It’s that time of year – your senior is going into his or her final semester and now they’re in the home stretch for graduation.
Do you know how you are going to pay for their college?
Most people don’t have the luxury of starting a savings fund such as a 529 when their children are little. It’s hard to carve out the cash when every penny counts.
According to “Trends in Student Aid 2010,” by The College Board, the average college student receives an average of $11,461 in financial aid so there is money out there to be found.
If you don’t have a college nest egg sitting in a fund somewhere, here are 5 tips to help bring down your out-of-pocket costs for college.
Look at your affiliations and memberships
Check with past and present employers, fraternal organizations, any unions you belong to, any armed services you participated in, your professional associations, memberships in clubs and other organizations as well as any hobby groups you take part in. Any one of these entities may offer some sort of scholarship to the children of members or past members.
Grandparents’ involvement may also qualify a student so don’t forget to check that too. A good example of a general source of scholarship funds includes Foresters Competitive Scholarships. Eligible Foresters members and their families can apply for scholarships for community service as well as good grades.
“We take great pride in investing in our members, their families and the communities where they live,” said Kasia Czarski, Chief Membership and Marketing Officer at Foresters, a life insurance provider committed to the well-being of families.
“Every year Foresters awards 350 Competitive Scholarships as part of its member benefits because a solid education only makes for a brighter future.” For more information on Foresters Competitive Scholarship program, visit www.foresters.com/scholarships.
Consider cost-reduction options
- Attending a community college for a year or two and then transfer for a more expensive four-year institution. (Make sure credits will transfer.)
- Encourage your child to take advanced placement classes while in high school to lessen required classes in college.
- Consider summer classes and a heavier class load each semester to finish faster.
Search for Scholarships
There are many on-line resources for scholarship money. Some sources include:
- www.scholarships.com,
- www.fastweb.com,
- www.collegeboard.org.
- Latino students can search for scholarships at www.maldef.org or www.haceonline.org.
- Other minority scholarships are offered at www.finaid.org.
- Look for out-of-the-box scholarships including those for vegetarians, getting creative with duct tape, and even being left-handed – whatever your special interest or talent may include
Be Wary of Scams
If a scholarship organization requires you to pay to apply or compete for a scholarship, it may be a questionable business and should be further researched. Learn more about scholarship scams at www.ftc.gov.
Check out scholarships from trade organizations and associations
Based on the area of interest your child wants to study in college, scholarships may be available for them. This could include associations for nursing, physical therapy, and political science which often offer scholarships to attract students to their fields. Corporations also offer scholarships in exchange for service to the company. Other options include scouting organizations, VISTA and Teach for America.
So with a little perseverance, thought and time on-line, you can find ways to make college more affordable for your young student.
