6 student loan moves to make now if you still don't have financing

So, you're starting a new college year in the coming weeks, or perhaps even as soon as this week. You've sorted out your schedule and you're excited to get started. But there's one major problem: Your financing isn't fully lined up yet. With the clock ticking, you must figure out how to cover your remaining expenses before your college classes begin.

Thankfully, if you're in this situation, there's still time to get your financing in order before the upcoming school year. Here's how you can do that.

Don't wait until it's too late. Start comparing your private student loan options now.

6 student loan moves to make now if you still don't have financing

Here are a few moves you can make now to secure the funds you need.

1. Exhaust federal student loan options

To be eligible for federal, state or institutional aid for the following academic year, you must submit a Free Application for Federal Student Aid (FAFSA) by the deadline. If you've already applied, you can make corrections through September 14 for the current school year.

Federal student loans typically offer favorable terms, including lower interest rates, borrower protections, flexible repayment options and the potential for student loan forgiveness. The FAFSA also helps you qualify for grants and scholarships. Since these options don't need to be repaid, they can significantly lower the overall cost of your education.

Stacey MacPhetres, the senior director of education finance at EdAssist by Bright Horizons, notes that subsidized federal student loans may save you money while attending school at least half-time. 

"Any portion of a student's federal student loans that are subsidized will not accrue interest while the student is enrolled in college. Private loans are not subsidized and would always accrue interest during periods of enrollment," MacPhetres says.

Find out more about how affordable the right private student loans could be.

2. Contact your institution's financial aid office

"If a student needs to get a loan quickly before the semester begins, the first step is to contact the college financial aid office ASAP," says student loan counselor and freelance writer Kat Tretina. "You may be eligible for institutional emergency loans to cover the remainder needed. Or you may not have taken out all the federal student loans you were eligible for, so the financial aid office can make sure you take advantage of all available aid."

Tretina also notes that payment plans are another valuable option for making tuition, fees and room and board more manageable. 

"Rather than paying a lump sum upfront, you make monthly payments—usually without any interest. Making payments can give you time to find other financing if needed," Tretina says.

3. Shop for private student loans to fill in gaps

If your government and institutional aid aren't enough to meet your financial needs, you might consider adding in private student loans to cover expenses. While federal student loans generally offer lower interest rates, you may qualify for private student loan rates near 4% with excellent credit and a cosigner.

Private student loans also typically offer higher borrowing amounts than federal student loans. For example, undergraduate students can borrow between $5,500 and $23,000 per year in federal loans, up to a total aggregate limit of $57,500 for dependent students. Conversely, private student loans can cover up to the full cost of attendance, including tuition, fees, room and board and other school-related expenses.

If you opt for private student loans, understand the process may take time. 

"The lender has to certify the loan with your school, so depending on how quickly your college responds, it can take several weeks," says Tretina.

4. Contact your state's education agency

You may still qualify for government funding even if you've exhausted federal financing options. Many states offer their own financial assistance programs, grants and scholarships. Contact your state's higher education agency to discover what state opportunities are available. 

For example, some states offer low-interest student loans, tuition assistance programs and work-study programs for state residents. Just make sure you understand the application deadlines and requirements for any state programs you're interested in. 

5. Apply for scholarships and grants

Scholarships and grants are essentially "free money" you don't have to repay and can be an excellent option if you missed the deadline for financial aid. Search for scholarships using the U.S. Department of Labor's free scholarship search tool and other resources. Look for scholarships that match your experience, achievements and background. Also, ask your financial aid counselor about grants and local scholarships they recommend.

6. Look into emergency aid

When consulting your financial aid office, check to see if you qualify for any emergency student loan programs. Many colleges offer low-interest and interest-free emergency loans to students dealing with unforeseen circumstances. You usually can't use these loans for tuition, but they might help you pay for urgent expenses like food, medical expenses and last-minute travel costs.

"These loans are generally made for small amounts — often $1,000 or less — and have short repayment timelines," says Leslie Tayne, founder of Tayne Law Group and author of Life and Debt. "So an emergency loan may not be a great option if you need a significant amount of money."

The bottom line

If you're a college student in need of funding for school, the options outlined above can help you access funds for the upcoming academic year and can also help you plan for future semesters. When applying for financial aid, you may avoid delays by filling out applications accurately and responding promptly to requests for supporting documents. Also, applying with a cosigner may accelerate your timeline and potentially improve your odds of approval for student loans.