III. Funding Your College Investment

Getting an education is one of the best investments you can make for your future. You must treat this investment as you would any other when it comes to financial planning.

The first step is to form a long term plan as to where your college career is going to take you. Do you want to just take a few courses, or are you planning going to school full-time for a four year degree? These matters are important to think about as you review your own personal financial situation. While you are planning make sure to keep in mind more than just how to pay for your first semester. College is a long, and time consuming venture, and it must be treated as such.

Federal Student Aid is a good way to get money for college. It is one of the largest sources of student aid, giving out billions a year in grants, and loans.

Finding out more:

Students.gov

An easy way to find out how the government can help pay for your education.

http://www.students.gov/

Information on Federal Student Aid

http://www.ed.gov/studentaid/student.html

Applying for Federal Student aid:

http://www.ed.gov/studentaid/apply.html

The National Student Loan Data System (NSLDS)

The U.S. Department of Education's central database for student aid, providing direct ways to get loans, grants, and more

http://www.nslds.ed.gov/

The Free Application for Federal Student Aid (FAFSA) Online:

Schools use the information in this application to help design a financial aid plan that is right for you. This is a very important form that can link you with many financial assistance programs, a worthwhile thing to do for any prospective student!

http://www.fafsa.ed.gov

In order to qualify for financial aid, and most scholarships, you must apply! Apply as soon as possible for the best opportunities!

56% of full-time undergraduates receive some financial aid.

The most common forms are the Free Application for Federal Student Aid (FASFA) , and the College Scholarship Service (CSS) Financial Aid Profile .

DEVELOPING YOUR FINANCIAL PLAN

  1. Start with a savings program, make sure it is one that you can realistically stick to.
  2. Combine your savings with what you can realistically afford to make ever month and borrow the rest at the lowest interest.
  3. Remember that by finding good student loans you can spread out your college costs over more than four years.
  4. College is an investment and by extending your loan over a longer amount of time you can lower your monthly costs to a reasonable level.

MORE INFO ON SAVING FOR COLLEGE

SOME SOURCES FOR MEETING YOUR FINANCIAL NEEDS

 

Private Loans – Your personal financial planner, banker or investment agency can help you with strategies for your loan based on your individual needs.

College-subsidized loans – Some colleges offer great deals on loans for tuition and living expenses. Most offer plans in which you do not have to start paying off the loan until you are finished with school.

Pre-paid tuition plans – These can be available through both schools and several states also have savings plans.

Employer sponsored programs – Some employers offer education loans, scholarships and other such programs. You might choose to work for a corporation during the day and attend school in the evenings. Many large companies offer these incentives to their employees. Check at

www.Monster.com

SCHOLARSHIPS

There are many ways in which to finance your college education, one of the first steps is to apply for scholarships. Many schools individually issue scholarships based on previous academic work, make sure to follow instructions extremely carefully when filling out scholarship forms.

Helpful Web sites :

FastWeb

An interactive guide to finding scholarships that apply to you and your needs, also a helpful college research tool.

http://www.fastweb.com

College Connection Scholarships

Features a scholarship of the month as well as a database you can search. Other tools are available as well for financial aid, and student loans.

http://www.collegescholarships.com/scholarships.html

FinAid

This has general information on scholarships, where to find them, (other than the Internet), and how to apply.

http://www.finaid.org/scholarships/

Scholarships.com

A free scholarship search.

http://www.scholarships.com/

Employment while in school

10BestRestaurants.com

Lists many restaurants through out the U.S. with direct links to their web sites. Many have employment for students a perfect place to work while in school!

http://www.10BestRestaurants.com

Monster.com

On-line job listings, post your resume.

http://www.monster.com

There are many different facets to the admissions process. In order to be fully prepared you should start planning as early as your Junior year in high school.

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