Here are my top five tips to help families pay for college:
1. Save as much as possible.
This may seem obvious, but with so much focus on financial aid and scholarships, some families forget that saving is always your best college financing strategy. The more cash you have on hand, the less you have to rely on other sources to help pay for college. Here’s a past post with more information about saving for college.
2. Apply to the right colleges.
The best way to get financial aid and even unsolicited scholarships is to apply to schools that fit you and where you have a strong chance of admission. And remember that “fit” involves lots of factors, one of which is affordability.
3. Apply for need-based financial aid.
The single biggest college-financing mistake a family can make is not submitting the FAFSA (Free Application for Federal Student Aid) to apply for need-based financial aid. Don’t assume that you won’t qualify. Don’t be intimidated by the forms. Don’t hold back because you’re afraid that applying for aid will hurt your chances of admission (more on that here) You have nothing to lose but the time it takes to complete the forms, and what you have to gain is potential financial assistance for college.
4. Don’t eliminate potential colleges based on sticker price alone.
You won’t know your financial aid package until you’re actually accepted. So while I would never recommend a student apply to 12 schools his family couldn’t possibly afford, if you’ve got 2-3 schools you love that are out of your price range, take your shot and hope for financial assistance (especially if the schools are strong admissions bets for you).
5. Compare financial aid awards
Not all financial aid is free money. Some of it comes in the form of loans that must be paid back or work-study opportunities where students hold part-time jobs to earn their aid. Here’s a past post with more information.
If you’d like more advice about paying for college, here are the best sources I’ve found.