College Search: Tips On Applying For Financial Aid
1. Families can no longer wait until a child is accepted into college before deciding how they will finance that education. Earlier college financial planning is necessary.
2. Families should assume a much more active role in locating the resources necessary to fund future college costs.
3. Families should assume that college costs will continue to increase.
4. Families should assume that in the future the federal government will not substantially increase financial aid allocations.
5. Families should obtain information on a wide range of colleges including the many excellent low-cost schools.
6. Families should seek information about all of the funding sources available at each school they are considering.
7. Families should seek the advice and expertise of financial experts for college financing strategies. College financial planning should specify the amount of money a family should invest or save each month in order to meet future college bills.
8. Families should investigate all of the legitimate ways of reducing their income and assets before filing for financial aid.
9. Families should know how financial aid is awarded and the financial aid policies and programs of each school they are considering.
10. Families should realize that although the job of financing a college education rests primarily with them, they probably will not be able to save the entire cost of their child’s college education. They probably will be eligible to receive some type of financial aid from some source and they will have to borrow a portion of their child’s college education costs.
11. Families should be advised that the federal government frequently changes the rules and regulations governing financial aid eligibility. Check with your high school guidance counselor or college financial aid administrator for the latest program qualifications.
Marguerite J. Dennis
Vice President for Development
and Enrollment
Suffolk University
Boston, Massachusetts