Happy new year to you all!  Now that 2012 is upon us, it means something else major is too: financial aid season.  Given all of this, now is definitely the time to increase your awareness of the financial aid process.  As a starter, let’s kick things off with a few important reminders.

1).  File your taxes.

Yeah, a new year means tax season, and everyone’s gotta do it.   Taxes are ESPECIALLY important to get a jump on when considering financial aid for college.  In order to complete the ever-important FAFSA, students and families must have an accurate picture of their finances to report to the government on the application.  The sooner you have your taxes and other important documents filed, the sooner you can apply for federal financial aid!

2).  File your FAFSA.

January 1^st marked Day # 1 for this application.  If you’re a veteran college student or the parent of one, you know that the old cliché, “The early bird gets the worm” really does apply here.  Applying for aid early means a few things: you’re at the top of the list for maximum financial aid amounts (more grant and loan money), and, of course, it takes a load off your shoulders!  Consider speaking with a financial aid consultant for assistance with the paperwork.

3).  Know your deadlines.

We already know the significance of January 1^st, and that’s behind us, so let’s move forward with a few more things to bear in mind.  While it’s early to be concerned about the end of FAFSA season, it’s also important to remember when that is: June 30^th.  Students must have their federal paperwork submitted by this date, according to FAFSA standards.  HOWEVER, think of this as the general baseline for everyone.  This is because individual colleges and universities have their own preferences and deadlines for financial documentation.  Your school could perhaps require that the FAFSA be completed by April 30^th, for example.  Just as families must keep on top of financial aid planning, schools do too, and schedules vary.  You’ll want to abide by such deadlines, as your school will be distributing your financial aid (Reminder: FAFSA only estimates the amount, colleges allot it to students).  Other deadlines, such as for the CSS Profile, as also imperative.

The year is still young, and there is a significant amount of time for you to get your colleges concerns in order.  But do make it a priority—the only person it will benefit is YOU!  Stop by Go Financial Aid’s solutions page for more college guidance.

View of UC Berkeley

In a time when pennies are still being pinched and education costs are high, many wonder how they are going to afford college.  The good news is, several schools recognize this great concern, and they are responding with plans to help you.  New college financial aid programs are being developed to assist students and their families afford education at particular universities.  Two "big buck" schools take center stage as the most recent examples: University of California, Berkeley and Harvard College.

UC Berkeley Financial Aid

Just weeks ago, this major university announced a "groundbreaking middle-class financial plan."  The new program aims to make it easier for middle class families whose income ranges from $80,000 to $140,000 annually to afford an undergraduate education at Berkeley.  A major advantage that this sets in place is that the maximum amount parents will contribute to total school costs (tuition, room & board, etc.) is 15% of their yearly earnings.

The Berkeley MCAP (Middle Class Action Plan), as it is known, is the first public university initiative to extend financial aid, and is a response to California's cost of living and recent tuition increases.  University Chancellor Robert Birgeneau notes that, "We see early signs that middle-income families who cannot access existing assistance programs are straining to meet college costs...This plan is part of our commitment to ensuring that financial challenges do not prevent qualified students from attending one of the preeminent public universities in the nation."

The new program is set to begin in the 2012-2013 academic year and will assist domestic undergrads in the established income range (approximately 6,000 of 26,000 students).  The Berkeley MCAP financial aid program will be most beneficial to California residents, however out-of-state students will be eligible for some benefits (not including out-of-state tuition).  As of yet, international students are not included. Given current yearly costs of $32,634 for California students (and even more for out-of-state), the new initiative will be a major advantage.

Harvard College Financial Aid

In a similar effort, Harvard announced this fall that financial aid for lower income families would increase in 2012-2013.  The school is upping it's financial aid funding by $10 million, bringing Harvard financial aid assistance to a whopping $166 million in need-based scholarships for undergrads.  In the next school year, the college plans to raise the income level that qualifies parents to make zero monetary contribution.

As an added help, Harvard set up its own net price calculator online, which allows families to enter their personal financial data in order to estimate the amount they may be expected to pay per year for college.

“Access and affordability, enabled by generous financial aid, are fundamental to Harvard’s identity and excellence,” notes  Harvard President Drew Faust.  Previously, the family income for zero-cost was $60,000 and below.  In fall of 2012 this number climbs to $65,000 and below.  Using the aforementioned price calculator, students are expected to find that families income ranges $65,000 to $150,000 will pay 0-10 percent of family income for education at Harvard, while those in higher income brackets will pay just over 10 percent.

These are just a few examples of what individual schools are doing to make new college financial aid programs.  Schools, as well as the government, are consistently working to make higher education more affordable for this generation of students.  Don't be afraid to ask your university about financial aid offerings and new initiatives.

Questions?  Comments?  Just need some general financial aid help?  Visit our solutions center to see what Go Financial Aid can do for you!

Ho-ho-hope Santa was good to all of you a few days ago!  With the holidays coming to a close and all of the generosity winding down, some of you are probably thinking about money and finances more.  Perhaps unfortunately, you are now concerned about school finances as well–FAFSA time is just around the corner after all.  Rest assured that there is always a way to increase financial aid–for you or your child.

There are the classic aid sources–loans, scholarships, grants.  Closely related to the latter two are school endowments.  Let’s talk about that for a moment.  Endowments are monies donated to individual universities by distinguished community members, philanthropists, and quite often by university alumni wishing to give back to their alma mater.  Many schools have these, including the following:

• KIPP at Duke: Created just this month, this brand-new endowment to Duke University has been gifted by Bruce and Martha Karsh.  Of his 50-million-dollar endowment Karsh says, “It makes a crucial difference to the individual recipients and enhances the intellectual and cultural diversity of the university community.”  The Knowledge is Power Program (KIPP) is a network of college-prep high schools across the nation, headed by the Karshes, and this endowment will provide tuition assistance for KIPP graduate now attending Duke.  The funds are split between various areas, including the couple’s already-established scholarship fund, and provide $30 million for U.S. students and $20 million for international students.
• Yasuko Hino Grate Endowment: Launched in the summer of 2011, this endowment to Seattle Pacific University by Yasuko Grate is aimed at providing funds to international students at SPU holding an F-1 student visa and maintaining a 3.0 GPA.
• Endowments for Excellence at Notre Dame: Various endowments have been made to this larger program at Notre Dame University, including the Lucille and Paul O’Brien Endowment for Excellence in Environmental Sciences, endowments for Excellence in support of Campus Ministry and for international study programs.  These endowments are designated to  specific academic “schools,” departments, or a particular area of the University.  Individual endowment amounts range from $100,000 to $5,000,000.

Something to remember about this type of fund source is that it is often designed to be self-generating after the initial investment.  Once a donor gives their financial gift to a school, the monies are split up amongst various areas (scholarships, academic departments, professors) and remaining funds are reinvested so that the fund is replenished for future use.  This form of financial is especially important in the current economy, where schools are reliant on gifts to increase financial aid and continue operating at their best.

Many colleges and universities have endowments.  The best way to find out more about your specific institution is to do your homework.  Not everyone likes to run to an office to ask such things, so take a look around the school website in order to see what funds are available.  Those of you who prefer to have the one-on-one discussion, or even someone who would like clarification, you are encouraged to speak with university financial advisers or even fundraising/university gift personnel.

More questions?  Have a different financial aid concern?  Get in touch with a financial aid consultant today for great solutions!

There are options to finance your living expenses.
- Check bulletin boards for part time jobs. A lot of employers are willing to work with your schooling.
- Check out the possibility of a work study job that can help aid with your living expenses.
- Taking out a loan. You can take out of student loan to help pay for living expenses. Beware that you will graduate with extra debt. But think about it! Your education may just be worth it!
- Check out your college’s financial aid office. You may qualify for grants that offer living stipends to those who attend college full time.
- Government assistance. The government may have a program to help aid you with the cost of your living expenses.
- Think about taking out cash advances or online loans.

We’ve reached that time of year, when students hit overwhelm mode during their search for the perfect college.  Choosing where to go to college is a big decision, and likely also one of the first major independent decisions a young person makes in life.  Go Financial Aid recognizes the magnitude of this choice, and we realize that aspects like finances, your parents’ alma mater and other things certainly come into play during the decision-making process.  But ultimately, your college of choice depends on what feels right for you.

Actually settling on a school is about the last step in the college preparation process.  What follows is some simple advice for choosing where to go to college.  Each aspect is important, so consider them all.

1.  What do you want to study, and how do schools measure up?  If you are lucky enough to already know the answer to this question (and there is no shame if you don’t—lots of students start off undecided), be sure to take into account the quality of your academic program at different schools (if undecided, think about the quality of schools in general).  Do you live in PA and want to pursue a degree in education?  Slippery Rock is well-known for their superb education program.

2. What do you prefer—a large or small campus?  Rural or urban?  Figure out what setting suits your personality, or what will be most comfortable for you.  If, for example, you value one-on-one attention and easier accessibility to professors, consider a smaller, rural campus.  Class sizes tend to be smaller, and professors have more open office hours to discuss course work and extra help opportunities.

3.  Make a list of schools that fit you criteria, in the state or region you wish to study in.  This writer, 6 years ago when deciding on where to apply (whoa, feeling kind of old now), started with a list of 100 schools!  Truth be told, the search range in this case spanned from Pennsylvania to California, as Theater was the original major of choice (two majors later, Communications ended up winning out!).  Realistically, let’s aim for 10 schools to initially consider.  When you have those 10 (or fewer, if you have a clear idea of what you want), see how they each measure up to what you are looking for in a school.  When all is said and done, hopefully you end up with a list of 3-5, which will be the schools you apply to.

4.  Be Realistic.  This is where you have to consider yourself and your performance level.  No one ever really wants to rate themselves, but odds are that if you consider yourself to be an average student, Harvard or Yale shouldn’t be on your list.  Think about your grades throughout high school, your standardized test scores, and whether you put your best foot forward throughout school so far (if not, this likely has reflected in your grades).  The schools that appear on the aforementioned list should be in line with what you believe you are capable of.  But, if there is a school you believe you have a borderline chance with—go for it.  It’s quite common for students to have at least one “reach school”—the one they hope for but recognize the gamble they are taking—and it shows confidence when you take that plunge.

College is both difficult and rewarding.  If you want to get the most out of the experience academically and otherwise, seriously think about the above points when making you college selection.  Questions?  Check out the solutions center for help from the experts!

THE CSS PROFILE DEADLINE IS APPROACHING!  Well, at least for those of you who opted to pursue Early Decision/Early Action for you college applications.  We recently talked about Early Decision/Action applications coming due, and now that November 1^st has passed, students who chose that path have other documents to put on their to-do lists.  Next on the list is the CSS profile, which is due for Early Decision/Action students on November 15^th.

What the heck is the CSS profile?  You could be thinking that right now.  Well, if your Early Decision school is a private college (The Profile is most frequently used by them) you will need to know.  In the most basic terms, the Profile is an addendum to the FAFSA form you will be completing in January.  The CSS Profile is considered to be a supplement form to determine what you and your family should pay towards your education (This is your EFC.  Click the link to learn more about it!).  In turn, this will help figure out how much financial aid you should get.

What’s different about the CSS Profile compared to the FAFSA is what aspects of your finances are considered.  Both forms will look at student’s annual income, family income, taxes, etc.  The CSS Profile, however, will go a step further and take a look at various assets you have, such as home equity.  Getting a clear image of what you have financially helps your school and the government to determine what you can afford to pay for college.  The less you can put towards schooling, the more government loans and grants you will probably receive, and vice-versa.

As a reminder for financial aid forms, be sure to have the following information handy:

• W-2 Forms for the last year
• Tax Returns from the last year
• Records of investments
• Recent bank statements

And, as a change of pace from the typical financial paperwork, the CSS profile also consider if there is a family member already in college, or who has recently graduated.  If someone is already paying for college in your home, this may very likely affect how much can be put towards another education!

So, you’ve got some information to chew on.  Take a look at some of the provided links to learn more specific details regarding the CSS Profile and CSS Profile November 15^th Early Decision/Early Action deadline.  Can’t get enough of us?  Need a little more financial aid help?  Contact Go Financial Aid today for all the best in financial aid solutions!

We’re reaching the middle of the school year, and for students, that means a few things: midterms, finals, winter break…and some important dates!  We’ve covered early decision, and now it’s time for FAFSA.  For those new to the financial aid game (and for those who need a refresher!), financial aid season starts at the beginning of the calendar year.  This means the mad dash to submit the Free Application for Federal Student Aid (FAFSA) is on, beginning January 1^st, 2012.

While FAFSA application season spans several months (January to the end of June), it is SO important to get in gear early.  Federal aid tends to run on a first-come basis, so the earlier you apply, the better your financial aid award could be.  Even though it takes about a month to figure out an estimate, and students don’t receive their actual aid money until the next school year, the financial aid pot starts out fuller and there’s more in grants and loans to offer early applicants.

With all this in mind, consider getting your materials together now (even though you have two months).  For you new kids, these items include the following: tax returns from 2010, parents’ income information, personal income information (student income), etc.  A good way to ensure that you are ready for the big show to is practice the FAFSA before that January 1^st application start date.  Practice forms can be found in various locations online, or a more accurate option is to print a paper copy of the FAFSA itself.

For even more FAFSA tips and tricks, get in touch with a Go Financial Aid Consultant.  Financial Aid consultants live and breathe FAFSA, and can make sure not only that you get your application together for January 1^st, but will also help you fill out the FAFSA and check its accuracy.  These steps put you “on the ball” and avoid some costly mistakes (incorrect information robs you of valuable aid funds!).

Think you’re ready?  Awesome!  Be sure that you are thorough and have all of that info!  Do yourself a favor and check out some of those links above, and visit our solutions center for additional assistance.  FAFSA—it’s on.

Deadlines, deadlines!  The college application and financial aid process are chock-full of them—FAFSA, CSS Profile, etc—and one is fast approaching.  The most immediate deadline concerns your choice of college—Early Decision/Early Action.  This comes in right around the corner on November 1^st.

So far all you know if that this has to do with colleges applications.  Well, let’s get a better picture.  Early Decision and Early Action are college application options that over 400 schools have adopted, allowing students to apply to school earlier (in November) than they normally would.  The most important factor here is that not only do you apply earlier, but you hear back from a school faster, too.

Typically students find out which of the schools they’ve applied to have accepted them sometime in March or April of their senior year of high school.  The benefit to Early Decision/Action is that you know who’s banging down your door (hopefully college choice #1) by the wintertime.  Actually, applying early sometimes ups your chance for college acceptance (“Early bird” and all that), so it’s worth it to consider.

Now these two options, Early Decision and Early Action, are often lumped together due to similarities.  However, it is important to note some key differences between the two application routes.

• Early Decision.  Think of this as a contract—binding.  You decide to “sign with” a particular school early on in the application/admission process.  You can only apply to one school this way (better make it your top choice!), and if they accept you and offer good financial aid, you are contracted to attend.  While you’re in the “waiting stage” for this, you are permitted to apply to other schools and wait the standard time for admission decisions, but acceptance to the early decision school requires withdrawal of all other applications later.

• Early Action.  Going this route means that you’re not committing yourself to one school right away.  It’s not binding, and one way to look at it is that it’s like being an “at-will” employee.  When you are “at-will,” you can leave your job without giving standard 2-week notice, you haven’t signed a paper indicating you will work for Company X for a set time, etc.  The bottom line with early action is that if you get accepted, you can still take some time to weigh school options, rather than having an obligation to attend automatically (you can make your choice as late as springtime).   Another perk is that you can apply to more than one school this way!

Even if you’re heart is set on a specific school and you wish to apply early, definitely keep your options open.  There’s a whole world of education, after all!  Most college applicants have at least 5 schools that they are reaching out to.  With all of this in mind, use every opportunity you can to get into a good school, and don’t forget your deadlines!  The Early Decisions/Early Action deadline for college applications is November 1^st!

Questions?  Visit our solutions center and contact a Go Financial Aid Consultant today for all of your financial aid/college inquiries!

Here at Go Financial Aid, we usually talk about how to receive help in affording college.  Well, let’s switch gears a bit and just talk about paying for it, period.  Financial aid is a necessity for most of us in our college years, but it’s important to make sense of education costs in a general sense as well.  This leads us to the subject of college tuition.  Tuition is the money you pay to attend courses at an educational institution.  Translation: what you pay to sit in class and learn from Drs. W, X, Y and Z.  Speaking of that, did you know that each 50-minute class session is worth about $50?  That’s a personal tidbit from a college orientation lecture.  Given that fact, we definitely cannot emphasize enough how important it is not to skip class.

Moving on.  Generally speaking, college tuition simply covers those classes.  Living on campus, eating from a college cafeteria using a meal plan and some course lab fees are all separate.  These additional fees will usually add a sizable chunk of cash to your annual total, but financial aid covers tuition because it’s the biggie on the college bill.

By now you might be thinking, “Enough already; just tell me how much.”  Well, it’s not that simple.  For one thing, individual tuition rates are set by each college.  Your best friend might be going to a school that equals yours in every respect, but pays less.  It just depends on the institution.  The second thing is the type of university you’re attending.  In terms of 4-year schools, there are two types: public and private.  The two differ in how the institution is funded, and thus how much you will pay to attend.

• Public universities.  Examples: Pitt, Penn State, Slippery Rock.  Public schools get money from their local, state government to aid in operation.  These schools are paid for by state taxpayers.  Given that in-state students have already paid their taxes, tuition is usually lower for them at public universities, ranging between $5,000 and $10,000 per academic year.  You may wonder why it’s common to see out-of-state tuition rates differing so vastly from in-state costs.  Well, out-of-state students have not paid the aforementioned state taxes, so they can expect to pay $15,000 and $25,000 a year to cover their state residency while in school.  As unfair as it seems to all of us when we’re thinking about college choices, it does make sense.

• Private universities.  Examples: MIT, Notre Dame, Carnegie Mellon.  Now, everyone and their mother has heard that private colleges cost more money.  This is true.  Unlike public schools which thrive on tax dollars and government assistance, private learning institutions rely on direct contributions.  This funding comes from current students as well as alumni, in the form of grants and endowments.  Given all of this, students can expect to pay 9-10 times more money to attend a private school than they would at a public one.  Tuition is constant, however, regardless of your state of residence, and an individual student may pay $21,000-$40,000 per year of study.

In all seriousness, don’t let the price disparity discourage you from considering a private school, however.  True, you’ll pay more for tuition, but in most cases the higher tuition cost qualifies students for more financial aid.  In a sense, it balances out.

There’s a quick run-down for you.  When it comes to college tuition, it’s important to give consideration to the type of school and whether you’re a state resident.  But ultimately, college choice depends on personal preferences.  Questions?  Check our solutions page or send us a message.  Good luck!

Hey!  Tonight let’s continue our financial aid discussion with a talk about scholarships and grants.   These are absolutely awesome aid types because you don’t owe anything later.  We in the financial aid biz call this gift aid. All-aboard the free money train.

Some scholarships…

Scholarship money is provided by schools (ask your financial aid office) and organizations of all kinds.  Scholarships are very competitive because there are thousands of students grabbing for one scholarship check.  In all, there are countless scholarships to be won, but it’s a rat race and you have to shine your brightest when applying.  Highlight you best skills, achievements and traits to give yourself the best shot possible.

• Sallie Mae Scholarships.  Sallie Mae is government-affiliated funding.  Many scholarships are awarded, and winners are chosen at random.  Amounts range from the $100s to a full ride.  Recipients must be U.S. citizens attending undergraduate schools.
• The Christopher Reeve Award.  This scholarship, sponsored by the Heart of America Foundation promoting children’s literacy, awards outstanding youths.  Middle school and high school students who are active in community volunteerism and have proven compassion and courage are recognized for their selfless acts.  Each year one recipient is awarded $1,000 for their future college pursuits.
• WikiAnswers Scholarship.  Answers.com has launched its $20,000 Answers.com Scholarship Fund this year to provide funds to outstanding students.  With a grand total of $20,000, the site is now offering one $5,000 scholarship, two $2,500 scholarships and 10 $1,000 scholarships to Answers.com junkies who have responded to no less than 50 questions on its Wiki site.  Applicants must plan to attend an undergraduate program for the next academic year, and will be judged based on the accuracy and usefulness of solutions they provide to their selected 50 questions.

And grants…

Grants are applied for via FAFSA (federal grants) or are provided by outside organizations.

• Federal Pell Grant.  The requirements for the grant are pretty minimal and straightforward, one being that you must attend a participating university.  The Pell Grant is based mostly on your level of financial need.  Students are reminded to study diligently, though, because the grant can be revoked due to poor academic performance.  Funds are sent to either the school or directly to the student.  For a more in-depth look, take a look at Pell Grant Eligibility.
• Federal Supplemental Educational Opportunity Grant (FSEOG).  The same basic requirements factor into the FSEOG.  In contrast, however, this grant is reserved for students with exceptional financial need.  The FSEOG encourages lower income individuals to pursue college, providing funds to students with a low Expected Family Contribution (EFC).
• Office of Vocational Rehabilitation Grant (OVR).  Pittsburgh students may be able to take advantage of this opportunity with the help of their college.  OVR exists to help students and professionals find jobs and get educational assistance in college (i.e. special accommodations, extended and/or private test taking, etc.).  OVR helps college students who have legitimate medical or personal difficulties by supplying $2,000 per semester grants.

Free financial aid is probably the best kind.  Scholarships and grants leave need to worry about owing money later, just pure financial assistance.  Scholarships, while competitive, are available in every area imaginable and in varying amounts.  Grants are often thought of in terms of government aid, but are also sponsored by organizations.  You can’t go wrong.  If you had any worries about financial aid, hopefully we’ve offered some comfort.  If you’re still uneasy, check out our solutions for more help.

Hey guys!  Usually there would be an earlier post to read that starts by wishing everyone a happy weekend.  But there was a very important wedding on Saturday!  So, happy end-of-weekend; try to avoid a bad case of “The Mondays.”  Any who, tonight we’re going to talk a bit more about scholarships, honing in on scholarships for women.  There are a few example, so check it out.

1.  The SWE Scholarship Program.

Each year the Society of Women Engineers (SWE) awards over 100 scholarships totaling up to $500,000 to female students.  The SWE Scholarship Program is designed to encourage and aid women in engineering, engineering technology and computer science fields of study.  Individual awards amount from $1,000 to $10,000 and are available to high school seniors/will-be undergraduate freshmen all the way up to graduate level students.

Scholarship awards are announced and awarded at various times, with differences among freshmen and upper-class.  College students, sophomore to graduate level, are notified during the summertime, while freshman recipients and renewed scholarships are announced during early fall.  SWE scholarship funds are both company-sponsored and donated, and thus awards are disbursed differently, with sponsored scholarships being presented in the fall and donated funds awarded in both fall and spring.

2.  The Dr. Aura-Lee A. and James Hobbs Pittenger American History Scholarship.

Sponsored by the Daughters of the American Revolution (DAR), the American History Scholarship is designed to aid entering female freshmen in the pursuit of history and government studies.  Dedicated to the country’s history, the DAR is motivated to provide 2 renewable scholarships (pending annual transcript review) worth $2,000 each to students following the same path.  U.S. citizenship is required for the award; however citizens currently living abroad may apply via a Units Overseas Chapter of the DAR.

3.  Jane M. Klausman Women in Business Scholarship.

The Women in Business Scholarship, provided by Zonta International, is available to women pursuing both undergraduate and graduate degrees in various business specialties.  Made possible by the generous donation from member Jane M. Klausman in 1998, this award gives funds to both national district and international club members for college.  One $1,000 award is presented to a member of each U.S. district club (26 last year), and an additional 12 scholarships worth $5,000 each are disbursed to international recipients annually.

Applicants for the Women in Business Scholarship need to be studying and greatly excelling in this field and have to be nominated by their district club.

4.  New York Women in Communications Inc. Foundation Scholarship Program.

The New York Women in Communications Foundation (NYWICI) provides a great opportunity each year for female communication students to obtain scholarship awards.  There is most certainly a bias in mentioning this one (Communication major!).  The Foundation awards scholarships to 15-20 women in amounts of $2,500, $5,000 and $10,000.  Winners can be high school seniors, undergrads and grad students studying in the communications field (i.e. communications, advertising, PR, marketing, etc.) and must have a 3.2 GPA or higher.

These outstanding Comm. kids are selected based on multiple factors, including: U.S. citizenship and state of residence (only NY, NJ, CT and PA), academic excellence, financial need, school activities, honors and more.

There was a time when women were much farther behind and are still a sort of minority, but these scholarships for women and other opportunities work to move us ahead in education, work and the larger world.  If you’d like more tips and tricks as well as valuable financial aid solutions, talk to Go Financial Aid today.

You’ve done it.  You finished high school and decided to pursue higher education (a wise move, given stringent requirements for good jobs and the sore lack of them these days).  But there’s still a monkey on your back, and you wonder how to pay for college.  True, education is a HUGE investment, but there are lots of ways to pay for it.  Take a look.

1. Out of pocket (or your parents’).

While there’s a very good chance that you will not have to absorb all college costs yourself, few students go without having to pay anything (i.e. full-ride scholarships, “free tuition babies” of those working at universities, etc.).  If you don’t fall into the free categories, you will have an EFC (Expected Family Contribution) which the federal government expects your family to put forth toward educational costs (amount determined by family income).  And indeed, some students are well-off enough to pay for school without any assistance and thus pay all expenses.

2.  Loans.

This second “How-to” covers any sort of money borrowing you may do to fund your education. Loan money falls into two prominent categories: federal and private.  Private loans are those obtained via your bank or other financial organization, requiring an institution-specific application and other materials.  They typically have higher interest rates than their federal counterparts but are nonetheless valuable to those needing them.

In mentioning federal loans, one term springs to mind: FAFSA.  Ok, it’s an acronym, and it stands for Free Application for Federal Student Aid.  The FIRST thing you want to do if you are considering any sort of government educational assistance is submit this (application period: January 1st-June 30th of every year).  Commonly-awarded federal loans include the Stafford and Parent Plus Loans (for more information on these and more, check out education loans).  Remember that any borrowed money must be repaid upon graduation.

3.  Education Tax Benefits.

Certain tax benefits help students offset educational costs, and include tax credits, tax deductions and exclusions from gross income.  Technically it is not money you’re getting for school, but you can think of it the same way because it is money you’re saving.  For example, the Lifetime Learning credit gives students up to $2000 in income tax credit based on the first $10,000 spent on tuition each year. Additionally, college students who took out loans can get the Student Loan Interest Deduction.   Student loan borrowers can nix up to $2,500 in interest as an income exclusion.

4.  Scholarships.

While you ponder how to pay for college, consider pursuing some free money.  Scholarships may be obtained in a variety of ways.  Writing an essay, demonstrating exceptional skill in some area, filling out an entry form for a contest-like award and earning spectacular grades are all ways to become eligible for various awards (sometimes totaling in the thousands).  Check out some useful sites for scholarship ideas.

5.  Workstudy.

This is another fairly easy financial aid option for students.  Again, be mindful that FAFSA completion is necessary for this aid form, but workstudy doesn’t require much paperwork itself.  The FAFSA comes into play here to determine your eligibility to participate in a workstudy program at your school.  If your family income is too high, you will most likely be ineligible to obtain government money for working at your school.  Participating, however, creates wonderful opportunities to build work or field experience and save up to repay loans.  Positions are limited and HIGHLY sought-after, so move your tail and apply at school ASAP.

Still need help?  Contact a Financial Aid Consultant for more solutions, and never wonder how to pay for college!

And so it begins: college life.  Hopefully you took as much from your years in high school as you could—learning as much as possible, asking questions and taking the time to realize that high school prepares you for a more demanding academic load.  That next step, a college education, as one school puts it, “prepares you for the real world.”   Students learn field-specific skills and hone time management and study strategies, which will aid in a strong professional future.  However, with the flimsy nature of our economy, and less money coming into households, many become concerned about the affordability of a university education.  While that concern is understandable, organizations have recognized the need for assistance, and there are now many resources available.  Both companies with special consultants and different websites providing a wealth of information and financial assistance will help you figure out your financial situation. Think about the following.

• Fafsa.ed.gov.  First off, if you didn’t already know it, The FAFSA is the one application that EVERY undergraduate student must complete for consideration for federal financial aid.  That said, to make the process easier, do yourself a favor and familiarize yourself with the FAFSA website.  It doesn’t hurt to educate yourself (and/or your family) about financial aid in general, and about the FAFSA process.  There are many questions on the application, and you must be able to answer them all, whether that means learning how to do so or just knowing what information you will need.  You can even print out the paper version of the application for practice!

• Financial Aid Tips.  This website has financial assistance and information up the wazoo.  Thinking about college scholarships?  This site has a variety of resources dedicated to just that, with sections on major scholarships, scholarship database search and essay help.  Don’t go unprepared for coping with student loans, either.  This tips website breaks down some advice on loan debt and tuition forgiveness.

We won’t lie—the financial aid process has the potential to be a real pain in the behind, but you can make it easier on yourself!  Upon doing your homework and soaking in some information on college aid, if you want or need additional financial assistance, think about working with a Financial Aid Consultant.  Our Financial Aid Consultants will submit your financial aid applications for you and explain confusing details along the way.  For more solutions, and to learn more about the web resources available to you, take a look at some of our favorite useful sites.