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MAKE COLLEGE ACHIEVABLE AND
AFFORDABLE
By Dr. Raymond J. Huntington
If your teen has earned good grades in challenging courses and
achieved a high score on the SAT or ACT, he or she has a good chance
of being admitted to a desirable college or university.
Unfortunately you might be in for some serious “sticker shock” when
you find out just how much it’s going to cost to attend.
According to The College Board, the annual cost of tuition and fees
for in-state students at public four-year colleges and universities
averaged more than $5,400 for the 2005-2006 academic year – a 7.1
percent rise from last year. If you’re child is hoping to attend a
private four-year college, you’ll pay an average of $21,000, nearly
6 percent higher than last year. Even if you started saving years
ago, you’re probably going to need some assistance in the form of
scholarships, grants and loans.
If that’s the case, don’t panic. While college costs have risen
significantly during the past 10 years, the total amount of student
aid available, including grants, loans, work-study programs and tax
benefits has doubled. What’s important is that you chart a course to
obtain as much support as possible for the journey ahead. Here are
some tips.
Step One: Talk with guidance counselors. Advising students on
financial aid options is one of the most important roles of guidance
counselors. They can tell you about the different types of aid
available and guide you through the application process, which can
be daunting. You can also find helpful information by visiting the
Web site for the National Center for College and University
Admissions (NRCCUA) at
www.nrccua.org .
Step Two: Make sure you’re eligible. To qualify for financial aid,
your child must be a U.S. citizen or an eligible non-citizen. If
your son would like to receive federal aid, he’ll need to register
with the U.S. Selective Service when he turns 18 (Selective Service
registration is in fact required for all men aged 18 to 25). All
students must also graduate from high school or earn a GED before
receiving aid.
Step Three: Order the FAFSA. Most of the available aid comes from
the federal government, and to access it you need to fill out the
Free Application for Federal Student Aid (FAFSA). You’ll use the
information from your tax returns to complete the FAFSA, which you
can submit by mail or online at
www.fafsa.ed.gov . The FAFSA site is a good source of
information about all of the federal aid available, and includes a
link to the financial aid offices for most states.
Step Four: Understand the full range of federal aid options
available. Grant options include The Pell Grant and the Federal
Supplemental Educational Opportunity Grants, which are offered to
students from families in the lowest income brackets. Loan options
include the Federal Stafford Loan, which has a variable interest
rate, capped at 8.25 percent, and the Federal Perkins Loan, which
has the lowest fixed rate of any federal student loans. You can also
consider Federal Work-Study programs, which provide jobs that pay
minimum wage or above.
If you show significant financial need, you might qualify for a
Subsidized Stafford Loan, which does not start accruing interest
until your student graduates from college. If you don’t show enough
need, you may still be eligible for an Unsubsidized Stafford Loan.
Unsubsidized loans begin accruing interest when you sign on the
bottom line, although interest rates on student loans are generally
very low.
Step Five: Take stock of the additional options available. Many
scholarships are based on academic merit, but others – from
businesses, civic and religious groups and corporate and financial
organizations – are awarded based on family income or demographic
factors. The guidance counselor can also advise you on grants and
loans from your state government and those offered direct from the
colleges and universities.
Step Six: Develop a plan. The wide range of options and application
deadlines might make you feel as if you’re stuck in a maze, but it
will be easier to navigate your way if you begin early. While no aid
will be awarded until your child is accepted into a higher education
institution or program, you should start learning about your options
as early as the middle school years or even before. Make a checklist
of every type of grant and loan aid available. Itemize all of the
forms and documentation you’ll need, and create a calendar of
deadlines for applying.
Step Seven: Focus on high achievement. Many loans and grants are
increasingly based more on academic merit than financial need. This
is one more reason your child should develop good study skills and
get extra help to address any issues that are impacting grades. It’s
also important for your son or daughter to do everything possible to
prepare for the SAT and ACT – two high stakes exams that have a big
impact on college admissions. Top performance on these tests can
lead to significant opportunities for scholarship money.
Your child should also raise the bar as high as possible by taking
Advanced Placement, honors or other advanced courses. Doing well in
these courses is especially crucial if your child is hoping to
receive aid from colleges and universities because it shows
decision-makers that he or she is well-qualified for college-level
work – and well positioned to ensure the institution’s financial
investment pays off.
You’ll also want to remember the power of the financial investment
you’re making. As noted by the Bureau of Labor Statistics (BLS)
college graduates earn an average of $49,000 each year, compared to
high school graduates, who earn roughly $30,000. This amounts to a
difference of more than $800,000 (in today’s dollars) throughout
your son or daughter’s professional life – further proof that now,
and in the future, the path to high achievement leads to rich
rewards.
Dr. Raymond J. Huntington is co-founder of Huntington Learning
Center, which has helped children achieve success in school for 26
years. For more information about how Huntington can help your
child, call 1 800 CAN LEARN.
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