Capstone Wealth Partners Capstone Wealth Partners
MENUMENU
  • Our Story
  • What We Do
    • Our Process
    • Services & Pricing
  • Resources
    • Blog
    • eBooks
    • Videos
    • Events
    • Advisor Resources
  • Contact
  • Schedule a Call
Capstone Wealth Partners Capstone Wealth Partners
MENUMENU
  • Our Story
  • What We Do
    • Our Process
    • Services & Pricing
  • Resources
    • Blog
    • eBooks
    • Videos
    • Events
    • Advisor Resources
  • Contact
  • Schedule a Call

How to Pay for College in the Fall When COVID-19 Has Changed Your Reality

By Joe Messinger, CFP®

May 15, 2020

3 min READ

You did everything right. You planned out how to pay for college in four years just like we recommend. Then along comes COVID-19 and suddenly your reality has changed. Maybe a parent lost a job and their health insurance. Your business took a direct hit. A student’s summer employment and potential savings are in question. You’re not sure if that work-study position will be available if classes have moved online again in the fall. According to a study by Nitrocollege.com, “69% of parents and 55% of students say coronavirus has impacted their ability to pay for college.” We are in unprecedented times, and we don’t have perfect answers because so much is in motion. However, here are some things we want you to think about.

This may sound crazy, but consider applying to another college.

Believe it our not, many colleges are still accepting applications for fall. They can be soon-to-be freshmen or even transfers. Check out this list of colleges still accepting applications.  If you search by state (Ohio) and still accepting freshmen applications (yes), you’ll find 41 colleges still considering applications for fall. Students can choose to attend a college closer to home or one that is simply less expensive.

Think about starting at community college in a guaranteed transfer program.

Community college can save you thousands of dollars, and many have transfer agreements where you are guaranteed admission to a partner state college–like Columbus State Community College’s Preferred Pathway. This option keeps students closer to home in case health concerns arise.

Revisit your financial aid.

Families completed their FAFSA agreements back in the fall. They were a snapshot of their financial situation at that point in time. Fast forward to now, and things may have changed.

If a parent has lost a job or has unexpected medical expenses, reach out the financial aid department to appeal your need-based award. Be sure to document your correspondence. Ask about revising your FAFSA. Don’t delay in the ask. Many may be in the same situation.

Be careful about simply taking a year off.

Gap years need to be approved by the college and need to have a specific plan. Each college may approach this differently in our current climate. Colleges will place limits on the number of college credits students earn during the deferred period. (Some colleges do not allow students to take any college courses during this time.) Financial aid is not guaranteed (although is possible). Structured gap year programs such as those including travel may not happen. Employment is uncertain. Students may also struggle to jump back into the critical thinking needed in college after taking a year off. A gap year may be just right for your child–just think it through carefully.

Think about taking advantage of the payment plan offered by the college.

Most colleges have some form of payment plan spread out over a certain number of months. In our current climate, colleges are allowing for more options. For example, Auburn is allowing plans of 4, 3, or 2 months with each starting at a later date (June, July, or August). There is a fee for this option. ($45 per semester in Auburn’s case.) Spreading out the payments may help families pay for college in more reasonable chunks instead of one big check.

Other options include looking for more local scholarships and considering student loans. Know that so many are in the same boat. Things have changed, and colleges are more flexible. They need students to stay financial healthy so don’t be afraid to reach out for their assistance. Consider all the options–even if fall doesn’t look exactly like you thought it would.

Joe Messinger, CFP®

Author

Joe Messinger, CFP®
Joe is a leading authority on late-stage college funding. He frequently speaks to organizations and parent groups such as BMI Credit Union, Westerville City Schools, At the Core, CollegeWire, and I Know I Can, among others. He is also a highly regarded thought leader in the financial planning community. He is frequently asked to speak at industry conferences about his College Pre-Approval™ process providing Continued Education for CPA’s and CFP® through through the FPA, XYPN, and OSCPA and has been published in the Journal for Financial Planning.

SHARE:

  • Facebook
  • Twitter
  • LinkedIn

RELATED ARTICLES

Searching for the Unicorn University: The Perfect College for Your Child Thumbnail

College Planning

Searching for the Unicorn University: The Perfect College for Your Child

Joe Messinger, CFP®

January 27, 2023

  8149 Views
How to Pay for College with Loans - Being a Smart Borrower Thumbnail

College Planning

How to Pay for College with Loans - Being a Smart Borrower

Joe Messinger, CFP®

January 20, 2023

  11106 Views
Choosing a College: 3 Key Affordability Questions to Ask Thumbnail

College Planning

Choosing a College: 3 Key Affordability Questions to Ask

Joe Messinger, CFP®

January 13, 2023

  15518 Views
Having the College Money Talk with Your Child Thumbnail

College Planning

Having the College Money Talk with Your Child

Joe Messinger, CFP®

January 6, 2023

  8079 Views
College-Money-Report

Get the Free College Money Report – customized for you – and know before you go!

Get My Report

No spam, guaranteed.
Please read our Privacy Policy.

ABOUT OUR BLOG:

Capstone Wealth Partners is a fee-only independent Registered Investment Advisor in Columbus, Ohio. We are financial planners for college-bound families

The Capstone Blog offers up our best ideas on how to save and pay for college, all while staying on track for a confident retirement.

FILTER BY CATEGORY:

  • College
  • College Planning
  • Financial Planning
  • In The News
  • Investing
  • Retirement
  • Tax Planning

FOLLOW US:

 

Capstone Wealth Management Logo

GET IN TOUCH

The Millennium
6037 Frantz Road
Suite 104
Dublin, Ohio 43017

(614) 754-7805

Book Joe to Speak

UPCOMING EVENTS

Feb 22
7:00 pm - 8:30 pm

Smart Money Moves for the College-Bound™ WEBINAR

View Calendar

FOLLOW US

 
Client Corner
© 2020 Capstone Wealth Partners
  • Privacy Policy
  • Form ADV
  • Advisor Resources
  • Accessibility Feedback