Schools are Cutting Grants and Scholarships

Bad news for parents and students. Many colleges and universities aren't as generous with their scholarship and grant money as they used to be.

During the recession, a number of schools boosted student aid in order to help families afford the price of college. But it appears that the generosity has come to an end. Colleges are cutting back on grants and scholarships -- student aid that doesn't have to be paid back. According to student-loan provider Sallie Mae, grants and scholarship aid fell by 15 percent in the last academic year.

Why? Schools are saying that they have financial troubles of their own, and have depleted their reserve funds. (A bit hard to believe when you consider the endowments some of these schools have.) As a result parents and students have to take on more debt to pay for school. The average amount families had to borrow to pay for school rose nearly 17 percent last year. 

News like this can be frustrating for families, and add to the stress of the college application process -- as if that wasn't already stressful enough. But there are ways to reduce your total costs for college. Our free workshop, 7 Ways to Get Into College and Never Worry About the Cost, helps families navigate these tricky waters, and make college more affordable. The 60-minute workshop focuses on little-known ways of getting free money for college—even if you have been told you don’t qualify for financial aid. Upcoming presentations are: 

 — Wed., July 25 in Berkeley Heights

 — Wed., Aug. 15 in Edison

 — Wed. Aug. 22 in Montclair

  There is no cost to attend. Parents from any town are welcome.    

Ian Welham is an expert at helping students find the perfect fit college and helping parents pay for it. You can find him at Complete College Planning Solutions, on Facebook and Twitter.