Whether you’ve saved for college or not, don’t let your financial limitations stop you from considering college; any college. There are many colleges and universities that offer different educational experiences and they charge different prices. The majority of college students get financial aid to help pay for college costs. Much of that aid is based on financial need rather than grades. But grades are a big consideration in the type and amount of the award. Being knowledgeable and proactive will help you overcome the obstacle of money for college.
Working with the Admissions Department to Budget for College
If costs are a great concern, you should inquire with the admissions department about “nontraditional”, “articulation”, “early college” programs and scholarships; all of which can reduce costs significantly.
If you’re a desirable student, due to your grades, “legacy” status or athletic record, you may have more options.
Every institution has “recruitment goals” and you might fit the profile of what it’s looking for this year; particular if you are a “first generation” or “diverse” (minority or international) student.
If you’re very clear about your major, and you have good grades, make sure you let the faculty of your future academic program know about your interest in the college. Talk with them by phone or meet with them in person, and send them an email. Then, send a copy to the admissions departments, who usually keep track of your level of “expressed interest”. This may have some influence on the admission or financial aid decisions.
Communicate with the Financial Aid Department to Maximize Your Award
Soon after the admission decision is made by the college, the financial aid award will be determined. The financial aid awards begin right after January 1, The college’s federal aid allocations start to get tapped then, so apply early for the best chance to maximize your award.
Some colleges offer a special rate if you commit early (called “Early Decision”) to attending. However, this may affect your ability to compare aid packages from several institutions.
The financial aid policy of the school could become a major factor in your final college choice. Some schools will not meet all of your eligibility for financial aid, leaving you with an unmet need and requiring you to tap more of your family’s resources. Ask the financial aid department for its average “merit-based” (scholarships) and “need-based” financial aid award statistics, or look them up online. Merit-based awards are usually determined by the Admissions department, so it’s important to keep talking with your contacts there, too.
What You Can Control: Planning Your College-Related Expenses
The first step in preparing for a financial aid discussion is to gather your personal expenses and transportation costs. The obvious yearly college expenses are tuition, books and travel or relocation costs. These costs are on the rise for families but the “net cost” of college is actually decreasing. Get a true cost for these by itemizing them.
Beware of hidden costs, such as computers, laundry, parking, gasoline or bus fares. Costs for cell phones, entertainment, groceries, toiletries, clothing and entertainment are often underestimated. Books and supplies for some college majors cost more than others. Other easily forgotten costs include:
• Loan fees
• Study abroad costs
• Dependent care expenses
• Disability-related expenses
• Cooperative education program costs
“Free Money” Sources for College
Many students attend college at no cost; with the help of grants. Grant aid is available from a variety of providers. It’s much better to look for all the grant aid available – and especially to ask about each college’s “institutional grant” practices. Possibilities for grants and federal loans should be exhausted before you borrow money to go to school.
As mentioned, scholarships can be found at each college, but you can search for local or “special interest” scholarships for specific student groups. These may be easier to get, and are not always driven by your grades.
If the college has decided that it wants you, and understands that the costs are out of reach for you, they may offer a “tuition discount”. This practice has become more popular among private schools, as well as public universities.
After you’ve put together these expenses and reported them to your colleges, let the financial aid officer know about any “special circumstances”, especially related to recent changes in family or health status, or job losses. Colleges sometimes offer more financial aid if your family is paying for private high school tuition, nursing-home bills, or the funeral of an immediate family member.
“Independent student” status usually allows for a more generous financial aid package, but it’s only possible if the student is 24 or older, married or a parent, a soldier on active duty, a veteran, or an orphan or ward of the court. However, a “dependency override” is possible if a student has been abandoned or abused by parents.
Middle income families can realize some tax benefits. If you’re not qualified for financial aid, you can still focus on maximizing the tax advantages of saving for college, such as saving in the child's name and gifting capital-gain assets.
If costs still seem insurmountable, you could consider working while going to college. But limit it to 15-20 hours a week, if you’re in college fulltime. Otherwise, research shows that it may take you longer, and cost you more, to complete your degree. Working ten hours or less, though, has been associated with better grades in many cases! You need to keep your academic performance up to maintain or increase your financial aid award.
By law, the college must take all of your resources into account when determining your financial aid awards, including grants/loans, work eligibility or need-based loans. In some rare cases, working can actually reduce your grants or scholarships in your financial aid package. So the best policy is for you to eliminate or reduce your work or loan commitments first, before negotiating your financial aid package.
If you wind up going into the workforce first, you can keep college on your radar screen. You may be able to earn college credit for your employment and life experience. Some schools administer their own tests and standards, while others allow you to take College-Level Examination Program (CLEP) tests for college credit.
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