If you are preparing for your child to go off to college, you may be filling out a FASFA right now! With the student loan epidemic (or as others like to call it, ‘the bubble’) looming overhead, you may want to think twice about taking out loans for your child, or allowing them to take out loans without considering other options.
Savings plans: If you had any savings plans in place for when your child goes to college, now’s the time to tally up the total. Try and devise a plan that will allow you to distribute the money evenly throughout your child’s time at college. Once you know how much money you have saved for them, you can begin to figure how much money you need to make the rest of the costs.
Grants and scholarships: There are literally hundreds and hundreds of scholarships available to your child. They don’t have to play a sport or be a mathlete to get a scholarship! Simply look online at scholarship databases such as Fastweb.com and find a scholarship that your child may apply for. You will be surprised at how many are available! You can also try calling the college and see what scholarships or grants they offer that may apply to your child. Any and all money received from scholarships and grants do not need to be paid back. Inquire about any tuition reimbursement programs that may help your child pay for college without the loans New York State Tuition Assistance Program: Also known as TAP, New York State offers money for college students for those who qualify. Annual TAP amounts can be up to $5,000. Apply for TAP, visit: http://www.hesc.ny.gov/content.nsf/CA/Apply_for_TAP_Now And to get more information visit: http://www.hesc.ny.gov/content.nsf/SFC/About_TAP Any money received from TAP does not have to be paid back. It’s worth a shot!
Work Study and RA Programs:
To cut down tuition costs consider having your child apply for a work-study program or an RA (resident assistant) program. These programs may help cover room and board costs or other tuition fees. Ask the school if there are other school sponsored programs to reduce the cost of tuition. You may be surprised with what is available!
Community college: Encourage your child to do two years at a community college before going away to school. This move can really save money, and if your child does great at the community college, it can increase their chances of getting into the school of their choice!
Figuring out how to pay for college can be stressful and overwhelming, especially if you don’t want your child to graduate with a heavy loan load. Trying these tips may help to lessen the burden and get your child a degree, debt free!
