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How to Pay a Past Due University Balance

Failed a class? Have a shortfall in Financial Aid Funding? There are several ways to get a past due balance covered to get you back on track for graduation. It pays to be creative and diligent when looking for alternative funding to pay off a balance at the university. Often times, students are eligible for grants and scholarships that they are not even aware of and this money is just waiting to be given away. The list below ranks the top ways to find alternative funding when you have a past due balance. It is important to pay any past due balance as soon as possible because it only takes several weeks for accounts to be sent to collections. Once your account is in collections, it will need to be paid completely out of pocket and will probably affect your credit score.

Grants and Scholarships

The offers a scholarship database that is a great place to start looking for free money for college. There are many scholarship programs out there that are based off your ethnic background and good academic performance. Check out the center for scholarship excellence for more details.

Private Student Loans

If you have a decent credit score, you should be able to qualify for a private student loan. For example, If you failed a class and have a balance of around $2,000 you can use a private loan to cover this balance instantly. There are many lenders out there that offer education loans that are deferred while you are in school. Check out student lending analytics for a list of the best education lenders out there. www.studentlendinganalytics.com

Payment Plans

Ask about payment plans to students who are motivated to continue in class. The maximum amount of time allow for a payment plan is only 90 days. If you go this route, you will need to contact your Financial Advisor to make arrangements. It is important to be proactive and get this done as soon as you know there is a balance on the account.

We hope these tips help you keep your account current and out of collections.

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