Creative Ways to Pay for College

After months of studying for entrance exams, participating in all the right extracurricular activities and getting good grades in high school, your child is ready to apply to the college of her dreams. You want to celebrate, but all you can do is worry that your family won't be able to pay for her education. 

You've read all about applying for financial aid. You've heard about a few grants for students like your child. Still, you're not sure it's going to be enough. And you are not alone. Nationwide, students interested in going to college are looking for creative ways to pay for college.

The news for college-bound students can be disheartening. Funding for the Federal Pell Grant Program, which provides grants for low-income students, has not seen an increase in recent years although inflation and increases in tuition have continued at most schools. The most a student could receive in a Pell Grant for the 2011-12 school year was $5,550, which isn’t worth what it used to be in past years.

The cost to attend public universities is expensive (up 8% last year alone); and at private colleges, tuition costs are even higher. According to the U.S. Department of Education, the average annual tuition plus room and board for full-time undergraduate students at public and private four-year schools nationwide was $23,066 last year—an increase of 32 percent from ten years ago. 

The quest to make college more affordable has reached the White House. In President Obama’s State of the Union Address, the President encouraged colleges to improve affordability for students and called upon Congress to take action. His proposals would take federal aid away from colleges that do not curb tuition costs and instead be awarded to those universities that can provide an affordable education.

Meanwhile parents in search of more immediate answers are seeking professional assistance in record numbers. It’s now estimated that one in four families with college bound students uses a college planner and/or college funding advisor.

Experienced professionals can help you and your student wade through the financial aid process and any changes in the law that may affect your child’s ability to attend college. One way to kick the tires and see if the service is a good match for your family is to attend a free educational workshop (most firms offer these). Even if you don't end up hiring the firm, you'll walk away with more knowledge about the process than you had before.

Contact us, to get the schedule of upcoming “Cash for College” workshops in your area.