Paying For College: Easier Than You Think
Don’t let today’s suffering economy stand in the way of your college education. You’ve come this far, it’s time to put together a financial plan that will see you through your higher education. It won’t be easy though. Traditional universities and online colleges alike have lost some of their scholarship endowments and families across the country have suffered unemployment and declining equity in their home values. It’s time to be smart and look at all of your options. Here’s how to start:
1. Look at the big picture. There’s only one way to know the reality of what you’re dealing with and the best place to start is the internet. Take your list of public and private colleges and do a search on their costs for tuition, room and board. Also available online are financial aid calculators for a good idea of what you can (or cannot) expect in terms of help.
2. Cast a wide net when applying. Even if your savings balance isn’t enough to cover a high-end school, don’t let that prevent you from applying if your grades are up to par. Every college has a different amount of scholarship funding and financial aid packages. Send application materials to a variety of schools to see where the best offer might come from.
3. No matter how much money you have put together, look into financial aid. Period. You might be surprised at the help you can qualify for. Get your hands on a FAFSA (Free Application for Federal Student Aid) and start the process right away. While every school requires different forms, the FAFSA is widely accepted.
4. Borrow with caution. You’ve surely heard about the shortage of credit available in today’s troubled market. There are student loans with good rates, as well as private loans for your parents if they quality. Be sure to study all of the terms before accepting, however, because the loans will likely follow you around for years to come.
If savings, financial aid, scholarships and student loans still don’t add up to enough to get you through a four-year program, keep brainstorming. For example, if you start at a local junior college or community college you could save money by living at home the first year and transferring later. Or, take the year after high school to work. Where there’s a will, there’s a way, right?
Mary Greene counsels students on choosing online colleges and online universities meeting their individual needs.
