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Finding Money for College: Identifying Needs and Resources
Identifying Needs and Resources
Ready or not, the days when you will be helping support a college student are coming. For some of us, the challenge of having a college student hits next school year. And it is not an easy thing financially. The National Center for Education Statistics estimates that tuition, room and board at the average public college or university will cost about $8,200 this year. And for private institutions, plan on about $21,000 per year.
So, where does the money come from for college? To a large extent, the answer to that question depends upon your student, your family resources, and how hard you are willing to work to find it. Let's look at some of the key questions, and then we'll explore how to find money for college.
How Much Money Will It Take?
While averages as indicated above are between $8,000 and $21,000 per year, each school's situation is different, and each student will have variables as well. The ACT website, brought to you by the people who administer the ACT tests, has an excellent college expense estimator. Investing a few minutes gathering your information will give you a feel for what you can expect.
What Should a Student Be Expected to Do?
Focus on Academics and Extracurriculars. Your student's academic status in high school is a key determiner. Despite some claims to the contrary, a student's grade point average, class standing, standardized test score and extracurricular activities are still the measures for most scholarships for college education. The higher the GPA and either SAT or ACT score, the more likely an academic scholarship is to be found. So a good place to invest your time is in helping with homework, essays, practice tests and encouraging outside activities.
Earn Part or All of Your Way. Additionally, a student's resources before and at college can help in terms of working a part time job while going to school. If your student is willing to work part time during the school year and full time during the summers, a good share of college expenses can be earned by them.
Be Realistic About Where To Go To School. Like it or not, every student cannot realistically plan to attend an Ivy League or private school. Consider options for school that are closer to home, where you might be able to control living expenses. Even if you have desires to attend a more prestigious institution, consider going to a local college or junior college for a year or two early to keep overall costs lower.
What Family Resources Can We Offer?
The things a dad and/or mom can bring to the cost of college can be significant. These fall into several categories.
Financial Resources. If a family is fortunate enough to have the money in the bank or a sufficient income to support a college student, then there are few worries. But most of us are not blessed with an extra $10,000 to $20,000 a year not needed for other things. But sometimes there are extended family members who would be willing to help. Occasionally you might have a grandparent or a rich aunt or uncle who are looking for a way to contribute. Don't ignore those possibilities.
College Savings. Many parents started early to develop a savings account for college expenses. While it is never too late to start, it is certainly easier to start early. Be aware, though, that some college savings plans have only one or two opportunities each year to withdraw funds. Plan ahead.
Many students and families find non-family sources for college finances. There are literally tens of thousands of resources for scholarships, grants, student loans, and other programs. Many are available over the World Wide Web and even can be applied for online. We will highlight here some of the best sources of information on these types of financial aid opportunities.
Government Financial Aid
All college bound students and their families need to explore the options for federal and state financial aid. The government has a vested interest in an educated populace, and has committed vast resources to provide opportunities for students and their families with financial limitations. This year, the federal government will commit $67 billion in federal financial aid.
The first step in the government financial aid process is the completion of the Free Application for Federal Student Aid form or the FAFSA as it is commonly called.
January is the time to gather all of your information and get it entered on the FAFSA and submitted to the Department of Education. High school counseling offices have copies of the FAFSA for their students, as will college financial aid offices. In addition, you can complete the FAFSA online. This is the critical first step in the process.
Once the FAFSA is completed and submitted, the Department of Education will send back to the student a Student Aid Report which is used to determine which if any types of government financial aid is available. In addition, the Student Aid Report is often used by colleges and universities to qualify students for need-based grants and scholarships. So don't ignore the FAFSA even if you don't think you'll qualify.
Government financial aid can take several forms. There are outright cash grants for college expenses that can be used for room and board, tuition, books and other expenses. There are work-study programs where a student's tuition can be deferred if he or she works in a given field while going to school. There are subsidized-interest student loans. But it is important not to leave this stone unturned in the search for college funds.
Scholarships
Thanks to the generosity of people around the world, there are many thousands of scholarship opportunities for college bound students. And finding those scholarships is now easier than ever.
What Kinds Are Available?
The types of scholarships are many and widely varied. Many depend on academic achievement in high school, but certainly not all. Some are focused on ethnicity, some on athletic achievement, some on religious grounds, and others on hobbies, interests and employment. Some are even limited to students with a low GPA and low test scores. But you have to find them to begin the process.
Where Do We Look?
There are a variety of sources for scholarships, and a student and his or her parents should not miss any of them.
High School Guidance Counselors. Most high school counseling offices have listings of available scholarships.
Something a student can do to further his or her scholarship search is to check regularly with the counseling office for new opportunities. Most counseling offices even offer help in applying including computer time, help with writing and editing essays, connecting students with college financial aid offices and the like. Don't ignore this resource just because it is so simple.
College Financial Aid Office. If you have a local college or junior college, make friends with the staff in the financial aid office. Even if that is not your college destination, they can be a significant resource for finding financial aid.
Employment, Hobbies, Clubs, Unions, Etc. Many scholarships are available through a parent's or student's place of employment, civic clubs, hobby groups and the like. Ask your employer's Human Resources Office about scholarships, matching grants, etc. And check your civic club or other association websites about opportunities.
Internet Resources. There are lots of sources on the Web for finding scholarships. The following is a recommendation from us:
