Five Tips for Paying for College

Advice to make paying for college a little easier

By Christina Couch

The only thing harder than getting into college is paying for it. Here are five tips on earning your degree for less.

Think Ahead—The earlier the research process begins, the bigger the payoff. As early as sophomore year, your student should begin collecting and organizing applications, recommendations, test scores, essays, and transcripts. Students should begin applying by junior year in order to take advantage of the countless scholarships geared toward younger students. Creating a family calendar of application deadlines will help you both set realistic goals and stay on top of the mountain of paperwork.

Think Federally—The most crucial step in the scholarship process is filling out the FAFSA for financial aid. The FAFSA is the Free Application for Federal Student Aid. Available online at www.fafsa.ed.gov or by calling (800) 4-FED-AID, FAFSA is the only way to apply for college grants, scholarship money, and/or loans issued through the U.S. government. Get your forms in order now and mark it on the calendar to get your hands on the nation's biggest financial aid resource.

Think Locally—College tuition could be no farther than your own community. Organizations such as the Rotary Club, the Jaycees, the American Legion, and Boosters chapters have college scholarship funds set aside specifically for area high school seniors. Memorial scholarships honoring local residents are also a lucrative, but typically overlooked, resource.

Since competition for local funds is significantly less than that for national awards, researching what's offered just around the corner could pay off in a big way. Start by stopping by your students' high school career office to see what's available, then follow-up by asking prospective colleges about their scholarship, financial aid and grant packages.

Think Categorically—Your college-bound student may be eligible for certain scholarships by virtue of ethnic, religious, and professional affiliations. Books such as Peterson's Scholarship Alamanac 2005, The Scholarship Handbook 2005, and Scholarships, Grants, and Prizes 2005 can help your college-bound student find scholarship money from around the world that meets your financial requirements.

To find out what kinds of funds your student is qualified for without leaving your home, create a profile through an online scholarships search engine and let the opportunities find you. Sites like Fastweb.com, Scholarships.com, Finaid.org, and CollegeView.com allow you to sift through thousands of career, college, and heritage-based scholarships to find what matches your interests, activities, and needs.

Think Corporately—For Chris Barrett and Luke McCabe, “think corporately” meant draping their dorms, cars, and bodies with the logo of First USA Financial. As the first corporately sponsored college students, Chris and Luke earned their tuition by acting as spokespeople/walking billboards. The good news is you don't have to wear a company logo to take advantage of corporate scholarships.

Businesses ranging from Coca-Cola to Target offer financial aid and grants to thousands of students each year. First, ask about whether or not you or your spouse's company offers scholarships to children of employees. For information on what outside corporate scholarships your student may be eligible for, check out Peterson's Scholarship Almanac 2005.

Christina Couch is a freelance writer based in Richmond, Virginia, and Paris, France. Her writing credentials include MSN/Encarta Online, CollegeBound Teen, and Studentscoop.com. She can be contacted at couchcs@gmail.com.