How to Plan for College Funding
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Del.icio.usThe average American today is saving less money as people face cuts and unemployment. Parents of college age students are faced with the challenge of financing a college education, when savings are down. The average college will cost $20,000 a year, and that’s a public college figure. The following can help get you on track for college education funding.
Do a rough cut of your family finances. Use the estimated financial aid calculators here to see how much money your family will be expected to contribute to tuition, room, board and expenses. If it’s an entirely unrealistic amount, based on what you’ve got in savings and how much you expect to earn over the next few years, start making alternative plans.
Be ready to get the financial aid numbers in early. Send those aid applications in before the end of January, even if you have to later revise some answers. Schools tend to be more generous with financial aid awards early in the season. Position your 2009 income to be as low as possible before the end of the year is out. It could help your family qualify for financial aid for the 2010-2011 school year.
Consider lots of alternatives. Community colleges are among the best. Even students who attend top-flight colleges have figured out they can take some of their basic required courses at a local two-year school and save on tuition. Most community colleges have agreements with state university systems; if you get reasonable grades in the first two years of community college you can transfer automatically into the flagship four-year school.
The cost of everything has risen, and will continue to do so. Economic situations aside, more and more students are applying to college, and the competition is tough. Best thing to do is get an early start on making your college plans.
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Editor: Melissa Steele is a freelance writer and focuses her research on funding for higher education. She is a graduate of UNLV and endeavors to keep her readers up to date with the most relevant education information.