Five Ways to Manage the College Bill
If you've been accepted to school and have completed your financial aid paperwork, you will soon be receiving your fall tuition bill. Being proactive will help you take control of your college finances. Here are five tips to help you manage the college bill:
1. Finish the financial aid process to maximize your aid package
Is all of your aid listed on your bill? If not, you may have missed a step. Check in with the Financial Aid Office to make sure all of your paperwork is complete. Some of your aid may not show on your bill until after the bill is due (sometime this happens with loans). Be sure you let the Business Office know the aid is coming.
2. Secure a summer job (or two)
Summer earnings make a difference when it comes to paying the bill, buying books and having money for transportation. You may not be able to work during your first semester as you are learning the ropes. Having savings will help you cover expenses that come up.
3. Talk to the Financial Aid Office if you are struggling to cover the balance
Make an appointment to talk to a financial aid officer to discuss your financial aid award. Best case scenario, you may be eligible for additional funds or a Work-Study job. Even if you aren't and the award stays the same, the school might be able to suggest some other resources or scholarship application opportunities.
4. Ask your family to share their savings if you are living on campus
According to money.com, a household budget is reduced by $4,500 per year when a child moves out. At a minimum grocery bills and utility costs (water, electricity, and heat) go down. Ask your family if there is any way they can contribute some of the savings to your education.
5. Reduce costs you can control
If your meal plan has more meals than you can eat, consider switching to a cheaper meal plan. Do you really need a car on campus? Leaving the car at home can cut insurance costs and save you parking expenses. Take advantage of free entertainment on campus, like movie nights and campus events, instead of paying to go out. You can use those savings to help pay next semester's bill. For more ideas on reducing college costs, visit FAMEmaine.com .
Getting everything lined up for college can feel overwhelming at times -- you aren't alone in that feeling! If you need help and don't know who to call, start with your school or contact us. Not only is FAME staff trained in this field, but many are also parents of college students. We'll be here all summer and are happy to help in any way we can! You can reach us by :
For more helpful tips, check out  previous issues of 5 on the 5th.

FAME's College Access and Financial Education Team:

Mila Tappan
, College Access and Outreach Manager
Jessica Whittier , College Access Counselor 
Nikki Vachon
, College Access Counselor 
Floreka Malual , College Planning Advisor
Mary Dyer
, Financial Education Officer
Jennifer Lanphear , Education Programs Officer
Want More Information?

Join us on Wednesday, June 14th at 10:00 a.m. for this month's free Wednesday Webinar, Tips for Paying the Tuition Bill. FAME's  Jennifer Lanphear and Nikki Vachon will discuss options to reduce college costs, ways to pay the college bill and financing options that are available.
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