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Cost-Cutting Tips For College Bound Students

Posted on: Thursday, 15 December 2005, 03:02 CST

By Anonymous

Any college-bound student gets excited when thinking about going off to a university, living in the dorms and experiencing social freedom. But with all this free will and fun comes a hefty price- literally.

According to the U.S. Department of Education, college can cost as much as $28,000 per year. Although costs vary depending on the institution, the Committee on Education and the Workforce reports that financial issues keep nearly 50 percent of college-qualified high school graduates from attending a four-year institution, and 22 percent don't go at all. The committee projects that within the next 10 years, more than 2 million college-qualified students will not be able to attend an institution of higher learning.

But families shouldn't give up. These tips might help make funding your academic future easier:

START SAVING MONEY

"The best thing for any parent or student preparing for college to do is to start saving early. The earlier, the better," says Keisha Lacour, media relations representative with Southern University and A&M College in Baton Rouge, LA. "Once the child is born, you should put 10 to 15 percent of your money away in a savings bond or the like, and when the child gets 18, you'll have a great amount of money saved."

There are also many prepaid college plans to help parents save for college, according to Donna Foster, director of financial aid at Allen University in Columbia, SC.

Keisha Lacour

"It is most beneficial when parents plan when their children are young," Allen tells JET.

Allen recommends that parents look into various prepaid plans through investment companies, banks, government and local state Web sites.

APPLY FOR FUNDING

If you have or have not been able to save money for college, another option is to apply for scholarships, grants and federal financial aid. Some schools offer scholarships based on a variety of things, such as your major or your GPA.

"Grants and scholarships are tax-free money, which doesn't have to be repaid, so parents should check to see what is available," recommends Lacour.

Parents and students can check with their high school counselor or college financial aid department for financial aid resources. Also check local churches, community organizations and corporations. In addition, the U.S. Department of Education, the U.S. Department of Health and Human Services, as well as the U.S. Department of Veterans Affairs offer financial aid.

NEGOTIATE FINANCIAL AID PACKAGES

If you're offered a certain amount and it's not enough, you can request more financial aid. However, in many cases, you need to have a valid reason before more money is awarded.

"If there is a change in household income, the student can request reconsideration of an award," Allen says. "They must provide documentation of the change in their or their family's income."

Students can also apply for work-study jobs to help supplement their income.

CONSIDER YOUR BUDGET

Students should calculate costs for schools they're interested in attending. If a certain four-year university is not in your budget, the U.S. Department of Education recommends having other options. This could include attending a community college, which is less expensive, or a less-costly four-year school.

Some students should consider taking out loans, which have to be paid back.

Early planning is key to procuring money for college.

"Students must do their research," says Alien. "They can use free scholarship Web sites to find scholarships. I know students who have had a sponsor to help fund their education. They may have a sponsor who wants to make an investment in their future. However, it is important to remember that they can also receive a quality education from a less-expensive institution.

"It is OK to shop around for a college."

AVOID UNNECESSARY FEES

Families can save money by not incurring late fees.

"We recommend that students apply for any and everything on time, whether it is registration or the application process to enroll in school, because universities usually have a deadline, and if that deadline isn't met, there may be an increase in the fee that is charged to the student and also even in registration cases," Lacour says.

LOOK FOR DISCOUNTS

Lacour recommends checking with an institution's financial aid department to see if the school offers any discounts.

"Our university offers a 10 percent tuition discount for students whose parent is employed at the university," she says. "We also waive out-of-state fees for students whose parents attended the university."

In addition to academic discounts, students who plan to travel home should also look into travel concessions. Lacour says early planning helps.

"You want to make sure that you make arrangements as early as possible," she says. "Check around with friends or see what roommates are doing, and kind of do a buddy system to help cut down on costs."

For more information and cost-cutting tips, check out the U.S. Department of Education's Web site at www.ed.gov.

Copyright Johnson Publishing Company Dec 5, 2005

Source: Jet

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