Paying for College

MoneyWatch for August 2009
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After throwing the graduation cap in the air and saying goodbye to childhood, what is a student supposed to do about paying for the next stage in their life called college? These days, there are several ways parents can help their children attend college without spending the whole life savings. Studies show that 23% of students are borrowing money to pay for school, and another 16% of parents borrowing money to pay for their children’s college tuition. It’s not a bad decision to borrow money and pay it back after graduation, but that’s not the only way to do it. Here are the top 10 tips of things to consider when paying for college:

1. Hunt Down Scholarships
2. Go Crazy Applying for Grants
3. Time Your FAFSA Application Carefully
4. Borrow As A Last Resort
5. Pick The Right School
6. Weigh The Possible Benefits of A Gap Year
7. Have Your Kid Contribute
8. Pursue Tax Credits If You Can
9. Don’t Give Up On Tax Breaks If Your Income Is Too High
10. Parents, Don’t Blow Your Retirement Savings

For more information on each of these and other financial college tips, visit:

TODAY (MSNBC): Paying For College Without Breaking the Bank
LENDING TREE: Guide to Paying for College
ABOUT.COM: College Admissions – Paying for College in a Tough Economy
http://collegeapps.about.com/od/payingforcollege/qt/pay4college.htm
CNNMoney.com: Paying for College – 5 Planning Tips for College Costs
College Board: Pay For College

(Statistics provided by INSIDE HIGHER ED)

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Research assistance for MoneyWatch is from Cleveland State University Nance College of Business Administration. Information on the Nance MBD program is available here.