According to a study that was published in March 2014, 71% of four-year college graduates had debt due to student loans. Some of that is on top of loans that parents took out, perhaps even remortgaging the family home. Is there a better way for your family to fund college? Here are a few tips.
- Apply for Scholarships – By searching around, you may find that your child is eligible for far more scholarship money then you may originally have thought.
- Negotiate Your Financial Aid – Private colleges are often willing to negotiate a larger financial aid package depending on your circumstances. Some may even be willing to enter into a merit-based agreement where your child gets more student aid to attract him or her to a particular school. According to US News and World Report, some schools awarded merit aid to more than half of their students during the 2016-2017 school year.
- Apply for Federal Loans – There are tons of federal loan options, and you can often apply for more than one. Apply for everything you qualify for to ensure you get the maximum aid.
- Use the FAFSA application – Over $2 billion (yes, with a B) gets left unused by families some years, so be sure to fill out the Free Application for Federal Student Aid and get your share.
Get Help Funding College from College Planning Source
College Planning Source is based in southern California and is proud to help families get the funding they need to send kids to college without having to amass huge loans. Check out our college funding and aid planning resources online. Then call us at 858.676.0700 to learn more.