Smart Ways To Reduce College Costs

-------------------------------------

student aid

If your child is a rising high school senior or a freshman entering college this fall, then you know that affording college isn’t a given. Tuition, room and board, and related expenses is driving the cost of education at some elite schools toward the $50,000 year mark, making it necessary for families to come up with as much as $200,000 to educate their children.

Quite frankly, only the rich or those with a sizable nest egg can afford today’s high college costs, leaving some students out in the cold or clamoring for help.

Fortunately, there are ways to reduce college costs even at schools who charge full freight. The following strategies are a must for families wanting to gain control over a potentially budget busting situation:

Apply To State U. — your child may not be interested in attending old State U., preferring the nearby private college instead. If your offspring is the type of student both schools would like, expect the private college to cut you a break in order to win your student over.

Apply Out of State — For students in some states, attending their own state’s university system is more expensive than paying out-of-state tuition elsewhere. Some schools will even give your child a break to diversify their student body.

Apply For Financial Aid — It doesn’t matter that you and your spouse pull in $150,000 per year — paying for Harvard or Swarthmore could wreck any budget. With more than one child attending college at the same time, you may be eligible for significant assistance, so apply for aid and see what kind of break you can come up with.

Get Discounts — Maybe your son or daughter doesn’t have the athletic ability to qualify for a scholarship, but they were ranked in the top tier of their class academically. Schools will often give incoming freshmen a hefty break especially if they have a proven track record of success.

Attend Less Popular Schools — Some schools have long waiting lists of students wanting to get in, while others get a lower percentage of students who accept the school’s offer of acceptance. True, you want to attend a school that has a good reputation, but maybe it isn’t as well known as Stanford, Vassar, or Duke. Other schools still provide a very good education, but they still need to fill seats. Ask for a discount especially if your son or daughter could easily attend school elsewhere.

There are other ways to save on college expenses including appealing the financial aid award package and playing schools off of each other, especially if they are collegiate rivals. You don’t have to settle for a high tuition burden and private student loans can bridge the gap where Stafford loans won’t cut it.

Further Reading

10 Things College Financial Aid Offices Won’t Tell You

Financial Aid Myths: Don’t Believe Everything You Hear

Resources

College Financial Aid Center

Financial Aid Charts

-------------------------------------------------------------------------------------------------------------

end of post idea

-------------------------------------------------------------------------------------------------------------

Helpful article? Leave us a quick comment below.
And please share this article within your social networks.

Categories: College Budgeting, Finance