Money Matters: Paying for college amid the coronavirus outbreak

The coronavirus has put many families and college students in a tough situation when it comes to paying for college.

According to Nitrocollege.com, more than 69 percent of parents and 55 percent of students entering college in the fall said the coronavirus has impacted their ability to pay for school.

Start by looking at your financial aid options

Money Magazine reports that you FAFSA will be based on your 2018 tax return.

If you have experienced a recent drop in income, you should contact the school and file a change of circumstance and ask for your financial aid to be recalculated.

You should also us this time to apply for private scholarships and grants.

Should I even go back to school this fall?

Financial experts have differing opinions when it comes to continuing education during economic turmoil.

What you should do is lay out your choices.

Look at different schooling options whether it's community college or a trade school.

CNBC reports, 40 percent of students say they would attend public college and 26 percent said they would choose community college.

Figure out your budget and make sure you are factoring in living expenses.

At the end of the day, make sure college is worth the investment for your future career.