Financial Wellness Minute: Student Loans- Finding the additional funds to pay for post high school education

Get smarter about your money with this Financial Wellness Minute. Today, we are talking about ways to get extra funds for advanced studies after high school. I'm Vic Dale, manager at Mid Minnesota Federal Credit Union's Alexandria Office. OK…You know the cost of the first year or first semesters of school. You know the amount of financial aid you will be getting. You also have researched and applied for scholarships and grants. But still you are a little short of the necessary school expenses. Don't panic. You are not alone in this situation. Here are some suggestions to help:

• Go back to the financial aid office at the institution and see if there are any additional funds available- new scholarships or additional financial aid you can receive. Specifically, ask about foundation scholarships that have not been awarded.
  1. In addition, ask about emergency grants if you have come upon financial hardship. And you can ask the school to review your financial aid due to any drastic changes in your personal situation.
• Are there jobs at the school you can take on?
  1. Resident Assistant in a dorm that could reduce your housing and food costs.
  2. Check out work study jobs that may be going unfilled in this tight labor market at the school.
  3. Are there tutoring or coaching opportunities?
• Look for short term work you can get on your own, such as child care or house sitting, or moving furniture on the weekend. Even though it is not steady work, any additional money can help.

Be aware that scholarship and grant opportunities are not only for incoming freshman. Watch for and research opportunities for non-traditional students. Want to know more about funding the financial aid gap or have a weekly financial wellness tip sent to you? Sign up below or, contact your local Mid Minnesota Federal Credit Union Office. Sign Up for a Weekly Financial Wellness Tip Mid Minnesota Federal Credit Union is federally insured by the NCUA and we are an Equal Housing Lender.