| College costs are on the rise and show no signs of | | | | methodology used in computing your EFC takes into |
| slowing their climb. According to the College Board's | | | | account the age of the oldest parent. As the eldest |
| "Trends in College Pricing" the average annual cost for | | | | parent matures, your EFC should decrease. Therefore, |
| in-state tuition ranges from $17,336 for public institutions | | | | if the eldest parent has a birthday in January of the |
| to a whopping $35,374 for private universities. Adding | | | | year in which FAFSA application is submitted, you may |
| insult to injury, college expenses are typically paid with | | | | want to consider signing the financial aid application on |
| after-tax dollars, which means that if you're in the 28 | | | | the day of or after your birthday. This may reduce |
| percent tax bracket, you need to make $24,075 to | | | | your EFC and could lead to a reduction in your total |
| pay a public institution's $17,336 tuition. | | | | costs. And, make sure you get your financial aid |
| With numbers like these, many parents are on the | | | | applications in correctly and by the schools priority |
| verge of panic about college. They've watched their | | | | deadline, if not sooner. |
| education savings vanish in our nation's battered | | | | 7. Understanding how each prospective institution |
| economy and, as scholarships and grants dwindle, they | | | | packages their financial aid is an essential part of |
| find themselves struggling to figure out a way to pay | | | | receiving the "best" financial aid package. Many |
| for college. In this pressure-filled environment, most | | | | universities are required to include a minimum amount |
| families end up taking on unhealthy levels of debt - | | | | of self-help aid before any grant or gifted (free) |
| debt that can take years to pay off. | | | | money is awarded. Self-help aid includes |
| Despite the bad news, the good news is that families | | | | interest-subsidized or unsubsidized loans and |
| can still play the college financial aid game and win if | | | | work-study programs that must be repaid through |
| they employ some smart strategies. | | | | financial obligation or service to the school or state. So, |
| 10 Ways Parents Can Cut College Costs Now For | | | | what's the best strategy for big savings? Applying to |
| Their Senior High School Student | | | | schools that historically award a higher percentage of |
| 1. Apply early in your senior year – which means | | | | grants or gifted money and a lower "self-help level" |
| apply now! Colleges go under extreme amounts of | | | | can stretch your educational dollars. |
| pressure to meet early deadlines for enrollment goals. | | | | 8. Apply to schools that are "looking" for your student. |
| To help meet their goals, some institutions will award | | | | Post-secondary institutions attempt to meet enrollment |
| merit scholarships to students who apply early in their | | | | goals by giving better financial aid packages to |
| senior year. This is one of the easiest ways to reduce | | | | students that they feel offer the "best fit" for their |
| the cost your family pays out of pocket for college. So | | | | school. Understanding what your selected institutions |
| get busy filling out college applications now. | | | | are looking for and matching your needs to theirs, can |
| 2. Be proactive on your appeal strategy. Keep in mind | | | | improve your chances of receiving a generous |
| that once you receive your award letter most of the | | | | package. A good starting point would be to go to the |
| financial aid has been assigned. Therefore, it may | | | | schools website, enter the phrase "Freshman Class |
| make sense to notify your financial aid office of | | | | Profile" into the search box. Click the search button |
| special circumstances that you feel warrant | | | | and let the Internet do its magic. And if your child is a |
| consideration. Do this immediately after you have filed | | | | good "match," never underestimate the power of a |
| your financial aid applications and prior to receiving | | | | few phone calls. Establishing relationships with the |
| award letters. Make sure that your appeal is based | | | | admissions, financial aid, academic personnel and area |
| upon real circumstances such as a loss of job, disability | | | | alumni representative prior to formal application can go |
| and inflated income due to bonus that will not be | | | | a long way in reducing out of pocket expenses. |
| received this year. | | | | 9. Understand the demographics of the Freshman |
| 3. Have your child enroll for a 2-year program first | | | | Class Profile. If your daughter wants to major in an |
| and then have them transfer to his or her desired | | | | area that is typically dominated by males and she is in |
| school. This will help you reduce your college costs, but | | | | the top 20-25% of the incoming freshman class, the |
| you must make sure that your child's credits are | | | | college could be more willing to reach out to her with |
| transferable. Additionally, be aware that some schools | | | | an award package that consists of more institutional |
| limit financial aid packages to transfer students. | | | | money vs. an award package loaded up with loans. |
| Planning is the key! | | | | 10. Get a handle on the geographic regions that the |
| 4. Understand that most university placement exams | | | | majority of the incoming freshman class is from. You |
| don't lead to college credits. In other words, a | | | | can to use this to your economic advantage. Let's say |
| placement examination merely transfers a student out | | | | your daughter is from a small city in the west like |
| of a particular class. The original graduation credit | | | | Estes Park, CO. She has her heart set on pursuing a |
| requirements still apply and, thus, so do the associated | | | | male dominated major, like engineering, at a school |
| costs. On the other hand, incorporating successful AP | | | | located in the New York area. Chances are that |
| or AP alternative testing, reduces graduation credits | | | | school can get as many students from the New York |
| and college costs. So be sure and check with your | | | | area as they want, but they may not be able to get |
| considered universities as to their acceptance of these | | | | that many from Estes Park, CO. Your daughter may |
| credits and devise a plan that can help you improve | | | | be able to add some much needed "diversity" to the |
| your college financial experience. | | | | student population and the college may be willing to |
| 5. Don't fall into the "there is only one right college for | | | | pay for that diversity. |
| my child" trap! This costly mindset means that you limit | | | | Failing to follow the tips in this article and in my |
| yourself to that particular university's financial aid | | | | newsletter at will unnecessarily cause you to pay full |
| resources and you completely eliminate the use of | | | | price for your child's education. But if you take this |
| competing award letters. A good college exploration | | | | peek into the future of college costs and combine it |
| process will produce many "right colleges" to consider, | | | | with the ideas mentioned above, you may be well on |
| which can lead to big college cost savings. | | | | your way to saving thousands of dollars in college |
| 6. If you are applying for financial aid to an institution | | | | expenses. |
| that uses the FAFSA application, keep in mind that the | | | | |