The average cost of attending a private school is over $40,000 when you factor in tuition, room, board, and the other costs of going to school. Public schools may be less expensive, but the total cost of attendance can still be more than a graduate’s first year salary. That is why it is important for parents to do everything they can to increase the financial aid awards for their children.

You need to fill out the FAFSA early so that you know what your family’s expected contribution will be. This will help your child choose schools that are in your price range or get outside scholarships if they want to attend a more expensive college.

Next, understand how the FAFSA works. The government considers that 20 percent of the student’s assets are available for college expenses and 5.6 percent of the parent’s assets can be used for this purpose. If your child has a lot of money in savings, consider transferring that to your accounts as that will decrease the amount that will have to go to college.

If your child is interested in merit based awards like scholarships, teach him or her how to market themselves. They are more likely to get the award if they have packaged themselves correctly.

You should also find out how these outside merit awards affect the overall financial aid picture at individual colleges. Some colleges simply use outside awards to reduce the amount of money they give students in the form of grants. Others allow this money to be used against the family’s contribution.

When you go to tour campuses, don’t just talk to the people in admissions. Their job is to sell you on applying to the school. Make an appointment with the folks in financial aid as they can give you a better picture on what aid packages for typical students are looking like.

Find out whether your child’s financial need will impact whether they get accepted at a particular college. There are need-blind admissions policies at some, but not all schools. If a school isn’t need blind, they will consider whether you will be able to afford the college if your student is admitted.

You also need to find out whether the college guarantees to meet the full financial need of all admitted students. While quite a few of the wealthier schools make this promise, many schools with less robust endowments give only limited aid leaving the students to take out expensive private loans to make up the difference.

Pay attention to deadlines as missing an important date can doom your chances for aid. For instance, in California, if you don’t file the FAFSA by March 15, you can’t get any Cal Grant money. Scholarships at the state colleges are also determined by the March 15 deadline.

You should fill out the FAFSA even if you don’t think you will qualify for any awards. Many families are pleasantly surprised to find out that they have financial need.

Finally, if you have special financial circumstances that aren’t reflected on the FAFSA, make sure the school’s financial aid office knows about them. For instance, if a primary breadwinner has been recently laid off but the FAFSA information reflects last year’s income, let the school know. Similarly, if your family has extraordinary health care expenses, this can be taken into account at the institutional level, even if the FAFSA does not have a place to reflect this.

Financing college is becoming more difficult as the price of school continues to rise while income and assets remains stagnant or declines. That’s why it is important to know about all of your financial aid options.

Filed under: Scholarships For College

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