss eligibility and payment plan options.

Step 7: Consider Additional Federal Student Loans

If your financial aid package still leaves a balance, federal student loans may help.

Subsidized vs. Unsubsidized Loans: Subsidized loans are based on financial need and don’t accrue interest while you’re in school. And while unsubsidized loans will accrue interest while you’re in school, they might help close any financial gaps that subsidized loans don’t.
Parent PLUS Loans: Parents can apply for these federal loans through the Department of Education if additional funding is needed. Parent PLUS loans often have more favorable rates and terms than other private loans for parents, but only apply to U.S citizens of undergraduate students. There’s also no limit to how much can be borrowed.
Student loan forgiveness: Some federal loans qualify for forgiveness programs after graduation. We recommend looking into Public Service Loan Forgiveness to see if you qualify.

Step 8: Explore Private Student Loans

If federal aid doesn’t cover your full college costs, private student loans might help bridge the gap. Here’s what to consider:

Compare Lenders: Not all private loans are the same. For example, you may want to look at how flexible their repayment plans are, or what kind of fees they’ll charge in addition to your interest rate. Here’s a great article for choosing a private student loan lender.
- Pro Tip: We recommend checking out Earnest¹ – they offer competitive rates, flexible repayment options, and a simple application process to make borrowing smarter.
Give yourself time to research: It’s generally best to give yourself at least 6 weeks to research different private student loan providers, check rates, and complete the application.
Find a cosigner: A cosigner is most often a parent or relative, but this isn’t always the case. Each lender may have different requirements of a cosigner, but generally private student loan providers will look to see if your cosigner has a good credit score, a steady income, and is in a position to take over your payments if you are not able to pay. For most students, a parent
Borrow Wisely: Only take what you truly need to avoid unnecessary debt in the future. Calculating the long-term impact of student loan debt can help you determine if you might be borrowing too much to be able to comfortably pay it back.

Final Thoughts: Take Action Now

A financial aid gap doesn’t mean you have to give up on college. By taking proactive steps and considering cost-saving measures like appealing your financial aid offer, applying for more scholarships, considering gap funding for college, and exploring alternative funding, you can make college more affordable!

Don’t wait! Use Going Merry’s Financial Aid Appeal Letter Generator²to start your appeal today. Stay proactive, explore all available resources, and take control of your college finances.

Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.

1 Before applying for private student loans, it’s best to maximize your other sources of financial aid first. It’s recommended to use a 3-step approach to assembling the funds you need: 1) Look for funds you don’t have to pay back, like scholarships, grants, and work-study opportunities. 2) Next, fill out a FAFSA(R) form to apply for federal student loans. Federal Direct subsidized and unsubsidized loans, excluding PLUS Loan for Parents and PLUS Loan for Graduate and Professional Students which require a credit check and a credit worthy endorser if the parent or graduate or professional student has adverse credit, do not require a credit check or cosigner, and offer various protections if you’re struggling with your payments. 3) Finally, consider a private student loan to cover any difference between your total cost of attendance and the amount not covered in steps 1 and 2. For more information, visit the Department of Education website at https://studentaid.gov/.

2 Submitting your appeal letter does not guarantee an adjustment of your financial aid award. Please consult with the relevant university’s financial aid office for additional questions.

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