Updated: Paying for College Without Going Broke

Updated: Paying for College Without Going Broke
  • Opening Intro -

    College expenses comprising of tuition, room and board, and books continues to increase, outpacing the rate of inflation year after year.

    In a normal economy such increases are a challenge, in today's tough economy they're impossible for some people to manage.

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Kalman A. Chany’s latest edition is now available.

Here in North Carolina, state college students are facing some of the largest increases ever seen as restricted budgets force legislators to pass on more and more costs directly to students. In California, students are being hit by a 21 percent increase, which is about seven times the rate of inflation.

We’ve highlighted an earlier version of Kalman A. Chany’s book, “Paying for College Without Going Broke,” and were pleased to receive a preview copy of the 2012 edition from The Princeton Review. And as urged by the reviewer for the Chicago Tribune you’ll want to “get this book, and don’t just read it, but study it.”

The news about college costs is certainly grim, but Chany doesn’t leave you sitting there wondering what to do about it. What he does offer are a number of steps you MUST take if you are seeking to control college costs. Fortunately, for the $20 cover price of the book, you get a lot of information that would cost you plenty if you had a professional share it directly with you.

Among the strategies the author offers:

Standardized aid application forms — Chany offers line-by-line strategies for completing the federal FAFSA and the even more detailed CSS profile that is required by many schools. The author’s instructions are invaluable and could lead to even better aid for your family.

College savings plans — So-called 529 plans are popular and an important way for families to save money toward college. There are other funding options available including the American Opportunity Credit and the Lifetime Learning Credit. These and other tax breaks can save you money — Chany explains how.

Expected family contribution — You won’t know what colleges will expect you to pay until all financial aid has been processed. To keep families from being left in the dark, Chany offers worksheets that can help you calculate “guestimates” of what that might be. Importantly, you’ll also be given legal ways to lower that figure.

This edition also includes tips for divorced and single parents about aid eligibility. He also delves into how to find the best education loans, how to appeal to the college if the aid package comes up short and gives advice to independent students who face their own challenges.

Career Planning reference:

view summary aid charts

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Categories: Book Reviews