Twelve Tips to Help Parents Cut College Costs and Pay for College
Posted: Wednesday, January 27, 2010
by Susie Watts
College Direction
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 economic 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.
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 9 th through 12 th 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 www.hecaonline.org.
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 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 social life and eating out 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.
This Article has been viewed 272 times. (Not updated in real-time.)
Top-level comments on this article: (3 total)Welcome to Searchwarp and thanks for the great tips on helping get kids prepared for college. We just put one through college and paid cash four years straight. At least, she gets out debt free.
Great article and tips. Sending kids to college does cost a lot of money. Welcome to SearchWarp. Michel
Welcome to SearchWarp. Indeed, affordability of college is a major concern on the minds of millions of parents. The tips you offer in your article will be very helpful.
We want your comments! If you can read this, you don't have javascript enabled, so you can't use this comment system. Please enable javascript.