Lana Oconnell
If you're struggling to pay off your student loans, there are several options for financial aid that you can consider. Firstly, understand how your financial aid offer was calculated by meeting with a representative from your school's financial aid office. They can help you explore additional needs-based programs, part-time work options, tuition payment plans, and additional federal or private student loans. You can also check if you're eligible to sign up for your school's health plan or apply for health insurance through the Health Insurance Marketplace to reduce healthcare costs. These steps can help you bridge the gap and find additional financial support while paying off your student loans.
| Characteristics | Values |
|---|---|
| Options if you didn't receive enough financial aid | Request an aid adjustment, explore additional needs-based programs, find part-time work, ask about tuition payment plans, request additional federal student loans, or research private or alternative loans |
| Differences between federal and private student loans | Federal student loans provide benefits not usually available with private loans, such as not requiring a cosigner and typically offering lower fees and interest rates |
| Payment plan availability | Your school's billing office may offer payment plans to help spread costs over several payments throughout a semester, aiding budgeting and avoiding late fees |
| Additional loan options | Dependent students: Direct PLUS Loan for parents; Unsubsidized student loans of up to $5,000 for students whose parent's application is denied |
| Reducing costs | Better health insurance coverage, Federal Work-Study (FWS) positions, and part-time on/off-campus work can help reduce costs |
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What You'll Learn
Request an aid adjustment
If you didn't receive enough financial aid, there are several options to consider, including requesting an aid adjustment. Here are some detailed steps to guide you through the process of requesting an aid adjustment:
Explore your options
Before making any decisions, it's recommended to meet with a representative from your school's financial aid office. They can help you understand the resources and options available to you. They will determine your eligibility for financial aid based on the information provided in your Free Application for Federal Student Aid (FAFSA) form.
Contact your school's financial aid office
Your school's financial aid office will review your request for an aid adjustment based on their specific policy, also known as a professional judgment. They may ask you to provide documentation about your circumstances to consider making an adjustment to your FAFSA information and aid offer. This could include a documented interview with a financial aid administrator. Remember that any decision made by the school is final and cannot be appealed to the U.S. Department of Education.
Adjust your loan amount
You can increase or reduce the amount of your loan even after accepting it. Follow the instructions provided by your loan servicer to adjust your award amount. If 120 days have passed since your loan was disbursed, your request for an adjustment may not be processed, and you will need to explore other options.
Understand the differences between federal and private loans
Federal student loans provide benefits that are usually not available with private loans, such as lower fees and interest rates. Before considering a private loan, compare offers from different companies, and ensure you understand the contract terms, including penalties, interest rates, fees, and repayment requirements.
Explore additional options
If you've explored all the above options and still need additional financial support, you can consider the following:
- Research needs-based programs.
- Find part-time work.
- Ask about tuition payment plans to spread the cost over several payments.
- Request additional federal student loans or explore private or alternative loans.
- Look into scholarships based on grades, skills, or abilities, which don't need to be repaid.
Remember to be cautious of potential student aid scams and always seek advice from your school's financial aid office if you're unsure.
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Explore needs-based programs
When it comes to financing your education, there are a variety of options to consider, including scholarships, grants, work-study programs, and student loans. While student loans can be a valuable tool, it's important to explore all your options, especially needs-based programs, before taking on any debt.
The first step in determining your eligibility for financial aid is to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA will assess your financial need and help determine what federal loans, grants, and work-study programs you may be eligible for. Federal loans, such as Federal Direct Unsubsidized Loans, are available to both undergraduate and graduate students regardless of financial need. However, these loans require you to pay all the interest that accumulates, even during your studies or grace and deferment periods. On the other hand, needs-based programs are designed to provide financial assistance to students who demonstrate financial need.
One example of a needs-based program is the Federal PLUS Loans program. These loans are available to graduate or professional students, as well as parents of dependent undergraduates, to cover educational costs that other aid doesn't meet. Federal PLUS Loans require a credit check and typically come with higher interest rates and origination fees compared to other federal loans. To apply for Federal PLUS Loans, you need to fill out a FAFSA and meet the financial need requirements.
In addition to federal loans, there are also private student loans offered by banks, credit unions, and other private lenders. The eligibility criteria for private student loans vary depending on the lender, and they often take into account factors such as credit score and income. Undergraduate students usually need a cosigner since they might not meet the credit history or income requirements on their own. Private student loans generally have variable or fixed interest rates, and it's important to note that they don't offer the same benefits as federal loans, such as income-based repayment options and public service forgiveness.
While exploring needs-based programs, it's essential to consider your unique financial situation, the cost of your education, and the specific requirements of each program. By carefully evaluating your options, you can make an informed decision about which financial aid programs best meet your needs and help minimize your overall student debt.
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Work part-time
Working part-time while studying is a great way to supplement your income and reduce the amount you need to borrow in student loans. Federal work-study programs allow you to work to pay your way through college, which can reduce your overall debt burden.
Part-time students can qualify for federal financial aid, but they must be enrolled at least half-time. This is typically at least 6 credits. To determine your exact enrollment status, you should contact your school's admissions office. Your college counselor can also advise you on where to look for free funding.
Your eligibility for federal financial aid is also determined by your income. In the 2025-2026 academic year, dependent students could earn up to $11,510 before their income started affecting financial aid, while independent students have a higher allowance.
Before applying for private student loans, it is recommended to first maximize your other sources of financial aid. This includes scholarships, grants, and work-study opportunities, which do not need to be paid back. Federal student loans should be considered next, followed by private loans to cover any remaining costs.
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Payment plans
Northeastern University offers monthly payment plans, which are administered through Flywire. The monthly payment plan allows you to divide your educational costs into smaller, more manageable instalments, which can reduce your need to borrow and, therefore, reduce the overall cost of your education. This can be combined with your financial aid award or other financing options.
Because the payment plan is not a loan, you do not have to pay interest, only an enrolment fee of $45 per term. Additional information regarding payment plan options can be found in the Payment Plan FAQs. For platform and payment plan questions, students and authorised users can contact Flywire by submitting a contact form or calling one of the provided phone numbers.
To sign up for a payment plan, the student will need to log into Flywire. Once logged in, the student can click on "Manage or Set Up Authorized User" under the Quick Links on the Account Summary tab, and then click "Add Authorized User".
Parents who wish to apply for the Federal Direct Parent Plus Loan must complete the following steps: the student must have a valid Free Application for Federal Student Aid (FAFSA) on file with Northeastern University for the academic year for which they are applying. The parent must then visit studentaid.gov and log in with their FSA ID and password, and complete the online Parent PLUS Loan application for the appropriate academic year. It is important to note that if a parent is denied a Federal PLUS loan due to credit reasons, they may appeal the denial or reapply with a credit-worthy cosigner.
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Additional federal student loans
If you need additional financial aid, you can consider borrowing more federal student loans. The financial aid office at your college will determine how much aid you're eligible for, based on the information you provided in your Free Application for Federal Student Aid (FAFSA®) form.
If you're a dependent student, your parent can apply for a Direct PLUS Loan for parents. If your parent's application is denied because of adverse credit history, they can still take steps to become eligible. If a parent borrower can't secure a PLUS loan, you may be eligible for additional unsubsidized student loans of up to $5,000, depending on your grade level. Graduate or professional students enrolled at least half-time at an eligible school may be eligible for a Direct PLUS Loan for graduate or professional students. This process is similar to the one for parent PLUS loans.
Before borrowing money from a private lender, it's important to understand the differences between federal and private student loans. Federal student aid is generally recommended as the first option, as it provides benefits that aren't typically available with private student loans. Private loans usually require a cosigner and may have higher fees or interest rates, depending on your credit. A loan contract should explain penalties, interest rates, fees, repayment terms, creditworthiness requirements, and satisfactory academic progress requirements. It's a good idea to compare offers from different companies before accepting a private loan.
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Frequently asked questions
Yes, you can still get financial aid if you already have student loans. Federal student loans are recommended first, but they may not cover all costs. You can also apply for private loans, but these usually require a cosigner and may have higher fees or interest rates.
The financial aid office at your school determines your eligibility for financial aid based on the information provided in your Free Application for Federal Student Aid (FAFSA) form.
There are several options to consider if you don't receive enough financial aid. You can request an aid adjustment, explore needs-based programs, find part-time work, ask about tuition payment plans, or request additional federal or private loans.
You can look into getting better health insurance coverage to reduce the amount you pay for copays or prescription medicine. If eligible, you can also take up part-time work through the Federal Work-Study (FWS) program to help cover your loan costs.
