subject: The Financial Cost Of College [print this page] All parents and carers want the very best for their children and so going to the best college is naturally part of this. The problem is college fees and other associated costs can be prohibitively high and may therefore affect which college your child can attend. The financial restraint may mean your child can't attend the college they want or indeed need to. Your child may have studied all the correct courses and passed the ACT or SAT and will easily get into the college of their choice, but you just can't afford it.
Well don't get too disheartened at this juncture; financial assistance may be available to help certain students that qualify. Effectively there are two types of financial aid available; needs-based and merit-based.
Contact the college or colleges that you want your child to attend to ascertain the exact fee structure and associated costs, then work out your own financial budget. At this point you will know whether you can or can't afford the fees; you may need a lot of help or only a little.
Financial; aid funds are obviously limited and so needs-based funding has to be done by using a set formula; it's not easy and may seen unfair, but there has to be criteria to ensure that only those with genuine needs get financial assistance. The formula looks at your household income and assets and then works out a college contribution rate. Your chosen college will be able to assist you with any questions and will usually have the forms that you need to complete.
It can also help you work out the chances of being eligible for needs-based financing and if the college considers you don't fit the criteria, the college can often offer a couple of other solutions.
Merit-based financial assistance is available in the form of grants or scholarships. Neither needs to be repaid and can be given for a variety of reasons. Grants and scholarships are not just given on the basis of a person's academic ability. It can be based on athletic ability, leadership qualities, work done on a volunteer basis or it can be provided for those that have shown musical or theatrical ability.
As with the needs-based finance you need to complete the appropriate application forms to find out if your child is eligible. Speak to your college about the application process and obtain the necessary forms.
If you find that you cannot get assistance on the basis of needs-based or merit-based then there is still another rout left to check out; have a look at getting a student loan. Banks and other financial institutions consider lending money to students for college course to be pretty risk. However, the government offers to underwrite the loans and because of this the loan is usually at preferential rates and you don't normally have to start repaying the loan until you graduate and get a paid job.
Essentially, there is every chance you can get your child into the college of their choice. Be prepared to work hard and check out any financial avenues available and you will succeed.
by: Lawrence Reaves
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