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| Guide to Financial Aid |
 Step 3: Think over taking a loan (but be careful!).
If you choose loans, it is better to get a federally sponsored student loan, such as the Stafford, the Perkins or the PLUS loan. It may be too late to obtain one of these loans for next school year, depending on your school. It is advisable to learn about the policies at your school by speaking with the financial aid office.
There are agencies that can provide last minute pre-approved loans. Your school may put you in contact with them. These agencies are private companies that provide loans separately from the federal government - in other words, the same kind of loan you would take out to purchase a car or house.
 Loans from these private companies can help if you're facing immediate tuition bills and don't have other funding sources. Be cautious, though. Pre-approved loans carry a high price - interest rates that can run as high as 17 or 18 percent.
Step 4: Your Last-Ditch Alternative
If you've tried all other possibilities, think over changing your educational path. One alternative: begin at junior college, and then transfer to a four-year institution. You'll save money on tuition and get a chance to begin college with a clean financial slate.
But before you follow this course, read some helpful tips:
• Be sure your credits will transfer to your preferred school. A year's worth of course work that won't transfer is a waste of money. Figure out before you enroll.
• Learn as much as you can about the financial aid policy at your four-year school - especially as it concerns transfer students. Some schools provide a different (and perhaps less attractive) financial aid package to transfer students than to students who spend a full four years at the institution.
Whatever you do, be sure to investigate all your options, and don't give up until you've spoken to a representative at your school. Policies are different - and you may find it's not too late after all.
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