Getting your financial aid offer is an exciting step in your college journey. If you notice there is still a gap to cover, it can feel a little daunting at first. The good news is there are clear, practical ways to build a plan and keep moving forward. 

This guide walks through how to close that gap step by step. You will start by maximizing funding you do not have to repay, then explore ways to reduce costs, and finally understand how to use student loans thoughtfully if you need them. 

Step 1: Understand Your “Gap” Number  

Before diving into solutions, start with a clear picture of what you actually need. Confirm your total cost of college and identify the portion that isn’t yet covered, your funding gap. Once you know your gap, you can explore ways to increase aid, reduce expenses, and build a strategy that works for your situation. 

The key is to follow the right order. Maximize funding you don’t have to repay first, then make thoughtful decisions about the rest. 

Colleges provide a Cost of Attendance (COA), which goes beyond tuition. It usually includes housing, meals, books, transportation, and personal expenses. Subtract any scholarships, grants, or other free aid you have received, and the remainder is your net cost, the true amount you need to cover. 

Funding gap formula: 

Net cost = COA − (grants + scholarships) 

If you’re in grad school or considering enrolling, the Ascent’s Grad School Funding Calculator can help you identify your funding gap quickly and clearly, so you know exactly what you need to cover. 

For undergrad students, Ascent offers a Student Loan Calculator to help you estimate your monthly payments and total loan costs.  

Step 2: Ask About a Financial Aid Appeal 

If your financial situation has changed, you may be able to request a review of your aid offer. This is often called a financial aid appeal or professional judgment review. 

It’s worth exploring if your family has experienced something like a job loss, reduced income, unexpected medical expenses, or other significant life changes. Schools understand that financial situations evolve, and many have a process in place to reassess your aid. 

Reaching out to your financial aid office is the first step. From there, you’ll typically submit a short explanation of your situation along with documentation that supports it. 

Being clear, specific, and timely can make a difference here. Even small adjustments to your aid package can help reduce your overall gap. 

Step 3: Focus on Scholarships and Grants First 

Before turning to borrowing, invest time in scholarships and grants. These forms of aid reduce what you will need to repay later, making them a smart first step. Start with trusted resources such as Federal Student Aid and  College Board Scholarship Search.   

Don’t overlook local opportunities. Scholarships through your school, community organizations, employers, or other local groups often have fewer applicants and can be easier to win. From there, you can expand your search to state and national programs. 

Consistency is key. Set aside time each week to apply, reuse materials such as resumes or essays, and track deadlines to stay organized. Even smaller awards add up over time and can make a meaningful difference in your total college costs. 

Some scholarships reopen regularly, giving you more chances to win. For example, Ascent’s $1,000 “Plan, Pay and Succeed” Scholarship Giveaway awards one student $1,000 each month. The application takes just a few minutes and does not require an essay. Students ages 14 and older who are enrolled at least half-time in high school, college, or a technical training program can apply, and because the scholarship runs monthly, you can enter again for another chance to win. 

Step 4: Make Sure You’ve Used All Available Aid 

If you haven’t already, completing the FAFSA (Free Application for Federal Student Aid) and any required school or state forms is an important step. Even if you’re unsure whether you’ll qualify for need-based aid, these forms can unlock access to additional resources. 

This can include grants, institutional aid, and work-study opportunities. Some schools also offer payment plans that allow you to spread costs across the semester, which can make expenses more manageable. 

Taking full advantage of what’s already available ensures you’re not leaving potential funding on the table. 

Step 5: Look for Ways to Reduce Your Costs 

When you’re working to close a gap, lowering your expenses can be just as impactful as finding new funding. 

Small adjustments, such as choosing a different housing option, renting textbooks instead of buying new ones, or selecting a meal plan that better fits your habits, can add up quickly. 

It’s also worth double-checking your academic plan. Making sure you’re taking the right courses and staying on track for graduation can help you avoid unexpected costs later. 

These changes don’t have to be drastic to be effective. Even modest savings can reduce how much you need to cover elsewhere. 

Step 6: Consider Income Options While in School 

Earning income while in school can reduce how much you need to borrow. For example, work-study programs are federal jobs offered through your school, often on campus, and are designed around your class schedule. To apply, you must indicate interest on the FAFSA. If awarded, the school will provide a job listing and set the number of hours you can work. 

Part-time jobs or internships off-campus are another option. Choose roles that fit your schedule and ideally build skills for your future career. Before accepting a job, calculate your take-home pay versus any extra costs like commuting, parking, or materials. Even a few hundred dollars a month can reduce how much you need from loans. 

Tip: If you’re looking for internship help, check for programs that connect students with opportunities and career support. For example, Ascent offers the AscentUP internship program to help students explore internships and build career-ready skills. 

Step 7: Understand Your Loan Options 

After maximizing scholarships, grants, and income, many students still have a funding gap. This is where loans often become necessary. 

First, you can consider whether federal or private student loans, or a combination of both,  work best for you. 

Federal student loans: Offered by the government, these loans have fixed interest rates, standardized repayment terms, and protections like deferment or income-driven repayment. To apply, complete the FAFSA and review your award offer. Federal loans are often the first choice because of these protections. 

Private student loans: Offered by banks, credit unions, and lenders like Ascent, private loans can cover the remaining cost of attendance. Terms vary based on credit, income, and cosigner status. 

Here’s how the private loan process typically works: 

1. Submit an application to the lender with your personal, financial, and school information, including how much you plan to borrow. Most applications are completed online and only take a short time to fill out. 

2. Many students apply with a cosigner for student loans, often a parent or trusted adult, since most students don’t yet have established credit or income. A cosigner is equally responsible for the loan and can help improve approval chances and secure a lower interest rate.In fact, Ascent borrowers who apply with a cosigner are 4x more likely to be approved.* 

3. After approval, the lender requests school certification. Your school confirms your enrollment, cost of attendance, and that you are not borrowing more than your remaining need. 

4. Once finalized, funds are sent directly to your school and applied to tuition and other charges. Any remaining amount is refunded to you for approved expenses like housing, books, or other education-related costs. 

5. Repayment options vary, but many private student loans offer in-school options such as deferred payments, interest-only payments, or small fixed payments 

Tools such as Ascent’s Student Loan Calculator can help you plan for both borrowing and repayment confidently. 

Step 8: Borrow Responsibly and Revisit Your Plan 

Borrowing can be a useful tool, but it works best when it’s part of a thoughtful plan. 

Keeping your total borrowing as low as possible, understanding your future monthly payment, and checking in on your plan each semester can help you stay on track. 

If you’re able to make small payments while in school, even covering interest, it can reduce your total cost over time. And as your situation changes, revisiting your approach ensures it continues to support your goals. 

Bottom Line 

If your financial aid isn’t enough, you still have a clear path forward. 

Start with scholarships and grants, explore ways to reduce costs, and look for opportunities to earn income while in school. If you need to borrow, take time to understand your options and choose a plan that fits your budget and your goals. 

With the right approach, you can build a strategy that works for you and keep your journey toward graduation moving forward with confidence. 

Learn More with Ascent  

Paying for college can be challenging, and Ascent is committed to providing students and families with the financial resources needed to pursue their dreams.     

From financial wellness resources to our flexible private student loans and undergraduate student loans, we are here to help students and their families make informed decisions about their future in college, and beyond. 

Frequently Asked Questions 

What if my financial aid doesn’t cover housing and meals? 

Start by confirming what your school included in its cost estimate, then compare housing and meal options to find potential savings. From there, explore additional scholarships, income options, and payment plans before turning to loans. 

Can I combine scholarships with a private student loan? 

In many cases, yes. Scholarships and grants are typically applied first, and loans may be used to cover remaining eligible expenses. Schools may adjust aid if total funding exceeds your cost of attendance. 

Do I need a cosigner for a private student loan? 

It depends on your financial profile and the lender. Many students apply with a cosigner to strengthen their application. If you do, it’s important that both of you understand the responsibility involved. 

Should I consider federal loans before private loans? 

Many students review federal loan options first because of their standardized terms and protections. Private loans can then help cover any remaining gap, depending on your needs and eligibility. 

*4x higher acceptance rates were observed between November 2024 through January 2025 across all products when a loan application is cosigned vs without a cosigner. Ascent’s minimum credit requirements vary based on loan product, credit history, and whether you’re applying with a cosigner. You can see your rates without impacting your credit score to help you determine which product could be best for you based on your unique circumstances.