Ten Tips for College Financing
Compiled by Helen Nunn, Susquehanna University Director of Financial Aid
- Identify the colleges which best meet your academic, extracurricular and geographic criteria. It may make sense to investigate schools which represent a range of costs. Do not let a higher cost keep you from seeking admission.
- Understand the difference between scholarships and need-based financial aid. Merit-based scholarship aid may be awarded to students with exceptional abilities in academic, music or other areas. Need-based aid is available to students whose families need help in meeting college costs. Not all schools offer both types of financial aid, but many do.
- Find Out what types of aid are available at the schools you like best. Also find out which aid application forms are required and what each school's deadline is. College and university catalogs, financial aid brochures and Web sites, and admissions and financial aid staff are your best resources for this kind of information.
- Don't Rule Out private colleges because they may seem to cost more. Many state-supported schools have less financial aid than private colleges do. The chance that your financial need will be met is actually greater at a private college or university.
- Apply for the types of aid you want to be considered for. Try not to rely on the advice of helpful friends. Everyone's situation is different and everyone's financial aid experience is too. Don't exclude yourself from the process because your neighbor didn't qualify for scholarships or other forms of financial aid.
- Consider the final cost to you rather than the listed price of the school. Understand how much of your expense can be met through financial aid programs. At many schools, more than half the students pay less than the listed price thanks to financial aid.
- Compare the aid packages (the combination of scholarships, grants, loans and work-study awards) you receive from different schools. Be sure that in each case you understand:
- your family's bottom line cost for the year
- the amount that you are being asked to borrow
- the amount that you are being asked to provide through student employment
- Notify the financial aid office if there is a change in your financial status. The office can consider special circumstances only if you provide the new information. A financial aid package can even be adjusted after the academic year begins. It's important to keep the lines of communication open.
- Investigate other kinds of long-term, low-interest loans and monthly payment plans. There are a number of opportunities for your parents to borrow or to spread their payments out over the course of the year. The interest on some loans is now tax-deductible. Be sure to check out this feature.
- Select the college that offers you the best long-term value for the price and where your educational needs will best be met. Then work and save as much as you can to achieve your goal.
