Expert offers tips on what to do when financial aid isn't enough for college costs

CHICAGO (WLS) -- We all know college tuition can be extremely steep and it all depends on where you go.

Craig Bolanos, co-founder and CEO of Wealth Management Group joined ABC7 and offered tips on what to do when financial aid isn't enough.

Bolanos said on average, Federal aid programs cover just under half of college tuition and scholarships and grants can cover another 25% or so.

He recommends people get creative nd in addition to filling out a FAFSA, reach out to every possible organization you are involved with to see if they offer scholarships.

When it comes to needing to take out student loans, Bolanos said, "The good thing about federal loans is that they offer fixed interest rates and more flexible repayment terms than most private lenders. Currently, you can take out anywhere from $5,500 to $12,500 per year in federal loans as an undergraduate. There are also Direct Unsubsidized loans and Direct PLUS loans if you don't qualify for a Federal loan."

Bolanos also spoke about work-study programs as a way to help make ends meet and also asking the school about a payment plan.

Free Application for Federal Student Aid (FAFSA): www.studentaid.gov

FastWeb or FinAid can help you hunt down scholarships that are a good fit.

Scholarship Search Tool and state-based search tool can also help.

For more information on the Wealth Management Group, visit www.InvestWithWMG.com.