It’s the time of year that high school seniors have received their college acceptance letters, are waiting for their letters, or are doing the best to evaluate schools based on financial aid.
Smart Money put an article together detailing 9 Ways to help you get more financial aid.
It cites the following costs:
The average total cost to attend a private, four-year institution — including tuition, fees, room and board — has increased 30% over the past five years, to $32,307 for the 2007-08 academic year, according to the College Board’s Annual Trends in College Pricing report. At four-year public colleges and universities, costs are 40% higher, averaging a current $13,589. While the amount of financial aid has also risen, it’s done so at a comparatively sluggish pace of 11%. During the 2006-07 academic year, the average package of loans and grants for undergraduates was $9,499.
Here’s the nine ways to help you get more financial aid:
- Apply for aid ASAP
- Play hard to get
- Dig into offer details
- Look long term
- Study scholarship policies
- Exploit school rivalries
- Get the college in your corner
- Request a hardship review
- Keep asking
It may be too late for those headed to college in the fall, but here is another tip to add to the list.
10. Plan Ahead
Before I entered high school I found out that my state offered a full tuition scholarship for the top 1% of students at each high school in the state.
I was able to do some research to find out that the percentages were calculated at my school using grade point average. If there was a tie, ACT scores were used to break the tie.
Because I was armed with the knowledge, I was able to secure one of the scholarships through the following steps:
- Earned a perfect grade point average
- Asked around to find out who else I was tied with
- Asked the others their ACT scores
- Retook the test to make sure that I had one of the top ACT scores to break the tie
Without planning, research, and action I probably wouldn’t have received the scholarship.
Other articles about college and financial aid:
Fortunately, I don’t have children old enough to need financial aid yet, but I need to get started saving for college. The costs of a college education nowadays is amazing. I don’t even want to think of what it will be when my kids are old enough!
@ Jeff: Of course, the sooner you start saving the better!
This is very sound and timely advice for me and my family.
We have 3 young children in line and we intend to try our best for them to seek the benefits of financial aid for their tertiary education.
Great article! It’s so important for kids and parents to set goals by what it takes to get the money for college.
I would like to add, though, that many good students looking to go to college are not in the top 1% of their class and won’t get nice scholarships to pay everything.
A good topic for articles might be what to do if your child doesn’t get academic scholarships, what options are there based on need?
I have a handful of friends with sophomores and juniors, who hired a local financial advisor who specializes in the rules of financial aid. He worked with them to redo their income and assets to minimize what they, as parents, are expected to pay.
For instance, one of my friends had put quite a bit of money in her daughter’s name to save money on taxes or something. Apparently, you can be heavily penalized for this in the aid formula. Who would know that, right?!
Anyway, Brent helped her and her husband reduce their share from $23,000 per year to just $3800! The colleges all made very generous offers for aid to meet their need.
All my other girl friends who hired him mentioned similar results. When it was all said and done, their kids will be going to really nice private schools for little more than our local community college would have cost.
Will definitely hire him when my son is in high school!