Funding College

Parents, your child is well on his way to graduating high school and has all the ambition in the world to pursue a college education. You are proud of him for his accomplishments and his drive, but you are worried that college may not be a feasible reality – you are stressed about money.

Stress and heartache over college funding is nothing new. It is probably safe to say that most families do not have enough put away to fund their children’s college education. Nowadays, economic crisis has made this task increasingly difficult, compounding the problem. Fortunately, there are a few savvy things you can do to help fatten up your child’s college fund.

Your child may first consider attending a state college over an elite private school. Many of these schools offer tuition discounts, a relief to your wallet not available at Ivy League colleges. Your child might even attend a community college for his first two years before transferring to a four-year college. This option alone can save thousands of dollars.

Diligently troll the internet for scholarships. These are available in every imaginable size, shape, and form. From your child’s artistic or athletic abilities to his ethnic heritage and gender, there are likely dozens of scholarships that your child qualifies to receive. The task is in finding them and making sure your child fills out and submits them before the deadlines. Scholarships are free money that will help tremendously.

Apply for as many grants as possible as well. Grants are like scholarships in that they do not need to be repaid. Again, free money. Special grants are available to ethnic minorities, women, low-income students, and those pursuing an area of study much in demand. You can find out all about state-based grants at CollegeScholarships.org. You may consider looking into the Academic Competitiveness Grant, which awards up to $1,300 to high school students who have completed a rigorous high school program, and the National Science and Mathematics Access to Retain Talent Grant, which gives up to $4,000 to undergrads in specified fields of study.

You should not resort to loans unless it is your last option. When you do, be sure that you take out subsidized loans. The interest on subsidized loans is paid for by the federal government until a predetermined grace period has expired. You can get additional information from the U.S. Department of Education’s Federal Student Aid Information Center at studentaid.ed.gov.