By Howard Freedman, Financial Aid Consultant
Now that you are ready to transfer to a four-year college,
you should be better prepared academically and financially to earn
your bachelor’s degree. Though the overall annual costs of
a four-year college are likely to be more than a two-year program,
your junior and senior years can be more affordable when you plan
ahead.
So, you’re about to complete your two-year degree. From your
experience throughout the past two years, you know the two-year
college is a great value since you’re earning freshman and
sophomore credits at a huge discount in relation to attending a
four-year college out of high school. The Cost of Attendance at
four-year colleges includes more requirements and options, such
as tuition, room, board, books, computers, insurance, fees, transportation
and other expenses. These costs may seem high, but you only have
two years to go at costs that are reduced by financial aid.
Consideration for financial aid is not automatic, but a simple
process that requires your input. You are responsible for completing
the FAFSA (Free Application for Federal Student Aid) each year
to determine the Expected Family Contribution that you and your
family should be able to contribute toward your education. The
difference between each college’s Cost of Attendance and
your Expected Family Contribution is (financial) need you are eligible
to receive. Your need can be satisfied by a combination of free
money, such as scholarships, grants, work-study and tuition waivers,
and also with various loans that can be repaid several years after
graduation. Financial aid can also be based on your merit, academics,
athletics, community service, affiliations or if the college seeks
to recruit you.
The FAFSA (www.fafsa.ed.gov) can be submitted online and is electronically
transmitted to multiple colleges as early as January 1, 2007, for
September 2007 enrollment. Other financial aid forms, such as the
CSS Financial Aid Profile (www.collegeboard.com), are required
by some colleges to determine eligibility for financial aid that
comes from donor contributions, college budgets, etc. Knowing about
each college’s required financial aid forms and complying
with filing deadlines improve your chances for more financial aid
after you are accepted.
Valuable Tips for More Affordable Educations
- Discuss your options with guidance or career counselors.
- Evaluate each option before completing your two-year program.
- Develop a planning calendar to manage requirements and progress.
- Apply to colleges that meet your needs, regardless of costs.
- Apply to multiple colleges to compare and negotiate financial
aid.
- Complete the FAFSA when you apply to each college.
- As early as possible, but not before January 1.
- Estimate your income to file your FAFSA after January 1.
- See if you qualify for more aid as an “independent student.”
- Accept, reject or appeal all or part of your financial aid award.
- Appeal your award if you can justify additional financial need.
- Conduct your own free Internet scholarship searches.
- Consider other options:
- Part-time programs
- Low-cost courses during breaks
- Employer tuition assistance
- Military service educational assistance
- Distance learning programs (www.detc.org)
- Living at home or apartment sharing
Remember that college is the best investment that pays dividends for a lifetime
of opportunities.
Howard Freedman is president of Financial Aid Consulting. He can be contacted
at www.financialaidconulting.net or finaidman@.comcast.net.
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