Affording College

I've written several blog posts on affording college recently.  Since I have two kids in college, it is something I'm becoming familiar with.  My argument is that no one should take out a loan to afford college.  Working, work study, internships, co-op education, scholarships, AP classes, do whatever it takes to pay cash as much as possible.  Even if it means taking 5 years to get a degree, getting that degree debt free should be the goal.

I picked up a few new hints that I did not know about when I was at freshman orientation with middle child that I thought I'd pass on to you.

1) Payment Plans
Most colleges now offer a payment plan, where the cost of tuition is broken up over several months.  So, say tuition and fees for the fall semester is $6000, if you use the payment plan, you can break that payment down into 6 payments of $1,000 each. 

The only caveat here is that most schools require that your student be a full time student in order to take advantage of this payment plan.

2) Scholarships
There are still scholarships out there that are available for students.   They are small, but every little amount helps cut money out of your bottom line.  There aren't many scholarships available for the fall, but there are several still out there for the spring semester.  Even if it's only for $250, that's $250 YOU don't have to fork over.

Colleges have these scholarships listed on their financial aid web site.

3) IMPORTANT NOTE
Almost all colleges use the Free Federal Financial Aid (FAFSA) to determine the amount of financial aid your child will receive.

The important thing to note here is that it is FREE.  If any web site or financial aid site is asking for money in order to qualify for aid, walk away.  (Words from the Financial Aid counselors at my son's school.)

If your circumstances suddenly change dramatically during the year, you lose income, or some other catastrophic event takes place, immediately contact the financial aid officer at your school.  The counselors there will do their best to help you achieve your dreams.