1. Don’t assume high-priced schools are outside your budget.
In a down economy, there’s a great temptation to assume pricey universities are out of the question. Many of these colleges have endowments and though they’ve been hit too, family’s economic situations are changing and allowing families to qualify for more need-based aid. Students should still apply to the schools that seem to best fit their needs, regardless of cost. Fewer than 25% of families pay the “sticker price” listed for tuition.
2. Take AP’s and go to a Junior College.
Community college isn’t just for Thursday nights on NBC! Transferring AP and junior college credits is an easy way to earn a Bachelor’s degree for less money and less time. Universities will typically accept a maximum of 60 outside units, which is about 2 years worth of classes. Take advantage!
3. Go to the web!
If travel costs are keeping you from visiting schools, reach out to the wealth of information online giving students information about applying to college. Universitydrive.com has great videos if you don’t have time to read another book. Collegeboard.com is a comprehensive resource to help you search for schools, sign up for SAT’s and get financial aid information.
4. Find an affordable personal consultant.
Research has shown students, on average, are only receiving 8 minutes of college guidance each year. Many schools are overcrowded leaving students without personalized guidance. There are number of affordable private consultants ready to help walk you through the process, check out Full Ride Inc, Accept Edge and Top Test Prep.
5. Don’t be afraid of student loans.
While it’s unwise to take out $140,000 in students loans for undergrad, $20,000-$30,000 is reasonable and often the difference in attending college or not. College loan interest can be written off on taxes once a student has a job, gives them a credit history and teaches students about personal finance at an age when they need to learn it.
6. College is still the best investment.
In spite of the increased costs, a college education is still the single most important investment a family can make in their child's future. Beyond earning potential, college is a four-year experience where students are exposed to diverse thought, critical thinking, and learning how to network to prepare for a successful career.
