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Published: August 8, 2007
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Faced with those numbers, many families make one of two mistakes, financial aid counselors say. Some, especially low-income families with no previous college graduates, assume they'll never be able to pay and give up. Others don't understand the hard work that's needed well in advance of a student's senior spring to tap into all potential grant, scholarship and loan sources..
Ideally, parents should begin saving when their children are babies and toddlers (go to www.Virginia529.com for some state-sponsored plans). But even if families get a very late start, they can lessen the financial blow by making smart moves when children are in high school, particularly during their junior and senior years.
"There are a lot of different kinds of financial aid out there," said Mary Wigginton, director of financial aid at Christopher Newport University. "It can be a very confusing process and there's not enough to go around, but we do the best that we can for every student who walks through the door."
High school students should focus on doing as well as possible academically, Sutton said, as well as get involved in extracurricular activities and volunteer work. While students don't need straight A's to get money for college, more scholarship programs are leaning to aid with some merit attached.
As juniors, students should approach teachers for references and take the SAT for the first time (groups such as the ACCESS College Foundation can help low-income families with test fees, as well as with college application fees). They also should attend college planning meetings at their school and begin to narrow their college choices to about five or six schools.
Parents, meanwhile, need to educate themselves on all of the financial aid forms and deadlines before the end of their child's junior year, Wigginton said. "Timing can be everything," she said. "You want to put yourself first in line."
One crucial form, the Free Application for Federal Student Aid, or FAFSA, determines a child's need for federal and state aid. Families should complete that by Feb. 15 of a student's senior year, the earliest deadline that some colleges have set to receive it, Sutton said. The paperwork is free online (www.fafsa.ed.gov) or at school counseling offices and public libraries.
Sutton encourages students to fill out FAFSA paperwork even if they're not from a low-income family, because they also need the form to apply for student loans. "Students from middle-class families and even some above that should do it, just in case," she said.
To have the best shot at an academic scholarship, students should file admissions applications to colleges no later than Dec. 15, Sutton added.
Other smart moves:
Do your research. Good Web sites on ways to pay for college include www.accesscollege.org and www.schev.edu for Virginia residents, as well as www.studentaid.ed.gov, www.finaid.org, www.theoldschool.org or www.collegeboard.com.
Don't focus on your income alone. Aid programs will consider a family's full financial picture, including expenses such as mortgage payments, medical bills and other children in college. Don't simply assume your salary is too high to qualify.
Hunt down private scholarships. Be aggressive: ask everyone you know if they have a program, including businesses where you shop, your employer, civic groups and even neighbors and friends. If your child has a particular career interest, you also can go to local businesses in that field.
Investigate payment plans. Most colleges will work with families so they don't have to pay tuition all at once. Many will spread payments over a 10-month period, Sutton said.
Consider a variety of schools. Families might think a private college is out of the question, but certain schools might have more financial aid to offer. At the same time, an in-state public university might have the best program for a much lower price tag. Other options include going to a community college for two years or taking a year off to jazz up an application and save more money.
Don't be afraid to negotiate. Schools do have a limited amount of aid to give, but you may have a shot at a better package if you ask - especially if family circumstances change after you fill out a FAFSA form. For example, you should tell a college if a parent has lost a job, divorced or had to fight an illness. Students also can try an in-person appeal at their first-choice school, Sutton said.
Consider how your child can contribute. Even if students aren't on a work-study plan, they can get a job on campus, at a nearby business and during vacations. Once they settle on a major, they also may qualify for internal scholarships from an academic department.
Look at the big picture. Sending kids to college might be financially painful no matter what you do, but Census data shows a graduate will earn an average of $23,000 a year more than a student who stops at a high school diploma. They also are less likely to be unemployed.
So down the road, a little of that money might come back your way.
Pursuing College: Books for Families Are you packing your child's bags for college in August? The college admissions departments will help you with the academics and finances. But how well will you cope with your child's transition to college life? These books assist both students and parents with their conflicting emotions. Don't Tell Me What to Do, Just Send Money: The Essential Parenting Guide to the College Years by Helen E. Johnson and Christine Schelhas-Miller. |
