Tips For Choosing A School - Part V

Financial Aid Attributes To Consider
Colleges are generally very generous about awarding financial aid to talented and/
or needy students. As you’re comparing colleges, here are some tips about making
good financial decisions:

Debt – Since much of your financial aid might be in the form of loans, ask yourself
if you are comfortable taking on debt. The loans are often repayable over 10 years,
and are not repayable until you’ve left school, but they are a long-term commitment,
nevertheless. Consider taking out loans as a form of financial management. If you
have investments sufficient to cover your college costs, and those investments are
earning interest, it might make good financial sense to take low-interest loans and
preserve the investment for a longer period of time.

Financial Aid % – Ask your prospective college if they will meet 100% of your
financial need, as determined by the FAFSA (Free Application for Federal Student
Aid). If not 100%, then what percentage can you expect?

Payment Plans – Does the college have special payment plans? Monthly payments
and pre-payment are plans that can make the bills easier to manage.

Scholarships – Apply for every independently-sponsored scholarship you can.
Make time for them. They are “gravy” in the full spectrum of college financial aid, but
organizations and corporations actively seek qualified applicants for their generous
awards.

Alternatives – If the net costs turn out to be too expensive, look at other alternatives
to the four-year residential college experience: live at home for a year or so, attend a
two-year college first, look into military benefits for college, attend college part-time
and work full-time to save money, take a year off to work and earn tuition money, or
enroll in a college that offers co-op (a program whereby students alternate work,
gaining experience and earning money, with on-campus classes).
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