Borrow Private Student Loans
If you cannot take out more federal student loans, your parents won’t take out Parent PLUS loans, or you need to fill funding gaps, the next best step is to take out a private student loan for college. After graduating, you can ask the lender to remove the parent as a cosigner or apply to refinance the Parent PLUS Loan into your name.
The minimum amount for a private student loan is usually $1,000, and terms range between five and 20 years, depending on the provider. Like federal student loans, most private lenders let you defer payments while you’re in school and for six months after graduation. Interest rates on private loans are often higher than on federal loans, but you can always apply to refinance your student loans to a lower rate after graduating.
Private loans are usually faster to obtain than federal loans, and you may be able to receive funding just a few days after being approved. You can also use private student loans to cover living expenses, like paying for an apartment, groceries, and transportation while you’re taking summer classes.
Use Grants
Students who qualify for a Pell Grant can receive up to an extra $1,000 to put toward the cost of summer tuition. You must already be eligible for the Pell Grant and be enrolled part-time during the summer semester.
Various funding programs exist that are designed specifically for students looking to take classes during the summer. Be sure to research at the state level and via individual universities to see your options.
Apply for Scholarships
If you know you’ll need money for summer classes, consider applying for scholarships to cover the costs. Start by applying with your university and ask your advisor if there are any special grants or awards available to cover summer classes.
Once you’ve reviewed all the university-based funding options, apply for third-party scholarships through sites like FastWeb, Unigo, and Scholly. Sort by application deadline to find the awards that are right for you.
Save Money and Take Classes Elsewhere
Before figuring out how to pay for summer classes, find out if you can lower the cost. Remember, you’re not limited to taking courses at your current university. If you’re enrolled at a private college or out-of-state public university, you could save money by taking classes at an in-state institution.
The average cost of a credit hour at an in-state college is $396, compared to $1,101 for an out-of-state public school and $1,353 for a private university. If you’re taking two hop over to here three-credit classes, that’s a difference of between $4,230 and $5,742.
Before signing up, ask your departmental advisor if those credits will transfer over and count toward your degree requirements. If not, then you may have to repeat those credits. If possible, have your advisor send you a letter verifying that your transfer classes will be eligible.
Find a Summer Job or Internship
Paying for all or some of summer tuition by yourself will save you from taking out as many loans. If you work 20 hours a week at $10 an hour, you could potentially pay for one regular class out of pocket.
Before choosing this route, contact the financial aid office, so you understand when payment for summer classes is due. You may have to pay for classes before starting your summer job, but most schools can create a payment plan, so you don’t owe the whole amount upfront.
You could also earn money to cover summer tuition by obtaining a paid internship. Not only will you earn money, but you could potentially earn credits towards your degree.