How To Bulk Up Your Financial Aid Package
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credit: Josiah Mackenzie
Rising tuition costs can be crippling for students, sometimes effectively making the college decision for them. The average total cost of attending a private institution, including tuition, room, and board, has risen 30% to an incredible $32,307 for the 2007-2008 academic year. At a public school, costs drop to $13,589, a price that many still cannot afford.
Despite such costs, the average financial aid package during the 2006-2007 academic year amounted to just $9,499, a big help, to be sure, but not enough for all. To help with students’ needs, more than 40 colleges and universities have elected to overhaul their financial aid programs. For example, Harvard will cap the family contribution at 10% for households making $180,000 or less and Dartmouth has eliminated tuition for families making less than $75,000 annually. Other universities will follow, but there are also steps you can take to maximize how much aid you receive:
- Apply for aid early.Though your FAFSA isn’t due until July 1, colleges are writing up their financial aid packages now, so get your forms filled out and sent in ASAP.
- Play hard to get.Colleges know how they rank with you, whether they’re your reach school or safety. They know how many times you’ve visited the campus and how enthusiastic your are during tours. Show interest, but don’t go overboard; you want them to want you as much as you want them.
- Read the fine print. Don’t go straight for the big number at the bottom of the page. Instead, check out the details of your financial aid package, weigh it against a school’s total cost, and don’t include loans as part of the package. Figure out which option is really best for you.
- Think about the big picture.Financial aid packages will change each year, and schools tend to decrease their aid packages after your first year. Ask each university how their aid package is likely to change over the years to come up with a solid plan.
Check out more advice on getting a strong financial aid package at SmartMoney.
Tags: college
This entry was posted on Thursday, March 13th, 2008 at 5:50 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
