In the wake of the coronavirus crisis, many American families are under severe financial strain and parents of college-bound students are in need of financial aid. Many are facing a $40,000 college tuition bill.
Nearly 40% of parents who didn’t plan to apply for federal aid, now will as a result of the pandemic, according to a recent survey by Discover Student Loans.
Roughly half of parents lost income as a result of the pandemic and 44% said they can’t afford to pay for as much of their child’s education as they had originally planned, the survey found.
For many parents, this will be the first year you will complete the FAFSA. Since you have never completed it before, you won’t notice the changes. However, it’s important to note the functionality of the form and the functions of the mobile app.
The Department of Education (ED) released a document this month summarizing the changes to the 2021-22 FAFSA. The most notable changes are the increase of the income threshold for the automatic-zero expected family contribution (EFC) and questions asked about the Schedule 1 tax form.
The 2021–22 FAFSA changes include the following:
The income threshold for an automatic zero Expected Family Contribution (EFC) increased from $26,000 to $27,000 for the 2021–22 award year.
When students and parents use the IRS Data Retrieval Tool (DRT), the IRS DRT will now transfer information about whether they filed a Schedule 1. The answer will be based on all current exceptions for filing a Schedule 1. The transferred data for the Schedule 1 fields will be masked.
For students and parents who don’t use the IRS DRT, the Schedule 1 help topics will be updated to include all current exceptions for filing a Schedule 1. “Capital Gains” has been removed as an exception and “Virtual Currency” has been added as an exception.
Many FAFSA help topics referencing financial forms now feature images of those forms with relevant line numbers highlighted.
In early June, ED published the federal need analysis methodology for the 2021-22 award year in the Federal Register. Per Section 479(c) of the Higher Education Act (HEA), ED is required to annually adjust the income level necessary to qualify an applicant for the zero expected family contribution. This adjustment is made according to increases in the Consumer Price Index (CPI).
New functionalities in the MyStudentAid mobile app will include:
Dashboard – Access various types of popular tasks and a personalized page to help you determine what actions to take.
Settings – Edit/manage your account, using your username and password (FSA ID).
Aid Summary – View your federal student loan and grant history.
Notification Center – View and manage notifications regarding your student aid; household member and enrolled in college calculation assistance.
The paper FAFSA PDF will become available in October, and the color rotation for the paper form is green for 2021-22. FAFSA worksheets in English and Spanish will also be available.
When completing the FAFSA, even though it’s available October 1, it’s generally good to wait a week or two before filing because there will most certainly be kinks in the system–it happens. Don’t wait too long, however. With financial aid, the sooner you apply the better chances you have of snagging some of that free money!
Don’t forget to read the other articles related to FAFSA Week:
If you break it down, the 2021-22 FAFSA isn’t that complicated. Because it’s a federal form (like income taxes), many parents and students are hesitant to tackle it. If you take it step-by-step, it’s much easier. Here’s a synopsis of the requirements and the sections of the 2021-22 FAFSA.
Information you will need to complete the FAFSA
Use this list to gather all the information necessary before you begin:
Your FSA ID, which you can create on fsaid.ed.gov. Note that students and parents will need to create their own FSA ID and keep it private.
Your social security number and driver’s license, and/or alien registration number if you are not a U.S. citizen.
Your federal income tax returns, W-2s, and other records of money earned.
Your parents income tax returns, W-2 forms and 1040 forms if you’re a dependent.
Bank statements and records of investments (if applicable).
At each online step, a “help and hints” box pops up at the side, in case you need guidance. Here’s a short synopsis of each section from CollegeXpress.
Student eligibility
This is pretty basic: the name of your high school, what year in college you’ll be entering, and your parents’ level of education. This is also your chance to opt into federal work-study. Consider saying yes if you aren’t sure; you can always decline later if you change your mind.
You will also be asked if you have registered with Selective Service (the military draft). Nearly all men age 18–26, including undocumented immigrants and people with disabilities, are required by law to register—and if you aren’t registered, you will be denied federal financial aid. You can register via the FAFSA form by checking a box.
School selection
Here’s where you enter the names of the colleges you plan to apply to. You can add as many as 10, but don’t worry if you haven’t finalized your list. If you want to add another or make changes, you can do it later.
For each school you include, you will be asked if you plan to live on campus, off campus, or with your parents (because you won’t need funds for room and board if you will live at home). For state aid, some states require that colleges are listed in a specific order; check the federal aid website to see if your own state is fussy about this.
Dependency determination
Colleges want to know if your parents support you or if you are an independent adult. The vast majority of high school students are considered dependent for college financial aid/FAFSA purposes. However, you’re generally considered an independent student if you are:
24 years old by December 31 of the award year
A graduate or professional student during the award year
Married (or separated)
A parent or have other dependents who currently receive more than half their support from you
An orphan or a ward of the court
A veteran of the US Armed Forces
Otherwise, you are most likely a dependent student.
If your family situation is complex (for example, you are a minor but don’t live with your parents or don’t have access to their financial information), you can find some guidance on the federal student aid website.
Parent demographics
You fill this FAFSA section out if you are a dependent. Aid decisions will consider your parents’ age (because older parents may need to conserve more for retirement), how many children they support, and, most important, if they will have additional children in college that year. Each of these elements affects the calculation for your Expected Family Contribution (EFC), so answer the questions carefully. For example:
Older parents are expected to contribute less since they are closer to retirement.
Parental contribution is divided by the number of students in college.
If the parents are divorced or separated, include only the financial data of the parent with whom the student lives for the greater part of the 12 months preceding the date of the application. If that parent has remarried, the student must include that stepparent’s income and asset data as well. Note: some colleges request information on the “other” natural parent and may expect a contribution from that parent as well.
Financial information
You will need to fill in your parents’ adjusted gross income from the 1040 form, or whichever form they file. (Or your income, if you are independent.)
The IRS Data Retrieval Tool really shines with this part of the FAFSA, because it transfers your tax information directly to the form, saving time and eliminating the chance of a mistake.
You’ll also be asked about assets—both your parents’ and yours. That’s right: the money you’ve saved from summer jobs, birthdays, or bat mitzvah gifts—all of it is fair game. And your colleges will expect you to contribute a percentage of your savings to your college tuition.
Of course, your parents will need to report their savings and investments too, including money market accounts, mutual funds, 529 college savings accounts (yours and any siblings’), and investment real estate (not your family’s primary home).
Qualified retirement accounts—IRAs, 401(k), 403(b), or pension plans—aren’t counted as assets. As always, you can find guidance in the pop-up help boxes at the right side of the page.
Sign and submit
After you’ve finished the FAFSA’s financial section, you add your electronic signature with your FSA ID and hit submit. That’s it.
For a visual step-by-step guide to completing the FAFSA, follow this link:
This week is FAFSA week. An entire week devoted to the FAFSA. Today, I am debunking some FAFSA myths.
As the week progresses, I’m going to scour the my blog, the web, and social media to find you the best information, tips and advice related to the FAFSA. If you’re not sure it’s worth your time, this advice should answer that question. If you want to be informed before you complete the form, this information will most definitely help.
Myth 1: If you can’t qualify for federal aid, there’s no point in filing out the FAFSA.
Reality: There’s more to the FAFSA than federal aid. Colleges use this form to disburse merit aid and grants. Also, if your student is considering a student loan or you are considering a Parent PLUS loan, you must complete the FAFSA. In addition, many states use your FAFSA data to determine your eligibility for their aid and many scholarships ask if you have completed the FAFSA.
Myth 2: I make too much money to qualify for financial aid.
Reality: There is no income cut-off to qualify for federal student aid. Many factors—such as the size of your family and your year in school—are taken into account. Your eligibility for financial aid is based on a number of factors and not just your income.
Myth 3: I have too many assets to qualify for aid.
Reality: Most colleges won’t care if you own a house and won’t count home equity against you if you do. The majority of schools rely on the federal aid application, FAFSA, which doesn’t ask parents if they own a home. If the college requires the CSS Profile, home equity is required, but because of the equity cap, has little impact on the award decision. In addition, money in qualified retirement plans, such as a 401(k), 403(b), IRA, pension, SEP, SIMPLE, Keogh and certain annuities, is not reported as an asset on the FAFSA.
Myth 4: I didn’t qualify for financial aid last year, so filling out the FAFSA form again is just a waste of time.
Reality: It’s super important to fill out a FAFSA form every year you’re in college. Why? Because things can change. For instance, your school or state might create a new grant or scholarship, or the factors used to calculate your aid could change from one year to the next. Either way, if you don’t submit a new FAFSA form, you’re out of luck.
Myth 5: The form is too complicated and since I’m sure I won’t qualify, it’s a waste of my time.
Reality: The FAFSA is actually pretty straightforward and can be completed in one sitting; and filing out the FAFSA is never a waste of your time. Colleges and states use this information when awarding grants and scholarships. (See Myth 1)
The bottom line: there is no excuse to not complete the FAFSA. It’s free and is well worth your time. Even if you can afford to pay for the entire cost of college, you should complete the FAFSA. Colleges use this data when dispersing merit aid as well.
Financial aid can be a confusing part of the college application process. Even if you can afford to pay for college, it’s a good idea to learn what aid is available and apply for it. You aren’t obligated to accept it, but most students qualify for some form of aid and, if it’s available, why not use it?
What is financial aid?
Financial aid is intended to make up the difference between what your family can afford to pay and what college actually costs. With college tuition rising rapidly, more than half of the students currently enrolled in college receive some sort of financial aid to help pay for college. The system is based on the premise that anyone should be able to attend college, regardless of financial circumstances. However, students and their families are expected to contribute to the extent that they are able.
There are two types of aid: need-based, and non need-based. Need-based aid includes grants and scholarships that are issued based on the family’s ability to contribute to education costs. Non-need-based aid is allocated solely based on availability, not need.
There are three main types of financial aid: grants and scholarships, loans and work study.
What is “free” money?
Not all aid is equal and the best aid is the aid you don’t have to pay back. It’s like getting a huge coupon of savings to use for your college education.
What types of education loans are available?
Not all college loans are equal.
There are two types of government-based loans: subsidized and unsubsidized. Subsidized loans have lower interest rates and are awarded based on the student’s financial need with interest deferred until after graduation. Unsubsidized loans are awarded without regard to financial need with interest payments beginning immediately and regular payments due after graduation.
What is work study?
The Federal Work-Study Program provides a method for college students to earn funds to be used toward their education. The program is based on financial need and students must be accepted into the program to qualify which is determined by completing the Free Application for Federal Student Aid or FAFSA.
What is the FAFSA and do I need to file it?
The FAFSA is the Free Application for Federal Student Aid and you should apply if you want any chance to receive federal and state student grants, work study, loans or merit-based aid. If you don’t complete the FAFSA, you can’t apply for student loans. Colleges also use these figures when determining financial aid eligibility for grants and scholarships. Plus, many states use your FAFSA data to determine your eligibility for their aid.
The FAFSA is available on Oct. 1 of every year and you should complete it as close to that date as possible in the fall of your senior year. Aid is dispersed on a first-come, first-served basis. The sooner you apply, the more likely you will receive a portion of the financial aid pie.
What is the EFC?
The Expected Family Contribution (EFC) is how much money your family is expected to contribute to your college education for one year. Typically, the lower your EFC, the more financial aid you will receive. Factors such as family size, number of family members in college, family savings, and current earnings (information you provide on the FAFSA) are used to calculate this figure. Once your FAFSA is processed, you will receive a Student Aid Report (SAR) with your official EFC figure.
You can calculate your EFC by visiting FinAid.org.
What is an award letter and how do you use it?
As the offers of admission arrive from colleges, the financial aid award letters will follow. They can be confusing and vague. Added to the confusion is that every award letter is different, making it hard to easily compare them side by side.
Thankfully, there are tools available and information to help you look at these letters for what they are: the college’s pitch for you to accept their offer of admission. You are in control of this process and you hold the cards. It’s your decision to accept or reject their offer based on the amount of aid they are willing to give you. Money, in this situation, is everything.
If a college wants you to attend, they will back it up with money. No money means their offer is probably based on filling a quota and expecting you will decline to attend. And you should. Who wants to attend a college that doesn’t value you as a student?
The FAFSA for the 2021 school year will be available on October 1. The earlier you file, the better your chances of getting some of the money colleges allocate for financial aid. In order to help parents understand the FAFSA and answer some of your questions, this week is FAFSA week.
Surprisingly, many families don’t even take the time to complete the FAFSA. The most common reason is they believe they won’t qualify for financial aid; but nothing could be further from the truth. Most students receive some form of financial aid. If you don’t file, you could be missing out on some of that aid.
Here are 10 reasons to file the FAFSA:
1. College is expensive
Even if you can afford to pay for your child’s education, it’s expensive. Why would you pass up an opportunity to help with some of the cost?
2. It’s FREE
That’s right. It’s completely free to complete the FAFSA. You’ll spend some of your time completing the FAFSA and you could get thousands of dollars of financial aid in return. So one could say, it’s BEYOND free–they pay you!
3. Getting help is easy
If you get stumped, help is available. You can use the online help tool, submit a question on social media, or call the help number. You can even access the Help Center where you will find answers to their most-asked questions. Many schools even host a FAFSA day where they offer help to parents and students on how to complete the free form.
4. FREE money could be waiting for you
According to a recent Reuters article, about 1.8 million lower income undergraduates who might have qualified for aid neglected to file the FAFSA and missed out on financial aid. No matter what your income level, you should file the FAFSA because there is more money out there to be awarded than just need-based aid.
5. Federal aid
The federal government provides over $80 billion dollars in grants, loans and work-study programs every year. The only way to get Pell grants, , Stafford loans, Parent PLUS loans and other federal aid is by submitting the FAFSA. Federal loans offer the best interest rates and repayment terms for student borrowers and are superior to private student loans.
6. State aid
FAFSA is the gatekeeper for state financial aid programs. Each state’s programs are different but they all require the FAFSA to distribute the funds. Check with your state’s higher education agency for deadlines and requirements. In some states the financial eligibility ceilings are much higher.
7. Institutional aid
Colleges and private scholarship sponsors offer billions of dollars in financial aid. Even if you don’t have financial need, you may be eligible for these awards. Some school and private scholarship programs are specifically designed for students who were rejected by federal financial aid. Some schools will not award merit aid unless you complete the FAFSA.
8. Scholarship applications ask if you’ve applied
In addition to the aid that a student may receive from federal and state agencies, many scholarship applications include a box to check asking whether the student has submitted a FAFSA. According to Monica Matthews of How to Win College Scholarships, “Scholarship providers want to know that the student is doing everything possible to get financial help in paying for college and submitting the FAFSA is a very important step in the process.”
9. You have two or more children in college
With two in college, your expected family contribution (what the parents can afford to pay) drops by 50%. Even if you didn’t get financial aid with the first, file the FAFSA because having a second child in college can net you some financial aid.
10. You want to claim a “piece of the pie”
Look at it this way: FAFSA is the ONLY way to be considered for federal, state and college financial aid. Even if you don’t NEED the aid you still want to get it. Who doesn’t want FREE money?
Over a lifetime there’s a huge financial payoff for going to college, but how can students avoid taking out outsized student loans for their education in the short term? The key is to make your ‘out-of-pocket’ expenses as low as possible. You can do this by putting strong merit aid colleges on your list. Applying to colleges that are likely to give you merit aid is one of the best ways to make ‘financial fit’ choices and save thousands of dollars a year.
The largest pool of non-loan money available directly from colleges is merit aid scholarships. Colleges award over $8 billion dollars in merit scholarships annually. Understanding how colleges award these scholarships requires a thoughtful strategy that can result in significant savings. Merit aid awards are mostly given to applicants who show academic excellence and are in the top 25% of a college’s most recently admitted freshman class. Since many colleges offer merit scholarships, you don’t need to have straight A’s or a 1600 SAT score to be awarded merit aid. Each school has its own top quartile stats.
Merit aid grants are unlike other forms of aid in several ways. Federal government grants like Pell are primarily targeted at low-income families and are limited in size. Private scholarships are generally not renewable and require a separate application. And loans, of course, have to be repaid with interest. Merit aid, on the other hand, is not income dependent, doesn’t require a separate application, doesn’t have to be paid back and it’s renewable.
Finding merit aid can be tricky and time-consuming. Using a college’s Common Data information will provide some information. You can find lists of colleges that give merit aid awards online, but those lists won’t show you if a particular college is likely to give you aid based on your profile. A new tool called MeritMore uses your stats to match you with colleges most likely to give you aid and shows you how generous those colleges have been to students with similar profiles. You can check to see if your top schools are likely to offer you merit aid and then compare aid offers against each other. MeritMore also finds colleges generous with merit aid that match your criteria, but may not have been on your radar. This is a great strategy for finding financial fit gems.
The best way for families who don’t qualify for need-based aid to avoid paying sticker price is through merit aid. Awards can be in the thousands and tens of thousands of dollars per year. These scholarships help make college more financially accessible and help families avoid getting caught in the student loan trap.
Financial aid can be a confusing part of the college application process. Even if you can afford to pay for college, it’s a good idea to learn what aid is available and apply for it. You aren’t obligated to accept it, but most students qualify for some form of aid and, if it’s available, why not use it?
What is financial aid?
Financial aid is intended to make up the difference between what your family can afford to pay and what college actually costs. With college tuition rising rapidly, more than half of the students currently enrolled in college receive some sort of financial aid to help pay for college. The system is based on the premise that anyone should be able to attend college, regardless of financial circumstances. However, students and their families are expected to contribute to the extent that they are able.
There are two types of aid: need-based, and non need-based. Need-based aid includes grants and scholarships that are issued based on the family’s ability to contribute to education costs. Non-need-based aid is allocated solely based on availability, not need.
There are three main types of financial aid: grants and scholarships, loans and work study.
What is “free” money?
Not all aid is equal and the best aid is the aid you don’t have to pay back. It’s like getting a huge coupon of savings to use for your college education. Here are the types of aid you can receive that you won’t have to pay back after graduation:
Federal Grants – These are grants given by the federal government.
Pell Grant – This grant is given to students with exceptional financial need.
College Grants – These grants are awarded by the individual colleges based on financial need.
State Grants – These grants are given to students who plan to attend college in their own state (and states are strict about residency).
Private Scholarships – There are a multitude of private scholarships available awarded by private organizations and businesses for every type of student.
Institutional Scholarships – These scholarships are given by individual colleges based on the student’s qualifications or financial need.
Federal Scholarships – Scholarships funded by government agencies.
Tuition Waiver – This waiver is offered by colleges to students who meet specific criteria (e.g. child of a POW/MIA)
There are two types of government-based loans: subsidized and unsubsidized. Subsidized loans have lower interest rates and are awarded based on the student’s financial need with interest deferred until after graduation. Unsubsidized loans are awarded without regard to financial need with interest payments beginning immediately and regular payments due after graduation. Following is a brief description of each:
Stafford Loan – Government based loans that can be either subsidized or unsubsidized.
PLUS (Federal Parent Loans for Undergraduate Students) – This loan is for creditworthy parents and has payments due beginning 60 days after it is disbursed with relatively low interest rates.
Private Loan – Loan offered by private lenders usually with higher interest rates than government loans.
Institutional Loan – A loan in which the school is the lender.
Once you have chosen the loan that best fits your needs, do the research and educate yourself about repayment, interest rates and grace periods.
To learn more about work study, the FAFSA, the EFC and award letters, read the entire article I wrote for TeenLife Online Magazine here.
Have you ever had a question about college prep and there
was no one to ask? Do you wonder what other parents have done in your
situation? Is there a question about paying for college that you simply can’t
find the answer to?
Odds are, you can find most answers to your unanswered questions on Facebook (or at least a suggestion on who to ask). From parenting a teen through the college process, paying for college, financial aid, scholarships and connecting with college parents, you can find groups or pages to help.
Here’s a list of my favorite Facebook groups and pages:
This is a widely popular group for parents of both
college-bound and college students. You can connect with experts in college
prep here or get advice from other parents who have been through the process
and/or have current college students. It’s a friendly, conversational group and
if you have a question, it’s easy to post it and usually get an instant
response from another parent or expert in the group.
If you have a question about paying for college, this group
is available to help. Helpful articles are posted daily and questions are
answered quickly by experts and mentors on the page. They cover topics related
to college prep and often offer training sessions and webinars to help you with
the college admissions process.
Financial aid can certainly be confusing for parents and
students. College talk provides parents with tips and strategies related to
college financial aid.
Looking for merit scholarships? This group is devoted to
sharing merit scholarship opportunities and discussing ways to find schools generous
with financial aid and merit scholarships.
Need help searching for scholarships? Need help with
scholarship applications? Have a question about the scholarship process? You capayn
find the answer on this page, along with endless lists of scholarships
available. Check this page daily for the best in scholarship information.
This is my page and you can find the answer to any
college-related question here. I post informative articles daily and am happy
to answer any question you might have about college prep. I also frequently
post scholarship opportunities and free training opportunities as well. Check
back often to see new news about college admissions.
This is the portal for you to ask any question, raise out
any concern or get feedback from the group. This type of forum rarely exists in
the college admissions space, but it’s space for parents to expand their
network, build connections, establish relationships and form a support system in
this competitive field. This is also the place for parents and students to grow
and even enjoy their college admissions journey.
Everything you need to know about the college essay, personal statements and supplemental essays can be found on this page. From podcast episodes to essay samples to expert advice, the College Essay Guy is available to help. Your student can also join his private group page for personalized essay help: College Admission and Application Forum.
A page with over 14,000 members offering great college advice, current articles in the news, and a forum for students and parents to comment on them and ask questions. College Connections’ main objective is to have our students gain admission to the college which is their best match, and where they find happiness, success and a solid academic program.
Parents want what’s best for their children. I’m sure you do. You want your student to succeed in life and if that path is college, you don’t want them to be saddled with college debt after they graduate. Entering the work force with debt puts strain on your student and their ability to live independently after college.
But with college costs rising it almost seems impossible to
attend without borrowing money to pay for it. At least that’s what you might
think; but with some smart planning and wise financial choices, I t can be done
and here’s how:
Know how much you are willing to pay
Before even starting the college search, you should know how
much you are willing to pay. Set a budget before your student starts looking at
colleges. If you know how much you are willing to pay, you can avoid going
over-budget on a college, even though it’s a college your student wants to
attend.
Have the money talk
After you know what you’re willing to pay, have the “money
talk” with your student. Discuss with them how much you are willing to pay for
college and how much you expect them to contribute. Do not (I repeat do not)
allow them to apply to any colleges beyond your financial reach unless your
student has been working toward and receiving scholarship awards. Do not count
on financial aid or merit aid to fill the gap when planning for college. If
your student applies and is offered admission to a college you cannot afford it
makes for a difficult conversation and a very disappointed student if you cannot
pay for the tuition.
Research individual college statistics
Before applying, research the financial
aid footprint of every single college on the list. How much aid do they
typically give? How much debt does the average student graduate with? Use their
net price calculator and determine what it will cost to attend there before
applying. If your student is offered admission, there will be no surprises and
disappointment if you do your due diligence before the application process
begins. Colleges offering small percentages of financial aid in the form of
scholarships and grant
Think outside the box
There are thousands of colleges in this country. Many
families make the mistake of not researching affordable
colleges before applying. Smaller private universities offer more generous
financial aid packages. Recognizable names and Ivy League colleges are not the
only schools offering a quality education. Don’t assume that a state university
is cheaper than a private college out of state. Look at the numbers, research
colleges, and think outside the box.
Consider community college
Two years at a community
college will save you and your student a substantial amount of money. After
completing the basics at a much lower cost, they can transfer to a four-year college
and graduate. Your student may also choose an associate’s degree in a technical
field and graduate from community college with a skill and a career. In the past,
community college has gotten a bad reputation from parents and students for
being “less than” a “real” college. But smart parents and students know the
education is the same at a much lower cost.
Apply for scholarships
Until your student graduates from college they should be
applying for scholarships. The sooner they begin, the better. There are scholarships
for all ages and if your student accumulates awards all throughout high
school and into college those awards will go a long way to help them graduate
without debt. There are resources to help
you and your student find and apply for scholarships—take advantage of them.
Get good grades
Scholarships and grants are disbursed by colleges based on merit.
Grades are a key factor colleges use to determine merit aid.
They use this aid to entice student applicants to accept their offers of
admission. Putting your student at the top of the applicant pool with good
grades stack the odds of merit aid in your favor. Believe it or not, a great
GPA results in more scholarship money than athletics. Use this to your
advantage.
Graduate in four years or less
You might be surprised to learn that most students take more
than 4 years to graduate from college. On average, a college
degree takes six years. That’s two years more of college costs, not to
mention two years of lost income. Plan to pay for four years and make a plan
for your student to stay on track.
Become a National Merit finalist
Your student doesn’t have to win a National Merit
scholarship to score some generous financial aid. All they have to do is become
a semi-finalist—and with a little study for the PSAT,
it’s entirely possible. Colleges who have money set aside for the finalists
will use merit aid to entice your student to attend: full tuition, room and
board, books and fees, laptops, study abroad and even spending money. They
might also offer automatic entrance into the honors college, the best housing
and priority registration until graduation.
Take AP exams or CLEP tests before college
It’s possible for your student to take AP or CLEP
exams and test out of freshman subjects. Your student could enter college
as a sophomore, cutting a whole year off the degree. For a small test fee, your
student can save thousands of dollars and time by taking advantage of these
tests.
With all these options available, your student does not have
to take on college debt to receive a quality education. With knowledge and hard
work, your student should be able to graduate college debt-free.
