20 insider strategies

8/8/2019 20 Insider Strategies

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20Insider Strategies

to Save Money on College NOW

Free to copy for educational use.


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Introduction

Section I There Are More Ways to Help Pay or College Than You Think

1. Know the language

2. Know your options. Explore them all

3. Get money that you dont have to pay back

Section II Merit Aid Scholarships Revealed

4. Dont make general tuition assumptions about public and private colleges

5. Broaden your horizons

6. Follow the good money

7. Dont ignore a college because o its published tuition price

8. Find merit aid scholarships beore you apply

9. Find merit aid scholarships that match you

10. Get paid or who you are

11. Get paid or your major

12. Get paid or your passionate pastimes

13. Stand out rom the crowd and bring two scholarship strategies together

Section III Save Even More

14. Pay in-state tuition even i you live out o state

15. Get state-sponsored aid

16. Look beyond scholarship dollar amounts

17. Be willing to work or it

18. A year or more o community college can help you save

19. Graduate in 4 years or less with the help o AP courses

20. I you have to get a loan, get a government loan

Conclusion

20 Insider Strategies to SaveMoney on College NOW

MeritAid.com


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0 Insider Strategies to Save Money on College NOW MeritAid

Introduction

I you are a high school student looking to attend college soon, then you probably have twohuge questions causing a great deal o stress in your lie.

Will I get into a good college?and

How will I pay for college?Well, there is some good news, and then theres some great news.

The good news: There are great odds you will get in. More than 70 percent o colleges acceptmore than 70 percent o applicants. So while you may not get into Harvard, there is a greatcollege or you.

The great news: You will be able to aord to go to college. While its true that the cost oattending college continues to rise4.2% annually at public our-year colleges and 2.4%annually at private collegesyou have an array o tools at your disposal to help you und yourcollege dreams.

Unortunately, most students dont know how to take ull advantage o all the money-savingtools available. In this book we will give you insider tips, strategies, tools, secrets and otherways to help you pay less or a great college. Whats more, none o these tips requires you toget better grades, score higher on standardized tests or build a spaceship. You can use all thesestrategies starting today, as you are right now.

What ollows is a start-to-nish nancial aid guide with simple tips and secret insights that cansave you thousands or even tens o thousands o dollars on college. We will touch on all typeso nancial aid with a ocus on merit aid scholarships. Merit aid scholarships can be incrediblylucrative or students, but most students dont know how to properly take advantage o whatsavailable. In act, most students dont even know about merit scholarships until ater they decideto attend a college.

But were getting ahead o ourselves. First, take a deep breath andknow this: The odds are in your avor that you will get acceptedto a great college and be able to aord to go there.

2009 MeritAid.com. Free to copy for education


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0 Insider Strategies to Save Money on College NOW

Go to MeritAid.com to discover $11 billion in merit scholarships.

MeritAid

Know the language.

When it comes to money, you dont need any misunderstandings. And yet, many students will miss out onnancial aid because they simply dont understand the process. So beore you go rushing head rst towardthe closest nancial aid oce, get educated on the terms that will get tossed around. Knowing whats goingon will help ensure you dont get lost and lose out on an opportunity.

CSS/Financial Aid PROFILE: Financial aid application used by some colleges. There is a ee to use this orm, so checkwith potential colleges to see i it is required beore you ll out the CSS and send it o.

Demonstrated Need: The dierence between what your amily can contribute toward college expenses and the actualcost o attending college.

Expected Family Contribution (EFC): How much money you and your amily are expected to contribute toward collegeexpenses. This number is used to determine i you qualiy or need aid. EFC is based on your FAFSA application andis calculated by the ederal government.

Financial Aid: Blanket term or all types o college unding.

Financial Aid Award Letter: Ocial notication o the type and amount o nancial aid a college is oering you.

Free Application or Federal Student Aid (FAFSA): The ederal application every student must submit in order to beeligible or ederal nancial aid. For more inormation and to complete the FAFSA visit www.asa4caster.ed.gov.

Grants: Money or college that does not have to be repaid. Most grants are need-based and are awarded by the state orederal govervnment.

Institutional Aid (or Campus-Based Aid): Financial assistance given by a college, typically either need-based or merit-based aid.

Loans: Money given to a student that must be paid back. There are several types o loans, including low- to no-intereststudent loans given out by the ederal government, like the Perkins and Staord loans. These are the best options,since you dont have to start paying back the money until ater you graduate. Private loans, oered through banksand credit unions, typically have higher interest rates.

Merit Aid: Financial aid awarded to you rom a college based on your individual achievements and talents.

Need-Based Aid: Financial aid given based on the ability o you and your amily to pay or college.

Scholarships: Money or college that does not have to be paid back. Usually awarded based on specic criteria, suchas your academic perormance, extracurricular activities, ethnic heritage or religious aliation. Scholarships may beawarded by colleges, private groups or states.

Student Aid Report (SAR): Ater you le the Free Application or Federal Student Aid (FAFSA), you will receive a SARstating your EFC (expected amily contribution) and eligibility or nancial aid. This report is also sent to the collegesyou indicate on the FAFSA.

Student Loan: Financial aid that must be repaid. Student loan programs are available through the ederal governmentand private lenders.

Work-Study: Financial aid given in exchange or work (typically at a job on campus). To qualiy or the Federal WorkStudy (FWS) program, you must complete the FAFSA.


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MeritAid

Know your options. Explore them all.

I you just assume you wont get any money rom a potential nancial aid source, then you wont get anymoney.

But you may be eligible or more than you think. Did you know that in some cases, even students romamilies with six-gure incomes can qualiy or need-based aid? Its true.

So whatever you do, dont rule out grants, scholarships, loans, work study or anything else when you start looking ornancial aid.

Thats why Lynn OShaughnessy, author o The College Solution, recommends every student ll out the FreeApplication or Federal Student Aid (FAFSA). Heres why:

Grants.1. Grants are given out on a need basis. Need basis is determined by the FAFSA. Who qualies depends onlots o actors, rom the cost o college to how many students apply.

Merit Scholarships.2. Some colleges require the FAFSA or merit scholarships. Most state scholarships, like the

Georgia HOPE scholarship, also require the FAFSA.

Loans.3. I you want a low-interest government loan (and you probably do, because these loans are cheaper or youthan private loans) you have to le the FAFSA.

Jobs.4. The Federal Work Study program requires it.

Just in case.5. I your amily situation changes drastically while youre in college you may qualiy or previouslyunavailable grants and scholarships. Filing the FAFSA now will speed the process up in the case o an emergency.

What to do: Get the FAFSA ready in the all atwww.asa4caster.ed.gov. You can

le it ater January 1 each year. Get the ull ino on the FAFSA atwww.asa.ed.gov.


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MeritAid

Get money that you dont have to pay back.

Financial aid generally alls into two categories: Money you dont have to pay back and money you have topay back. Guess which is better?

Money you dont have to pay back comes in two orms: grants and scholarships. You get this money

because:

You have a nancial need as dened by the U.S. government or a college1.

O who you are and what you accomplished thus ar (merit)2.

GrantsI you can get need-based nancial aid, take it. Heres what to look or:

Government grants. The February 2009 Federal Economic Stimulus Plan includes $17 billion to provide Pell Grantsto millions o college students. Those students will not have to pay back a dime. The maximum Pell grant award perstudent is $5,350.

Grants and need-based scholarships rom colleges. Regardless o how much you get in government grants, youmay also qualiy or need-based scholarships and grants rom colleges.

As mentioned above, to qualiy or need-based aid you rst need to le the FAFSA. You can start it atwww.asa4caster.ed.gov.

Whether or not you need the money depends on many actors, including:

The cost o tuition at colleges you are considering.

How much money your parents make. In 2003-04, 97.7% o Pell Grant recipients had a amily Adjusted GrossIncome o less than $50,000.

It is possible that you wont qualiy or ederal need aid, but you could get need aid rom a college.

ScholarshipsScholarships come in all shapes and size rom all sorts o places. They may be one-time awards o a ew hundreddollars, or they might be worth tens o thousands o dollars each year or several years. Scholarships are given out by:

State governments1.

Colleges2.

Private corporations3.

Civic organizations and non-prot groups4.


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MeritAid

Dont make general tuition assumptions about public andprivate colleges.

Most students assume that private colleges are more expensive than public colleges. It is true that theaverage 2008/2009 private college price is $25,100, and the average public college price is $6,600. This

may seem to conrm the assumption, but there are exceptions to every rule. In the charts that ollow, which types oschools are the most expensive? Public or private?

Tese public colleges and universities are the 10 most expensive.

College City State Full-time undergrads Tuition and Fees

University o Pittsburgh-Main Campus Pittsburgh PA 17,150 $13,642

Pennsylvania State University-Main Campus University Park PA 38,240 $13,014

University o Vermont Burlington VT 9,550 $12,844

St Marys College o Maryland Saint Marys City MD 1,950 $12,604

New Jersey Institute o Technology Newark NJ 6,150 $12,482

The College o New Jersey Ewing NJ 5,800 $12,308

University o Pittsburgh-Greensburg Greensburg PA 1,600 $11,782

University o Pittsburgh-Johnstown Johnstown PA 3,010 $11,754

University o Pittsburgh-Bradord Bradord PA 1,200 $11,722

Pennsylvania State University- Erie-BehrendCollege

Erie PA 3,720 $11,490

Tese private colleges are the 10 least expensive in the country.

College City State Full-time undergrads Tuition and Fees

Berea College Berea KY 1,610 Does not charge tuition. EachBerea student receives a ull-tuition scholarship.

Brigham Young University-Hawaii Laie HI 2,750 Tuition starts at $3,600.

Brigham Young University Provo UT 30,470 Tuition starts at $4,080.

Doane College-Lincoln Lincoln NE 630 $5,153

Arkansas Baptist College Little Rock AR 500 $5,700

The National Hispanic University San Jose CA 290 $5,840

Rust College Holly Springs MS 810 $7,000

Talladega College Talladega AL 450 $7,348

Miles College Faireld AL 1,760 $7,968

Park University Parkville MO 9,840 $8,190

Also, remember that colleges can both have a low tuition and oer merit aid to theirstudents. Combine low tuition with some merit aid, and youve got a great recipeor avoiding loans.


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MeritAid

Broaden your horizons.

Are you still keeping an open mind about listed tuition prices? Good. Leave it open about other actorsat a college, too.

When searching or a college, many students get caught playing the name game. They obsess over lists,rankings and perceived notoriety.

But the name on your college sweatshirt will have very little impact on your success during and ater college. Thetop indicator o success is college t.

And since nances are one element o t, you will benet by keeping an open mind on your college options.

Lets say your dream is to go to college in New York City. You take a close look at the well known and renowned NewYork University.

NYU

Tuition: $37,372Percent o students receiving aid rom the college: 53%

Average aid per student: $26,823

Average net tuition cost (or 53% o students): $10,549

NYU is pretty generous with their aid, but the price tag is still steep. Even i youre in the hal o students thatreceives money rom the college, that still leaves you to cover $10,549 a year, plus the cost o housing, books andany Broadway shows you want to see.

But i you really want to be in New York City, you have other options. Take Pace University or instance.

Pace University

Tuition: $31,357

Percent o students receiving aid rom the college: 76%

Average aid per student: $27,024

Average net tuition cost (or 76% o students): $4,333

Through a variety o programs, Pace is able to oer aid to three quarters o their students! They oer about thesame amount o aid as NYU, and their tuition is lower. Pace also admits a higher percentage o student applicants.At rst, you may be less amiliar with Pace University, but i the other t actors line up, this college could be a great,aordable option that allows you to ollow your dream.

So keep an open mind, and you may not only nd a college that is a great t, butalso avoid having to pay more or your education or take out loans.


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MeritAid

Follow the good money.

There is a diversity o sources out there or scholarships that can be boiled down to two main categories:

Scholarships rom colleges and states typically called merit aid or merit aid scholarships. These1.scholarships are typically given or doing good work either academically, in a leadership position, or incommunity service.

Scholarships rom private groups (basically any group awarding scholarships that isnt a college or government).2.These scholarships are typically awarded or any variety o reasons. One place to nd them is www.astweb.com.

Generally speaking, all scholarships work the same way: Money or your college education that you dont pay back. Butin reality, there are some major dierences between merit scholarships rom colleges and states (merit aid) and thoserom private groups.

Privately Funded Scholarship Merit Aid Scholarship

Total dollars available to students in 2008 $7 billion $11 billion

Average award to a student $1,000 $5,000Renewable? Most private scholarships are one-

time awards.Many merit aid scholarships arerenewable or our years o college.

Competition or awards is intense. Many private scholarships are awarded on a national level, which typically meansstudents rom across the country compete against one another. These scholarships typically only go to a small group oextremely high achieving, elite students. One in our students receives merit aid. Most colleges oer anywhere rom a ewdozen to hundreds o individual scholarship programs each giving out several awards.

Realistically, merit aid scholarships have a better chance o making a signicant impact on your college career. Beore youapply to a college, you can look up their merit scholarships oerings at MeritAid.com, www.meritaid.com, a ree studentresource, or on a colleges website.

Our advice is to pursue both types o scholarshipsprivately unded and meritaidbut ocus on the good money or merit aid scholarship options beore youapply to colleges. They will likely have a bigger payo and help provide more insightinto the potential bottom-line costs o the colleges you are considering.


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MeritAid

Dont ignore a college because o its published tuition price.

Do you want to go to the best college you can get into?

A recent study ound that only one-third o Chicago public school students went to a college that matchedtheir qualications. This means that lots o studentsmore than halmissed out on stronger or morechallenging college environments.

Lots o actors can contribute to students missing out on college opportunities, but initial tuition price shouldnt be one.I you want to attend college and you want to pay less than the ull tuition price, you canwith the help o merit aid.

Merit scholarships can sometimes be worth 50 percent or more o tuition price. But students who dont know about themerit aid available may overlook certain colleges because they think they cost too much. Dont delay looking at a collegebecause o its published tuition price.

It is critical you know what merit money is available when looking at potential colleges. Armed with this knowledge, youwill have a better idea about the true costs o attending a college. This, in turn, can bring some previously unaordablecolleges within your reach.

And while its true that tuition prices have risen dramatically at all types o colleges across the country, the amount omerit aid oered has also increased. In act, in recent years, the amount o merit aid oered has increased at a aster ratethan tuition.

College Merit Aid Increasing o Meet uition Demands

$14,000

$12,000

$10,000

$8,000

$6,000

$4,000

$2,000

$0

$12

$10

$8

$6

$4

$2

$0

Average

four-yearcollegetuitionandfees

Totalundergraduatemerit aid

scholarships

ources: 1995 to 2004 data rom National Center or Education Statistics. 2007 to 2008 data is based on MeritAid.com analysis.

Average our-yearcollege tuitionand ees

Meritaidscholarshipsinbillionsofdollars

1995/1996 1999/2000 2003/2004 2007/2008


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MeritAid

Find merit aid scholarships beore you apply.

It is critical you know what merit aid money is available when looking at potential colleges. Armed withthis knowledge, you will have a better idea about the bottom-line costs o attending a college. This, inturn, can bring some previously unaordable colleges within your reach.

Where to nd inormation on merit scholarships:

MeritAid.com, www.meritaid.com

A colleges website

Calling a colleges nancial aid oce

Your college counselor

You can nd out more than just what merit scholarship programs are oered at a college. For most colleges,you should be able to learn:

Total scholarships awarded

Percent o students receiving aid

Average aid per student

These acts will help you orm a realistic idea o your chances o earning merit aid rom a college. At mostcolleges, your chances o receiving substantial merit aid are very good.

Hundreds o thousands o students receive merit scholarship awards each year.

Merit aid is not just or A students. Students with a variety o GPAs can qualiy, and many awards emphasizeleadership or school involvement.

The average merit scholarship award is $5,000.

In addition to merit aid rom colleges, there is also merit aid oered by state governments. To access this money, youoten only have to meet certain GPA, test score and residence requirements. For example, graduating high schoolstudents in the state o Georgia may receive a HOPE scholarship worth rom $3,500 to ull tuition or most public andprivate colleges in Georgia i they earn at least a B average in high school.

Seeking out both college and state merit aid scholarships will give you a view o

what merit scholarships you qualiy or and allow you to do some rough cutting oyour potential college list.


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MeritAid

Find merit aid scholarships that match you.

Most merit aid scholarships are awarded based on, you guessed it, merit. In other words, all the hardwork youve put into your high school classes can pay o.

General merit scholarships are the most common type o scholarship oered by colleges. To earn thesescholarships, students usually just need to meet minimum GPA and test score requirements. Academic

achievement is oten the only criteria or the awards.

These awards oten carry names like Trustees, Presidential, o Deans. Colleges requently give out several othese awards to each incoming class, and the scholarships are oten renewable. This means that i students meetcertain GPA requirements while in college they can get the scholarship money at the start o each year.

For example, lets check out some o the merit scholarships oered by Lake Forest College in Lake Forest, Ill.

Scholarship Name Amount Is it renewable?

Trustee Scholarships $16,000 Yes

Presidential Scholarships $12,000 Yes

Deans Scholarships $10,000 Yes

Deerpath Scholarships $8,500 Yes

Each year, Lake Forest College gives out several o each o these scholarships to students in the incoming reshmanclass. The award amounts correlate with student achievement. Minimum student qualications or the renewable,$12,000 Presidential Scholarships are:

3.6 GPA

Top 20 percent o their graduating class

28 or higher on the ACT

I you dont meet those requirements, dont despair. You may not have straight As on your high school transcript, butyou still worked hard, and there are scholarships available or you, too.

For example, Lake Forests Deerpath Scholarship, a renewable award worth $8,500 a year, has lower minimumrequirements:

3.2 GPA

Top 30 percent o graduating class

Bottom line:Even i you dont have a 4.0 GPA, your hard work in high school couldget you a merit scholarship.


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MeritAid

Get paid or who you are.

Not every merit scholarship is based solely on what youve accomplished. In act, youprobably qualiy or many merit scholarships simply because o who you are and where youlive.

Heres one example rom the University o Michigan: Each year two Bob Uer Memorial Scholarships are awarded.The criteria: You must attend a public high school in Ann Arbor, Mich. So by simply going to high school where you go tohigh school, you could get a merit aid scholarship.

There are also many merit scholarships designated specically or students that bring diversity to campus. Sometimes,these scholarships are even called diversity scholarships. Thats the case at Hamline University, in St. Paul, Minn. Thereare three Hamline University Diversity Scholarships available. Each is worth $3,000 and may be renewed or threeyears!

Colleges want students rom all backgrounds on their campuses to generate a lively exchange o ideas. This meansa diverse mix o races, religious belies, cultural backgrounds and lie experience. How might you bring diversity to a

campus? Here are some examples.

Heidelberg University

Case: 91 percent o students are rom the state o Ohio.

Youre bringing diversity to campus i: Youre rom somewhere elseespecially somewhere ar away.

Rice University

Case: More than hal o their students are rom Texas and only 8 percent o theirstudents are Arican-American.

Youre bringing diversity to campus i: Youre an Arican-American rom out o state.

College o Charleston

Case: 66 percent o the student body is emale.

Youre bringing diversity to campus i: Youre a guy.

At all those campuses, certain people will be in demand simply because o who they are. I you look around at enoughcolleges, you can probably nd one where youre in demand. I youre an in-demand student, you could be in line ormerit aid awards.

What you should do:At each college you are considering, nd out how you could

bring diversity to their campus.


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MeritAid

Get paid or your major.

While some merit scholarships ocus on what you did in the past, many award you orwhat you want to do in the uture. Many merit scholarships are set aside or students withparticular majors.

General area-o-study scholarshipsWhat to look or: Colleges oer scholarships that support large departments. These can be an excellent optioni you generally know what youd like to study but arent yet sure about your specialty. So, i you know you lovescience but arent ready to declare a major in biology instead o chemistry, these scholarships can help you out.

Example: The Patricia Shadoin Williamson Scholarship at Huntingdon College in Alabama will provide one-thirdtuition to students with strong academic records who are majoring in the humanities. Several o these awards aregiven out each year. This means that i you study history and your best riend is an art major, you could both still getthis award.

Super specic majors:What to look or: Colleges regularly oer scholarships or students going into a particular major. The colleges mayhave a popular, well-unded program, or they might create a scholarship to help build interest in an up-and-comingmajor. I you know your major, contact that department at potential colleges or check MeritAid.com. The collegesdepartment may oer scholarships on their own, in addition to college-wide awards.

Example: The Dan Black Physics/Business Scholarship, Caliornia State University Fullerton. This award is orphysics majors with an emphasis in business and pays out $10,000 over our years.

ArtsWhat to look or: Have your portolios ready and polish your audition skills. These talent-based scholarships almostalways require proo o your talent. To qualiy or these scholarships, you may need to set up a special audition with

aculty rom the college you wish to enter.

Also, keep an eye out or specialties within your talent. There may be separate scholarships or students thatwant to be on stage and those that want to work behind the scenes. Jazz trumpet players may not have to competeagainst symphonic trumpet player or scholarships.

Insider tip: Look beyond the big colleges. I you really love your art, you may nd a great college environment at acollege that specializes in the arts.

Example: The aptly named Talent Scholarships at Caldwell College in New Jersey. Ranging rom $1,000-$6,000,these awards require portolio reviews or auditions and are open to students interested in studying art or music,whatever the discipline.


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MeritAid

Get paid or your passionate pastimes.

Colleges are interested in more than just your brains. What you do outside the classroomcan have an impact on how you pay or college. Your activitiessports, hobbies, clubs,etc.could be your key to paying or college. You can pick up scholarships or participatingin Greek Lie, beauty pageants, rodeo, honor societies, Girl Scouts o America and

countless other activities and associations.

Clubs and activitiesWhat to look or: I you are involved in clubs or common-interest groups, see i they have a chapter at potentialcolleges. Be willing to look beyond groups at a college, too. A local chapter in a colleges city may sponsor a scholarshipat their hometown school.

Example: The Paul Morphy Chess Scholarship, awarded by Shimer College in Chicago, Ill. The scholarship gives $2,000to a student with achievements in the chess world. I you continue to have strong grades and strong moves with yourknight and bishop, the scholarship can be renewed.

A special note or athletesEveryone knows that big time college athletes can get big time scholarships. However, even i you dont play at aDivision I level, there are other athletic options that might help you pay or school.

I you play sports, check colleges with teams in Division II and III. Your skill, along with your good grades, might earn youa combination athletics/academics scholarship. Dickinson State Universitys Roughrider Scholarship is a good example owhat you might be able to nd. The scholarship goes to a student participating in rodeo that is also studying elementaryeducation.

In act, many colleges that dont oer sports scholarships do oer merit scholarships that have participation in athleticsas a requirement. Like the program at Dickinson State, these scholarships may require a student to have a certain GPAand be a member o the schools gol team.

Community ServiceWhat to look or: Talk about giving back! Your work or others can pay o with some serious scholarships. Collegeservice-related scholarships may be tied to particular causes, like religious ministry, or they may reward generalcommunity involvement. I you work with a specic group or organization, check at potential colleges to see i there is alocal chapter.

Example: The RDP Environmental and Social Justice Scholarship at Prescott College in Arizona. This renewable, $2,000award is or students with experience working with groups like Amnesty International, Greenpeace, Student ConservationAssociation and other community service and volunteer programs.


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MeritAid

Stand out rom the crowd and bring two scholarshipstrategies together.

You can bring two merit scholarship strategies together to increase your chances oachieveing one. For example, can you bring diversity to a specic major? I so, there are

scholarships or you.

Example:

College: Washington & Lee

Scholarship: Minorities in Government Finance

Details: This $5,000 scholarship is or students that bring diversity to a specic major. I you meet these twocriteria and lets ace it, there are only so many people that will be a good match or such a specicaward as this you could pay less while getting a great education.

Other ways to bring diversity to a major:

Be a male in nursing. At the University o Dubuque, the Shane Frederick Memorial Scholarship awards a male nursingstudent with a 3.0 GPA. The nursing proession is dominated by women, and many colleges and even nationalcompanies like Johnson & Johnson have created awards to attract more men to this in-demand career.

Be a woman in science. At the University o Maryland University College, the Pateman Scholarship is set aside just orwomen studying aeronautics or aerospace engineering. Thats exciting stu or anyone. Many colleges nd their sciencedepartments dominated by men. To help that, they have created merit scholarships or women in all elds o science, butparticularly in the in-demand engineering elds.

OK, youve mastered combining two scholarship strategies. Do you dare combine three? Yes!

The Geneva C. Thorne Scholarship at Georgia Tech goes to young women studying engineering rom Northwest

Georgia. This scholarship is an example o three strategies in play. Students can only get this based on: Diversity, area-o-study and by living where they live.


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MeritAid

Pay in-state tuition even i you live out o state.

Weve hinted at it already, but now well say it: Your address plays a big role in how you payor college. Earlier, we talked about scholarships set aside just or students living in certaincities. Now, well move to the next line o your address and tell you about the role o yourhome state.

Your home state aects how much you pay or college in two ways: How much tuition you pay at public colleges, andwhat state-sponsored scholarships you can get. Well start with tuition. For ino on state aid, check Tip 15.

uition price: When out o state can mean in-statePrivate colleges typically only have one set tuition price. Public colleges, on the other hand, oten have two levels otuition: One price or students living in state and another, higher price or students living out o state.

What most students dont know: Even i you live in a dierent state rom a potential college you may still be able topay in-state tuition.

To get in-state tuition you may need to apply or an out-o-state tuition waiver or meet other qualications. These arentscholarships, but a discount on the tuition you would normally have to pay. You can get scholarships and out-o-statetuition waivers. There is no common set o actors that allows an out-o-state student to receive in-state tuition, but hereare some things to look or:

You live near the state border: The University o Tennessee at Chattanooga campus is just a ew miles rom the statesborder to Alabama and Georgia. So i youre a high school student living in select counties in North Georgia and NorthAlabama you can pay in-state tuition at a college where you are an out-o-state student. The savings or these studentsat UTC: $11,000 a year. Many colleges near borders oer similar discounts.

Your major isnt oered at colleges in your state: The New England Board o Higher Educations Tuition Breakincludes 82 colleges in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. I you live inone o these states and your preerred major isnt oered by a college in your home state you can go to a neighboring

college and pay the lower tuition.

You meet other criteria at the college: At Texas Tech students earning $1,000 in competitive scholarships rom thecollege can qualiy or an out-o-state tuition waiver. Students at the University o Utah may apply or a tuition waiverater one year at the college i they have an in-state drivers license. Each year, almost 500 students rom Missouri gettuition waivers at architecture and design programs at Kansas State and the University o Kansas. I your parents orgrandparents went to Missouri State you can get lower in-state tuition regardless o your current address.

Your state participates in a tuition exchange program: The Midwestern High Education Compact has a MidwesternStudent Exchange Program. Students in Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota and Wisconsincan get discounted tuition at public and private colleges in those states through the program.

What to do:Check with potential colleges about how you can qualiy or out-o-statetuition waivers.


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Get state-sponsored aid.

So ar, weve mostly talked about merit scholarships oered by colleges. These are great,but they arent your only merit aid option.

State-sponsored merit scholarships

Some states, but not all, oer scholarships to students who:

Meet certain academic criteria1.

Plan to attend certain colleges2.

In the state o Georgia, or example, any student who graduates with a 3.0 GPA automatically qualies or the HOPEScholarship. For 2008-2009, the state awarded more than $250 million to students or college. Students could use thescholarships at public colleges like the University o Georgia or Kennesaw State University, private colleges like SpelmanUniversity, Emory University and Art Institute o Atlanta and technical colleges like Georgia Aviation & Technical Collegeand Valdosta Technical College.

Another example is the New York State Scholarships or Academic Excellence program, a merit-based program thatoers thousands o academically talented students $1,500 incentives to study at in-state colleges and universities,renewable or up to our years o undergraduate study. Students must score high on state regents exams to beconsidered.

New York also has a Tuition Assistance Program (TAP) which is one o the largest need-based student grant programs inthe country. Eligible students must be state residents and enrolled in a state college or university within New York. Full-time students may receive up to $5,000. New York students can apply by lling out the FAFSA.

Some states weve ound that oer scholarships are: Florida, Georgia, Louisiana, Maryland, Missouri, New Mexico, NewYork, South Carolina, Tennessee and West Virginia.

Your high school counselor should be able to tell you what is available in your state.Financial aid ocers at a potential college can also let you know what your state hasto oer.


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Look beyond scholarship dollar amounts.

Now that you have lots o great strategies to nd merit scholarship opportunities, you needto take a deep breath. What you need to do next may be tough. You need to look beyondthe dollar amounts.

When comparing college scholarships its easy to ocus on the dollar amounts, but theresmore to aordable college than collecting scholarships. Your goal should be to get a great education without incurringcrippling debt. To do this, youll need to consider many actors other than a scholarships ace value.

When looking at a scholarship, consider:Can this scholarship be renewed? A $2,000 award given to you or our years will be more valuable than a one-timeaward o $5,000.

Can this scholarship be combined with other awards at a college? Some colleges may give certain studentsmultiple awards. You may be able to stack up several small scholarships to substantially save on tuition.

How does the scholarship amount compare with a colleges tuition?

To see which scholarship is truly worthymore, calculate the award as a percentage o a schools tuition.

What to do: The College Cost Comparison tool on Cappex.com can help youcompare costs o colleges including potential scholarships. Go towww.cappex.comto learn more about this ree tool.


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Be willing to work or it.

The Federal Work-Study Program (FWS) oers nancial aid in exchange or part-time work ata job on campus. Work-study can be a good supplement to other types o aid. To qualiy orthe Federal Work-Study program, you must complete the FAFSA.

Essentially, work-study is part o need-based aid and is bundled as part o a total nancialaid package oered to you by a college. Once you le a FAFSA, nancial need is determined by the Department oEducation using a standard ormula established by Congress. I you are eligible or ederal student nancial aid, eachcollege that admits you will tell you about any work-study you are eligible to receive in their Financial Aid Award Letter toyou.

It may seem like work study saves you money on tuition; however, you should becareul how much time you have to commit. Too much time spent working at a jobin college can confict with school work and your social lie. Keeping a balance isimportant.

March 20, 2009Mr. Kevin Sample123 School StreetAnyplace, NY 99999

Dear Kevin:

Congratulations on your admission to BDU.

We have reviewed your application or nancial aid or the 2009-2010 academic year and are pleased to make thistentative oer o nancial aid assistance based on an analysis o the inormation you provided.

Your need and awards were derived rom budget and resource inormation detailed here:

Budget Category Amount

Tuition and ees $15,500

Room and meals 10,350

Books and personal 2,650

Travel 600

Budget totals 29,100

Resources Amount

Expected student contribution 2,400

Expected parental contribution 12,000

Total Resources 14,400

Need (Budget - Resources) $14,700

Award Detail:

Source: Fall Spring Total

BDU Merit Scholarship 2,000 2,000 4,000

Federal Pell Grant 1,980 1,980 3,960

Federal Work-Study 1,200 1,200 2,400

Federal Perkins Loan 2,170 2,170 4,340

Total Awards: 7,350 7,350 14,700

Please eel ree to contact the student nancial aid oce with any questions regarding your nancial aid award or visitour web site.

Sincerely,

Ima DeanDirector, Student Financial Aid & Employment

Example o a FinancialAid Award Letter

Federal Work-Study


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A year or more o community college can helpyou save.

Plenty o students4 out o every 10 rst-time reshmenattend a two-year communitycollege, according to the American Association o Community Colleges. Students attend

community college or all types o reasons, and many go to community college in order toearn college credits and save substantial money on the rst year o college.

Tuition at most community colleges is quite a bit cheaper than at their our-year counterparts. Even i you plan toeventually attend a our-year school, you can save big bucks by taking a couple o semesters o general prerequisites at acommunity college.

Some our-year colleges have special transer or articulation agreements with community colleges to ensure courses willtranser. With these agreements, the money you spend on community college classes gets applied to earning a our-yeardegree. It takes a little work to investigate what articulation agreements are available, but the money saved is usuallyworth it.

One example is the articulation agreement that the Illinois Institute o Technology (IIT) has with Oakton CommunityCollege. Students who take their rst two years o college at Oakton and earn Associate o Arts and Science degrees areguaranteed admission to IIT. Students who want to take advantage o this program need to apply or it beore they starttheir reshman year and meet minimum academic standards. The program saves students $40,000 over two years.

Also, i you need to balance a work schedule or amily obligations with school, community colleges oer a lot o fexibilitywith day, evening or weekend classes, part-time schedules and online courses.

O course, there are tradeos to attending a community college. Here are some key dierences between communitycolleges and our-year schools.

Choice o Majors and Classes. While course catalogs at community colleges can be extensive, they cant compareto the number o majors and classes youll have to choose rom at a our-year college.

Academic Regimen. Community colleges, by design, serve a broad-based student body. In order to accommodatethe varied backgrounds and abilities o students, classes might move at a slower pace than at a our-year school.

Collegiate Experience. From dorm living and hanging out on the quad, to school spirit and homecomingcelebrations, our-year colleges give you the camaraderie o being in a university setting and a traditional collegiateexperience that you just wont nd at a community college.

The bottom line is that community colleges can save you substantial money overtraditional, our-year colleges. However, like every other choice youll make inyour college search,deciding whats best or you boils down to weighing your

educational goals, your nancial circumstances and what you want most romyour college experience.


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Graduate in 4 years or less with the help o APcourses.

Earning college credits while in high school is a great way to start saving on college beoreyou even get there.

One way to earn college credit while in high school is by taking Advanced Placement (AP) courses. Not only will youpotentially save money, but you will also be getting a jump on learning at the college level. AP courses also mayhelp you stand out to college admissions when applying to colleges by demonstrating that you are taking rigorouscoursework.

Passing the exam or just one AP course could save you $1,700 at your average private college or $500 at your averagepublic college.

With 37 courses in more than 20 subject areas, AP probably oers at least one class or you. Each o the classes isequivalent to a college introductory-level class in that subject.

Courses and subject areas include:Art History German Language

Biology Comp Government & Politics

Calculus AB U.S. Government & Politics

Calculus BC Human Geography

Chemistry Italian Language and Culture

Chinese Language and Culture Japanese Language and Culture

Computer Science A Latin Literature

Computer Science AB Latin: Vergil

Macroeconomics Music Theory

Microeconomics Physics B

English Language Physics C

English Literature Psychology

Environmental Science Spanish Language

European History Spanish Literature

French Language Statistics

French Literature Studio Art

U.S. History World History

I you still have time in high school to schedule more classes, dont miss out on thisopportunity. It could help you save money and help you get admitted to your idealschool.To learn more about specic AP courses, talk with your school counselor,AP coordinator, or go to www.collegeboard.com.


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I you have to get a loan, get a government loan.

I you need to borrow money, the ederal government oers the most fexible and lowinterest student loans. The Federal Student Aid (FSA) program provides two primarytypes o student loans provided by the FSA, Staord and Perkins. Youll need to ll outand submit the FAFSA to qualiy or them.

Staford Loans

Staord Loans come in two orms.

Subsidized:1. For students with nancial need (as determined by the ederal government). No interest is chargedwhile you are in school.

Unsubsidized:2. For students not based on nancial need. Interest is charged during all periods.

How much you can borrow depends on what year in school you are and i you are a dependent (living with yourparents) or independent student. It is also limited by the students school costs, other nancial aid you receive andyour expected amily contribution (EFC).

These are the borrowing limits as o February 2009.

Dependent student Independent student

1st-year undergraduate $3,500 / $2,000* $3,500 / $6,000*

2nd-year undergraduate $4,500 / $2,000 $4,500 / $6,000

3rd- and 4th-year undergraduate $5,500 / $2,000 $5,500 / $7,000*The frst number is the base amount, which may be any combination o subsidized and unsubsidized loan unds. The second number is the amount o additional unsubsidized loan unds available.

The total limits or all subsidized and unsubsidized Staord loans are $31,000 or a dependent undergraduate student

and $51,500 or an independent undergraduate student.

Staord loans have a xed interest rate o 6.8%, with the exception that subsidized loans disbursed on or ater July 1,2008, to undergraduate students will have an interest rate o 6.00%. You also pay a loan ee o 2%, which is deductedrom the loan amount up ront.

Staord loans have a six month grace period, and there are several repayment plans that range rom 10 to 25 years torepay the loans.

Perkins LoansStudents can receive Perkins loans at about 1,800 participating colleges. Financial aid administrators at participating

colleges have substantial fexibility in determining the amount o Perkins loans to award to admitted students.

Students can borrow up to $4,000 each undergrad year up to a total o $20,000.

Perkins Loans are based on need and determined by the college. They are unded by a combination o ederal undsand money rom the college. The loans are paid to you by the college directly. They are similar to Staord loans,though there are no upront ees and there is a longer, nine-month, grace period. Whats more, students who go intocertain public, military or teaching service careers are eligible to have all or part o their loans canceled.

The interest rate is a very low 5%, and the repayment period is up to 10 years ater the grace period.


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Conclusion

These 20 strategies can make your college dreams a reality, but you have to put some disciplinein place and ollow them.

I there is one thing out o the 20 strategies that you must do, it is to ll out the Free Applicationor Federal Aid (FAFSA). Start the FAFSA by going towww.asa4caster.ed.gov/. The FAFSAwill enable you to get ree government aid as well as become eligible or work-study and lowinterest government loans. The FAFSA is the cornerstone o nancial aid.

Dont orget to also look or merit aid scholarships beore you apply to colleges. They canbe substantial and save you thousands o dollars o a colleges sticker price. Discover meritscholarships that match your college list and interests atwww.meritaid.com.

Beore you decide how to pay or your ideal college, you need to nd colleges that match upwith your accomplishments and interests. Some sites to explore arewww.collegeboard.comandwww.cappex.com. Remember, more than 70 percent o colleges accept more than 70percent o applicants. So while you may not get into Harvard, there is a great college or you.

You can do it! Take advantage o these strategies, and you can aord to go to college.

Sources used in this book include the U.S. Department o Education, National Center or Education Statistics;CollegeBoard; naid.org, and The College Solution by Lynn OShaughnessy.

20 insider strategies

Documents