11 Ways to Get Your Share of College Money

Of course we all know to haggle when buying items -- especially large-ticket items. But who ever thought of haggling/asking for a discount when it comes to college tuition? Well, the people at MSN Money are thinking about it when they suggest we don't pay sticker price for college. Their article starts with some stats detailing the kinds of discounts that can be found at various types of colleges:

Sure, colleges would prefer that you pay full fare, but they will slash the price for the right kids. In fact, the typical private school routinely cuts its tuition by 33.5%, according to the College Board. And even the less expensive public universities are offering an average break of 14.7%.

They go on to say that not every student will qualify for aid/price breaks, but that if you don't ask for them, you'll never get them:

"The golden rule is this: If you don't ask, you won't get the money," says Rick Darvis, CPA, who is founder of the National Institute of Certified College Planners. "The key is knowing that this cash is there and positioning for it."

The piece then suggests 11 ways to increase the chances of getting your share of the money:

• Check out financial aid.
• Search for great financial aid packages.
• Look for merit cash.
• Read college strategic plans.
• Check out other time zones.
• Rethink reach schools.
• Play the gender card.
• Avoid lending gimmicks.
• Borrow from the no-names.
• Play sports at small schools.
• Negotiate your award.

I'd like to suggest that making sure your child gets the most aid possible starts right before he/she enters high school. There are specific, meaningful steps that can and should be taken each year to make sure Johnny or Susie gets a great aid package. For details/specifics on how to start this process, check out What You (or Your Child) Should be Doing in 9th Grade to Get into the College of Your Choice.

For more suggestions on saving on/for college, see these links:

• Why Extracurricular, Volunteer, and Community Service Activities in High School are so Important at Getting You into the College of Your Choice

• How Much College Debt is Too Much?

• Best Ways to Save for College

• How Much You Need to Save for Your Kids' College Expenses

Comments

[Anitra]

I'd say this advice is right on. Parents and students shouldn't forget that negotiating aid doesn't stop with freshman year, however. Most schools will systematically increase tuition and reduce the aid a student gets once they have begun attending. Students need to keep seeking scholarships and high-quality loans, as well as asking for additional financial aid each year.

Obviously, a student should also study hard, to retain merit scholarships and increase the likelihood of graduating on-time. Dropping out without a degree or taking extra time for a degree may sometimes be warranted, but it will always cost more money!