Here's a piece from USA Today that gives details on how you can use financial aid to pay for a good chunk of college. Good thing too, because college expenses are going nowhere but up. According to the article:
Average tuition, room and board for a four-year public college or university is $12,127 this year. The average cost of tuition, room and board for private institutions exceeds $29,000. In addition, financial aid is shrinking, and the cost of borrowing for college is about to go up.
Yes, it's expensive, but the article holds out a piece of advice that offers hope in the face of these costs:
Fill out the Free Application for Federal Student Aid (FAFSA). It's free, it's online, and it could save you a lot of money.
Here are the key points made by the article:
Unless you file a FAFSA, you can't apply for a Pell grant, which provides up to $4,050 a year for low-income students.
It's always a good idea to file the FAFSA early, but this year it's more important than ever. The number of students entering college this year is expected to rise 1.6% to a record 17 million. That means there will be more competition for a shrinking pool of financial aid, says Mark Brenner, vice chairman of College Loan Corp., a San Diego-based student loan provider.
Some merit-based programs award aid on a first-come, first-served basis, Brenner says. With fewer dollars available, "The early bird does get the worm."
I haven't faced the college financial aid challenge for many years (my own) and won't have to again for a decade or so (for my kids). However, I'm resolved to get our college savings plans sorted out this year.
If you'd like to read more about how to plan and save for college, see these posts:
I tried to get aid so many times. But I failed. I think that it's not always fair to judge according to wellfare of student's parents.
Posted by: Helen | April 21, 2006 at 07:49 AM