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My Stafford Loan Does Not Cover The Cost of My Education, Now What?


It happens often; a student gets approved for the Stafford Loan, only to find out that the allotted funds won’t be enough to cover their education costs for the year.

Talk about a bummer! So what are their options and what should they do? Postpone their educational dreams?

Drop out altogether?

Work a full time or part time job while attending college full time?

That last option won’t work for certain students, particularly if they are pursuing a formidable degree that requires their undivided attention.

Regrettably, this happens to be a common scenario faced by many aspiring and current students whose Stafford Loans come up short of their expectations.

If this has happened to you, the first thing we would advise you to do is, STAY IN SCHOOL! Don’t quit!

In today’s hyper-competitive job market, demanding corporations actively pursue men and women with college degrees and certifications.

It is a proven fact; those without degrees and/or certifications are usually the LAST TO BE HIRED and the FIRST TO BE FIRED.

With a degree and/or certification, you automatically put yourself in a higher income bracket. For those reasons, dropping out of school IS NOT an option!

First and foremost, regardless of whether or not you were awarded a Stafford Loan or the amount that you needed, you still have seven other options that we’ll share with you right now.

  • Scholarships
  • Grants
  • Family Funds
  • Perkins Student Loans
  • The Parent PLUS Loan
  • College Work Program
  • Part Time/Full Time Job
  • Student Forgiveness Program
  • Private Student Loan

Can you say scholarships? Actually, when it comes to financial aid and funding your educational dreams, scholarships should be the first place that you start, bar none.

If you didn’t start off by seeking scholarships, you probably didn’t receive indepth financial aid counseling. Now that you know, we provide are two primary scholarship sources.

a).   Search our Find a Scholarship Database
b).   Check out our Scholarships Library Featuring Great Books on Scholarships

Hot Tip: Never pay any money to get a list of scholarships. We provide this information to you FREE of charge. If someone is selling scholarships lists, they probably obtained their information from us.

The second option you should aggressively pursue is educational grants. There is a superabundance of grant sources that are staged to assist students fund their educational goals.

The awesome thing about grants and scholarships is this: YOU DON’T HAVE TO PAY THEM BACK! These are gifts. To find out more about grants, check out our section on, Get a Grant.

To get the rest of this crucial information on bridging the gap on Stafford Loans, go to (Part 2) of, My Stafford Loan Does Not Cover The Cost Of My Education, Now What?

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Brad Matheson is a professional Financial Consultant who specializes in helping businesses and individuals resolve their debt issues. He believes that all debt problems can be solved with the right debt advice and aspires to help Americans learn all of their debt options and exercise all of their rights. Says, Matheson, “Don't allow the Student Loan Debt crisis or a Defaulted Student Loan to hinder or block your career aspirations or stymie your financial dreams, There is Student Loan Help available!”