7 Ways To Pay For College
If You Did Not Receive College Financial Aid
If Your EFC is too high
In Parts One & Two we discussed the first 6 strategies; here are the remaining 2 strategies.
Strategy #6: Ask The Army
If your child is considering the US military either as a career option, for a few years’ service or even just as a way to contribute to the country, then it’s worth looking at the excellent programs that the military uses to make college funding very easy.
Again, to learn more about the options provided by each of the different branches of the military, you can contact us. We should be able to find a plan that suits your child.
Strategy # 7: Apply For Private Scholarships
In addition to the government loans and subsidies available, a number of private foundations and organizations also provide scholarships and grants to help students pay for college. You can find interest-free and low-interest loans, and even “integrity loans” that you can pay back if you want, but don’t legally have to.
But do not count on private scholarships to pay for college.
Private scholarships are few in number, hard to win and give small awards, often as low as $200. In the best case scenario, you can put a few of these together to help knock your EFC down to a more manageable size, but don’t bank on these awards as being a complete solution to your problem. That’s pretty rare. Also, many scholarships are for one year only.
If you do want to apply for private scholarships, take a look at the various groups and organizations that you belong to: service clubs, civic groups, chambers of commerce, youth clubs, religious and cultural groups or other non-profit institutions and organizations. If your child already knows which major he or she intends to study, you could also ask professional organizations in your area if they have a program for local students: nursing, teaching, engineering and other professions often have professional groups prepared to offer support. Your company might have scholarships available. Ask your personnel department for information.
If your child is a senior, there’s a good chance that the deadlines for most private scholarship will already have passed. That doesn’t mean you shouldn’t apply for the following year or apply to those scholarships that are still open.
If your child is a junior, then this is the time to begin applying for these private scholarships. It’s also worth remembering that this year, the year before your child applies to college, will be your base financial year. Your income, assets and taxes this year will be used to determine your child’s financial aid. This is the time to begin maximizing your chances for getting as much financial aid as possible.
For more information about how to receive maximum aid or learn more about the special funding strategy that I’ve developed which helps some families pay for their college costs on a “tax-favored” basis you can:
1. Contact my office to schedule a FREE Diagnostic Evaluation to look at your family’s financial situation;
2. Or, if you’ve already taken advantage of the FREE evaluation, move forward with a Customized College BluePrint. It’s guaranteed to save you far more than it costs. You can’t go wrong if you call now.
Time flies in the junior and senior year. Your child is already making plans for making that giant step into a new life at college. We’re here to help make sure that you’re ready for it too.