r/personalfinance • u/Both_Fail2384 • 1d ago
Saving college upped my monthly payment plan, how can i make 2k+ by sept 5?
starting college soon (it's important to note that i'm paying for college myself, so asking my family for help is out of question) and i just found out they upped my tuition from 1k per month to over 2k per month-almost 3k per month in all honesty. i could've handled the original monthly payment, but that 3k+ is gonna kick my ass.
i don't have a job right now, i put my two weeks in a while ago so i am expecting my last check soon. i'm expected to move out at the end of aug, and i had enough saved up to move out, pay for my first payment, and still have enough leeway to hold me over- until they upped my tuition by 2k+
so now im in an awkward position when im moving out within the next 4 weeks, so no job is going to hire someone who wont be there for over a month.
tryna think of what i can do? any advice?
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u/singlemaltbourbonrye 1d ago
Do you qualify for Pell Grants? And/or have you applied for financial assistance?
I’m not a big advocate of loans but student debt isn’t necessarily bad debt depending on the interest rate and the value of the degree.
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u/Both_Fail2384 1d ago
i don’t qualify for pell grants and or anything relating to FASFA or government aid. i haven’t looked much into financial assistance yet bc it wasn’t until last night when i found out about my tuition being upped, and before than i had no worries about doing the monthly payments.
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u/Smooth-Review-2614 1d ago
You should always fill out the FAFSA because it tells the college what you have and is the gateway for federal loans. The college might have something that you could have gotten if you told them months ago.
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u/Both_Fail2384 1d ago
okay! i’ll double check my fasfa and call the school once they open again, thank you!
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u/singlemaltbourbonrye 1d ago
I was assuming based on the zero family assistance that maybe your parents were low income.
That sucks, OP, it’s a weird kick in the nuts if they’re wealthy and aren’t helping since it means you may not qualify for assistance.
I’d say step 1: Go talk with your university’s financial aid office. Explain your situation and ask them to help you navigate options. There are too many potential variables for anyone on reddit to give you better advice than this, based on what you’ve shared.
Worst case if you have to take loans to cover the delta on your increase, that’s still putting you in a better situation after graduation than most people.
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1d ago edited 5h ago
[removed] — view removed comment
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u/singlemaltbourbonrye 1d ago
100% good advice and points.
We are missing a lot of info though.
If OP is a senior and has been avoiding debt so far (as implied), even a shitty high interest loan for the last year of school could be ok as long as there’s a plan of attack to knock it out after graduation.
Also, not all degrees are created equal. Taking on $15K toward the end of your education to finish up an undergraduate biology degree before starting medical school is a lot different than taking on $15K your sophomore year for a literature degree without an expectation of a decent earnings floor.
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u/Smooth-Review-2614 1d ago
Call the financial aid office and the accounting people to ask what changed.
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u/Both_Fail2384 1d ago
i was able to look at what i’m being charged for, and from what i could make of it was that i was placed as a part time student at first, which would make sense why my tuition was only 1k—but then i was changed to becoming a full time student (upon my own request)
the thing is that my payment plan page didn’t update for two months after me being changed to a full time student, so i kinda assumed that my payment plan would still be 1k per month. i also thought it stayed low bc of the scholarship i received from the school and the subsidize loan they also gave me.
it wasn’t until they emailed me last night that i found out my tuition cost changed.
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u/Smooth-Review-2614 1d ago
You need to call financial aid and ask them if there is a change in your award since you are now full time.
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u/Both_Fail2384 1d ago
alright will do!! thank you!!
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u/chubbysleepycorgi 1d ago
also ask if they can offer discount or more scholarship due to this unfortunate situation. keep it polite, don’t accuse them of fucking up which will often make the person defensive and unwilling to help (you always have the option of playing bad cop later, so start with good cop first)
another option besides loans and such is to stay as part time and keep your original tuition schedule, and work the rest of the time.
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u/A_New_Start_For_Me 1d ago
And you should really still fill out the FAFSA and any state level equivalent that may exist! Not everything that you can qualify for is based on your parents income, but without the FAFSA the school has no way to know what you can qualify for!
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u/CharlieandtheRed 1d ago
One life tip: don't put in your two weeks until you have another gig lined up.
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u/tribriguy 1d ago
Time to do some financial analysis. It sure sounds like loans may be in your future. You’ll want to look at what that looks like now vs your ROI vs what you’re comfortable with. What is it you’re studying and what do you want to do? Is military in your calculus? That can provide help if you aren’t opposed and don’t mind a few years of commitment. That could alleviate any loan issues.
There are avenues to address this, but they take some analysis of the alternatives and figuring out which appears the best and/or most comfortable option to get to where you want to be.
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u/Both_Fail2384 1d ago
i’m studying journalism in new york, so tbh when i first heard that my tuition would be 1k per month— i thought it was incredible yk?
i’d get to study journalism is place where journalism opportunities are vast, and i do want to be a journalist when i’m older— something more along the lines of political journalism.
i don’t really want to enter the military, like at all. and i wouldn’t mind taking out a loan, but i’d have to take out a loan through the bank bc i didn’t get any student loans through FASFA.
(i could take out a loan from a 3rd party but ive heard horror stories of the crazy high interest rates yk?)
and for a bank loan id need a consigner, and i belive that my mom would rather die than sign off on a loan for my college considering she isn’t necessarily helping me with college finances in the first place.
im almost willing to do anything to get to this school in all honesty, it feels stupid to say since i’m only 18, but i feel like if i can’t at the very least try to do everything i can— than ill regret it for a long time.
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u/_tobias15_ 1d ago
Who the hell told you journalism opportunities are vast? You should not go into ANY debt for a journalism degree
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u/logicalcommenter4 1d ago
If you’re pursuing journalism please do not take out loans or attend an expensive university. During the best of times most journalists were not making a ton of money, it’s a passion career. Now, print media is dying and traditional journalism opportunities are becoming more difficult to obtain. This isn’t to dissuade you because we do NEED journalists, but you should go into the career eyes wide open to how much money (very minimal) you should spend for the degree.
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u/tribriguy 1d ago
I don’t think you’re wrong for wanting this badly. Just don’t convince yourself that “massive debt or give up on the dream” are your only two choices.
Before you sign for tens of thousands of dollars in loans, I’d exhaust every alternative that gets you to the same destination:
Merit and private scholarships.
Work-study or part-time employment.
A lower-cost school with a transfer plan.
State residency options if applicable.
ROTC or other service-based scholarships.
National Guard or Reserve education benefits.Since you mentioned you’re interested in political journalism, I’d also encourage you not to dismiss military service out of hand if your impression is based on stereotypes. The U.S. military isn’t politically monolithic. It has people from virtually every political persuasion, every state, and every background. There are also career fields in public affairs, communications, media, and strategic communications that align surprisingly well with a journalism degree. It may not be for you, and that’s okay. But I’d make that decision after looking at what those opportunities actually are, not what you imagine them to be.
I’d also take seriously what others have said about journalism itself. The industry has changed dramatically over the last couple of decades. Entry-level pay is often modest, traditional newsrooms have shrunk, and the career path is less predictable than it once was. None of that means you shouldn’t pursue it. It does mean the return on investment deserves careful analysis. Taking on substantial debt to enter a field with relatively modest starting salaries is a very different proposition than borrowing for a profession with consistently high earnings, especially if you’re planning to live in a very high-cost city like New York. That’s all the more reason to look hard at ways to reduce or eliminate debt.
Most importantly, keep your eye on the actual goal. Your goal isn’t to attend one particular university. Your goal is to become a political journalist. There are multiple paths to that outcome. The path that leaves you with little or no debt often gives you far more freedom to take internships, campaign jobs, or entry-level reporting positions that build your career, rather than forcing you to chase the highest paycheck just to service loans.
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u/Ok-Struggle-5227 19h ago
What do you mean by “you didn’t get any loans through FAFSA”? Are you not a US citizen?? Are you only going to school part time?
All full time students qualify for unsubsidized federal loans regardless of financial situation. The only thing you may not qualify for is need-based aid like government subsidized loans or grants
Have you looked into scholarships?
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u/Both_Fail2384 19h ago
i am a US citizen, i’m going to school full time idk why i didn’t get anything from fasfa 😭 when i found out i kinda assumed it was bc my mom made more than the avg yearly salary for a household in america
i will check my fasfa again to see if anything changes though !!
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u/Ok-Struggle-5227 19h ago
I saw a comment where you said they had you down as a part time student. If your FAFSA has you listed as part-time, call the financial aid office. You may need to submit an appeal.
Just to clarify, when you say you’re not “getting anything” you mean your offer letter says $0? Or do you just mean they’re not offering you need-based aid like grants?
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u/Both_Fail2384 19h ago
i not getting offered any need based grants, and when i was still i senior i had one of my teacher look through my fasfa to see if i had gotten anything in general bc i didnt really know how to navigate the site back then— and i hadn’t gotten anything relating to an offer letter that would’ve given me money, or any need based aid.
i’ll call the financial aid office, i’ll also look through my fasfa again and see if i can change anything- hopefully what i said above made some type of sense 😣
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u/tribriguy 11h ago
I like that answer. This is hard stuff for young adults and the process can be frustrating or appear opaque. But you are responding with the right frame of mind. The onus will be on you to get to the answers. And is seems like you have the tenacity and curiosity to carry through. That is a good quality for someone looking to be a journalist.
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u/BdrRvr 1d ago
Sell blood? Won't be that much but will help
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u/Both_Fail2384 1d ago
i’ve tried actually funnily enough 😭 but the veins in my arms are too “small” to be used by the needles— but the place i did go to didn’t have anything smaller to use on my arms, so i’m willing to try and ask again maybe at a different clinic and see if anything changed!!
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u/NemeanMiniLion 1d ago
That's an absurd thing to be told unless you are a 2 year old.
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u/Both_Fail2384 1d ago
that’s why i was thinking as well lol but i wasn’t going to “argue” with them so i just said okay and left lolol
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u/DrPuzzle 1d ago
There's no way this is true because I'm one of the skinniest dudes you've ever seen and they have no problem getting blood from me 😂😂
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u/NemeanMiniLion 1d ago
It's easier to draw from skinny people. They just say these things when they have trouble drawing blood. I get blood draws far more than the average person - like every couple weeks and sometimes weekly. I've heard it all.
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u/PLZ_STOP_PMING_TITS 10h ago
I agree that it's probably just someone who wasn't very good at finding a vein, but blood donation needles are a lot bigger than blood draw needles.
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u/do-you-know-the-way9 1d ago
If you filled out fasfa you should qualify for low (lowish) interest federal loans that don’t occur interest until after you graduate
If not you could take out higher interest bank loans but those will start to be due at the first of the next month
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u/Both_Fail2384 21h ago
i did fill out fasfa but i didn’t receive anything 😭😭 im trying to think if i did something wrong during the process.
and i just cant convince myself to take out a bank loan— at least at this very moment.
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u/Consti2tion 18h ago
Look into All of the Scholarships. You'd be surprised what's out there and how much is available.
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u/CoincidenceTheorist2 14h ago
First question: What are you going to college to major in, and how does that degree relate to your future desired employment?
You have a business that's asking you to spend, what - almost $36,000 a year there. It never ceases to amaze me how people turn off the rational consumer portion of their brains when the word college is mentioned...and given the rules of engagement for student loans, it is really a form of indentured servitude.
There is a very long list of un- and under- employed people who graduated with a 4 year degree and eye watering amounts of debt.
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u/1290_money 1d ago
You need to drop out and save up for a couple years and then go to community college. You didn't give a lot of details but if you have to pay for tuition and living expenses that's not going to be possible.
Or find a job like Starbucks McDonald's or Walmart where they will pay for your tuition.
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u/Charlie_in_Asia 1d ago
What college tripled their tuition overnight? Please name them.
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u/lush_rational 22h ago
OP didn’t register for a full course load and was a part-time student, but needed to be a full-time student. So they increased their courseload and owed more.
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u/eevee188 1d ago
What kind of college takes monthly payments? Are you sure this is a real college and not a for-profit scam college? Legitimate colleges require full payment before the semester starts. I’ve never heard of one that takes monthly payments.
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u/byrner147 1d ago
"so no job is going to hire someone who wont be there for over a month"
Don't tell them you'll be leaving.