How to Save on College Tuition
How to Save on College
Tuition
Exploring financial aid, grants and
scholarships
Created On: Wednesday, 11 Mar 2009, 7:17 PM CDT
Bill Keller
ST. PAUL - With the stock market free-fall, many parents have been watching their kids' college funds disappear. But there is plenty of financial aid if you know where to look.
Hamline University's Pamela Johnson says applications for scholarships are up 50 percent. The good news is, many loans for students are guaranteed, and not subject to the same credit crunch as other lenders.
Mark Misukanis, with the Minnesota Office of Higher Education, says the starting point for all college-bound students in need of financial assistance is the free application for federal student aid (FAFSA).
The application can be intimidating, but once filled out, students automatically apply for all eligible state and federal grants. It also serves as your application for student loans.
"Don't stop there though. There are literally hundreds if not thousands of other types of grants and programs out there. College is expensive, so look everywhere," says Misukanis.
Over the past ten years, college tuitions have doubled, which is why enrollment is up at many community colleges .
"I think parents are looking at this big ticket decision a little more seriously than they might have when economic times were better," says Johnson.
Because grants are based on financial need, if you lose your job after you fill out FAFSA, be sure to contact your school's financial aid office, because you may now qualify for aid that you were previously not eligible.
Free Application For Federal Student Aid
http://www.fafsa.ed.gov/
Minnesota Achieve Scholarship
http://www.getreadyforcollege.org/gPg.cfm?pageID=1789
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