College Planning: How to Pay for College
Thousands of students every year limit their college opportunities. They assume they can only afford certain schools. Thousands more find the financial aid process very complicated. They don’t even bother to apply. College Direction provides college assistance with financial aid. Susie works with a certified college financial aid planner who can help parents find ways to pay for college and cut college costs. Initial meeting is free.
Financial aid need not be the confusing issue it is made out to be. Many families are often pleasantly surprised that they qualify for financial aid. Granted, there are forms to fill out and information to gather. However,it is more than worth the time you put in for what you might gain in the end.
There are three types of student financial aid:
1. Grants and scholarships which are not repaid
2. Loans which can be federal and private and need to be repaid
3. Work-study on campus
Once students determine the schools they want to apply to, they should contact these colleges and talk with a financial aid officer. Find out what grants or scholarships might be available for freshmen students. Ask how to apply for them. Parents should fill out the FAFSA online form whether they think they qualify for financial aid or not. It can be sent in immediately after January 1, 2011. Some private schools also want you to fill out the CSS form. It is is available on the College Board website at www.collegeboard.org. Some schools may have their own application.
Financial aid is based on what the student’s family is expected to contribute to the total cost of attending college. There are a number of scholarship searches listed on the Helpful College Website page that every student should explore. Pay close attention to deadlines and don’t get discouraged. Don't miss out. The only way you can receive financial aid and scholarships is to go after them.
12 Tips to Help You Pay for College
College savings have disappeared, investments have taken a hit, and job layoffs continue to add to feelings of economic instability. Who isn’t feeling the financial crunch? Parents with children headed to college this year or next are wondering how to they will pay for college. It has led some families to discourage their children from applying to schools they don’t feel they can afford, even with financial aid and scholarships. Paying for college is a real concern.
Here are twelve tips to make paying for college easier:
1. Talk with your student about how important it is to study hard throughout high school and make the best grades possible. Students should also try to get their highest SAT and ACT scores. This may require test prep or tutoring, but it is worth the money. Taking the tests two of three times is also a good idea. Often times merit scholarships are based on grades and test scores. They can make a big difference in paying for college.
2. Don’t wait until your student’s senior year to search for scholarships. Many are available to students from 9th through 12th grade. Look into organizations that sponsor scholarships such as Rotary Clubs and the Elks. Religious organizations and employers often have available grants. Even if the scholarship is a small amount, it may help to pay for books and supplies.
3. Meet all deadlines for signing up for the SAT and ACT as well as for college applications and scholarships. Don’t incur late fees or lose out altogether. Those $16 late fees add up and make paying for college more expensive. Some schools will also allow students to apply without paying the usual $40 or more application fee. It never hurts to ask.
4. Seriously consider schools where your student can graduate in four years. Most students take five or six years. This can add two additional years of tuition and living expenses. Schools that are committed to seeing their students graduate in four years can save you a lot of money and make paying for college a lot easier.
5. Find schools that are a good match for your student academically and personally. If they do not feel they fit, they often will want to transfer. Transferring to another school can lead to lost credits and additional expenses. Educational consultants are experts at helping students find schools that are a good fit and where they will want to spend four years. To find qualified consultants in your state, go to the HECA website.
6. Look at a wide variety of schools, including both public and private. Some families have found private schools can actually cost less than some public universities. Private schools are also a lot more generous with financial aid and scholarships.
7. Always fill out the FAFSA form, whether you think you quality for financial aid or not.
Many parents are pleasantly surprised that they do quality despite a six digit income. Next, look for grants that do not need to be repaid. Then, borrow all the federal money you can before turning to bank loans. The less debt you and your student take on, the better.
8. Encourage your student to find textbooks that are used by looking online. Students sometimes can even share a book with another student who is taking the same course at a different time. It’s amazing how expensive books can be.
9. Write a letter to the financial aid director at the college where your student has been accepted and would like to attend and explain any unusual financial circumstances. Talk
with the financial aid director and see if you can negotiate a better financial aid package. Most colleges want to help you find ways to make going to their school possible.
10. Allow your student to take more responsibility for his or her education by contributing summer earnings or money made from part-time jobs for college expenses. Hopefully, they can pay for their pizzas and social life and not need to rely on you. This usually makes students a lot more serious about their education because they are helping to pay it.
11. Consider a community college. Students can take their core requirements and then transfer to a four year school or add to their college credits by taking courses in the summer. Community college is a real bargain and makes a lot of sense. Community colleges are less expensive and can cut college costs.
12. Carefully consider the available meal plans. Some students will not use all of the meals because they never eat breakfast and grab a bagel on their way to class. Why pay for
seven additional meals if your student plans to eat out?
The dream of going to college doesn’t need to turn into a nightmare. No one wants a student to be saddled with debt, but there are creative ways to avoid that, and pay for college. Take time to research all of your options so that your student can have the best college experience possible. The earlier you start the better.
