Why do many people not want free money for College?

We deal with families planning for college on a daily basis who want to reduce their out of pocket costs. Here are some tips that can help reduce thousands of dollars of debt during the student’s college experience. Read below to find out about a free opportunity to get scholarships that many don’t take advantage of on our website.

• The most expensive things about college is not graduating. The 2nd most expensive thing about college is switching majors and switching schools. This is the main motivation for us to offer the services of our highly trained student advisors. In many cases, families could save tens of thousands of dollars with this proper vocational planning. Statistics also show that 70% of students switch careers within 7 years of leaving college, and in many cases have to start at the bottom of the totem pole for that profession, costing them thousands over their working life.

• Make sure your college choice also matches your EFC. For some folk with low income and assets, it might be cheaper (after financial aid) to attend a more expensive private school than a cheaper public school. Consider attending a local college instead of paying out of state costs. Perhaps consider community college for 2 years to do your general ed. Always bear in mind though that every year that you extend you college experience, you also delay your earning potential for another year, potentially costing you another $30,000 or $40,000. Just do the math first.
Planning at high school could save you thousands – always aim to reduce the number of credits you’re paying for at the premium rate.

• Spend time looking for scholarships. Talk to your financial aid officer to find out where to look for school specific scholarships. There are also many scholarships out there that are community based. If your student has not yet done so, go to www.collegeplanningamerica and apply for the scholarships available there. Although we tell many about this opportunity, there are not many who actually apply. I have to think that this is probably the same for many other programs out there. Refer your friends to this website.
This process can be tedious but it can certainly pay off. I know of one dad who paid his student to find scholarships during the year rather than them working at minimum wage serving coffee somewhere.

• Work study programs – Apply as early as possible for work study on your campus. This could reduce your out of pocket expenses dramatically.

• Generate income – give math lessons to high schoolers or teach web design or something that you are specializing in. There are often jobs that will not interfere with classes.

• Make the most of summers – look for paid internships or take community college classes – my daughter graduated 6 months early as a result of such diligence. Some colleges will grant scholarships to those who work on campus doing maintenance or other work during the summer. Sometimes these jobs could be working in another department like building theater props.

• Live frugally – determine the best meal plan for you. Don’t get one with so many meals that you will not use or that your schedule will not allow you to use. You can also choose to live with 2 roommates instead of only 1.

Feel free to contact an expert College Planning Advisor at www.collegeplanningamerica.com [P.S. Don’t forget to apply for the scholarships available there]