Your child has the grades, the ambition and the direction to go to college. But where are you going to get the money?
The good news is there’s more financial aid out there than you might think and there are more ways to learn about it than ever before. A growing number of books and the Internet can help you untangle the most complicated of issues.
These are some of our favorites. Remember to always check information to make sure it is up to date.
Books
“Complete Idiot’s Guide to Financial Aid for College” by David Rye (Alpha Books, $18.95)
Don’t be put off by the name. Let’s face it, trying to get through the financial-aid maze could make anyone feel a bit challenged. But this is a fun and easy-to-read way to start your journey. It tells you where to look for low-interest loans, how to use tax laws to your advantage and how to negotiate a financial-aid deal that works for you. It outlines essential questions to ask financial-aid administrators and gives a state-by-state financial-aid directory. One Pearl of Wisdom (POW) you’ll find here: The more expensive the institution, the more likely it is to offer need-based financial aid. So don’t scratch Harvard University off the list just yet.
“Conquer the Cost of College: The Family Guide to Paying for College” by Elizabeth Cote, Trent Anderson, Seppy Basili (Kaplan, $18)
This no-nonsense book gives examples of worksheets and financial-aid forms so they won’t surprise or overwhelm you. It also explains government loans and helps you develop a financial plan of action to conquer college costs–and your fear of them. The POW: Remember to figure in not only room and board, but books, fees, transportation to and from home and spending money.
“8 Steps to Help Black Families Pay for College” by Thomas LaVeist and Will LaVeist, with a forward by Tom Joyner (Princeton Review, $13)
These are steps that can help anyone looking for college financial aid. Written in a pleasant, informal manner, this is a book that really talks to the reader, giving good, solid information. It begins by explaining how to take control of your finances before you begin searching for college money. It also explores affirmative-action issues and dispels some common myths about financial aid.
The authors remind you that financial aid needs to be renewed each year, so don’t count on it “rolling over.” They tell you what forms you’ll have to resubmit and whether to expect the same aid packages each year. The POW: A number of schools offer free tuition. They include military academies and schools that specialize in everything from art to engineering. Other schools require 10 to 15 hours of work a week in exchange for tuition.
“Get a Jump: The Financial Aid Answer Book” by Bill Clarke, with content from the editors of CNN Money (Petersons Guides, $14.95)
This attractively presented book has interesting inserts and graphics in green–the color of money. The highlight is a chapter with 101 tips from the pros for students and parents.
One that’s certain to be a favorite of mom and dad tells kids to “listen when your parents talk with you about financing. This is big bucks.” The book also gives information on how to evaluate aid packages and how to help your student handle money once he or she gets to college. The POW: Check unions and community clubs to see if they offer financial aid.
“Paying for College Without Going Broke, 2003” by Kalman Chany with Geoff Martz (Princeton Review, $20)
Recommended by the savvy folks at Money magazine, this book presents short-term and long-term strategies for getting college aid. It lists the toll-free numbers to call for information on 529 state programs and advises which investments are the best ones to choose for funding college, clearly explaining everything from trusts to bonds. A major point of the book is that it’s never too early to start thinking about college. The long-term strategies give you ways to plan before your child is even born. Tip No. 3 is a POW for parents: “If you’ve had an unusually good year, explain to the colleges that your average salary usually is much lower.” That way they’re apt to be more receptive to your financial-aid request. (The 2004 edition will be published in October.)
“Peterson’s Complete Guide to Financial Aid” (Petersons Guides, $49.95)
This big book boasts extensive coverage of the financial aid available from more than 1,600 two- and four-year colleges in the U.S. And it delivers, with up-to-date facts and figures on eligibility requirements, application deadlines and more. If you have more than one student heading to college, you might want to invest in this. It’s not light reading, but there are hundreds of individual college profiles that detail loan programs, tuition, room and board, and work-study options. It tackles issues for these tough financial times including what a student who needs a loan can do if a parent loses a job. The POW: Each year, billions of dollars are given to students and families. There IS money out there. Feel better? Now get reading. (The new edition will be published in October.)
Internet sites
www.back2college.com
Back to College is an all-in-one, constantly updated resource for students returning to school. Check not only the financial-aid section but the sections that zero in on internships and discount textbooks. One helpful feature (HF) you’ll find here: The sections that zero in on internships and discount textbooks.
www.collegeboard.com
This is a clear, easy-to-understand site with calculators to help you estimate how much you’ll pay toward tuition based on your income and what your monthly payments will be. Run by The College Board. The HF: A college-savings calculator to help you prepare early for your next college student.
www.fafsa.ed.gov
FAFSA stands for free application for federal student aid. This site takes you through the federal-aid process. The site clearly explains what you need to do before, during and after you apply. You can learn everything from how to determine your eligibility to how to check the status of your application. The HF: Loads and loads of worksheets for students and parents.
www.finaid.com
Click on to the “loans” section for a nuts-and-bolts explanation of various types, as well as complete, easy-to-understand information on interest rates and repayment plans. The site also talks about options, including loan-forgiveness programs, and offers calculators to help you understand your borrowing needs. The HF: A section with links to sources of financial aid for specific groups, including students with disabilities and gays and lesbians.
www.financialaidsupersite.com
We included this helpful critique site. It bills itself as “the only uncensored and trusted source that parents can count on for opinions on the best and worst places to find financial aid for college.” Modesty aside, the site judges various other sites and options. The HF: It also can clue you in to scams to avoid and how to get one-on-one financial counseling and assistance.
www.salliemae.com
This site has information on loans for all stages of education, from kindergarten (really) through continuing education. Of special interest is a section that answers common questions about financial aid, interest deductions, budgeting and credit. The HF: An online quiz to test your knowledge of the loan system. Some high schools require students to take the quiz.
