Step 7 - Additional Resources

Students and professor at a table

If, after reviewing your financial aid award, you think you will need additional resources to help pay the cost of attendance, here are some options to consider:

  • If you haven’t already reviewed Step 5, please do so to find out about other scholarships and grants.
  • Additional Borrowing: If you are considering an additional loan, there are several options.

· If you are a dependent student, your parents might want to consider a Parent PLUS Loan. This is a loan made to the parents to help pay the dependent student’s college costs.

· If you are an independent student, or a dependent student whose parents do not want to take out a PLUS Loan, check out the loans on our private loan page.  These loans can be taken out by both dependent and independent students, but you’ll typically get the best deal if you have someone to co-sign the loan with you. That is often a parent, even if you are independent, but it can be anyone who is credit-worthy and willing to co-sign.

· When applying for one of these loans, you need to consider all the expenses you will have. These expenses include more than just tuition, fees, room and board. On the Award Overview tab of your award on MCSquare, we have provided our calculation of your total Cost of Attendance. You may want to borrow enough to cover these amounts. Your total Cost of Attendance minus the other aid you have already received is the maximum loan you can receive (On the Special Messages tab, we have provided our calculation of your maximum PLUS or Alternative Loan Eligibility), but some people may not need as much as we have included in each of the cost of attendance categories, so don’t borrow more than you really need. Review your total Cost of Attendance and adjust your borrowing based on what you think your actual expenses will be.

If you think your expenses will be higher than we have estimated in any of the categories, contact us to discuss an adjustment, since you can’t borrow more than what we have currently estimated as your total cost and only the Financial Aid Office can increase one of these categories.

  • Savings: You may not have saved enough to pay all of your college expenses, but even smaller amounts of savings can make a big difference in what you need to repay in loans after you graduate. Review all of your savings and make a plan for how much you can use each year toward your college expenses. Although it might seem difficult to spend that money now, in the long run you’ll be much better off.

  • Monthly Payment Plan: Pay-as-you-go by spreading your education expenses over 10 monthly payments with the Interest-Free Monthly Payment Option from Tuition Management Systems. Click here to learn more about how to take advantage of this option.

Well, now that you’ve completed The Seven Steps to Financial Aid, you should be ready to start your college career. We look forward to having you on campus. As always, if there is any way the Messiah College Financial Aid Office can help you, please do not hesitate to contact us.