|
In the last module we learned that college could be a major financial undertaking. As the biggest expense you're likely to have for years to come, determining the best aid strategy is an important step.
Module Transcript
What should you consider when forming your aid strategy?
- First, your choice of school can have major financial implications. Depending on the aid package you're offered, some schools could have you graduating with little if any debt. Others could present you with a bill for $50,000 or more! Will you be flexible with your choice of school, or is attending a particular school more important than college debt? Keep in mind that sometimes schools with higher published tuition may cost less than inexpensive schools - after you receive your aid package. You simply won't know how much a college will cost until you apply for financial aid.
- Next, having a part-time or summer job is one of the best ways to minimize debt, but some students feel that a job distracts them from making the best grades possible. If you know you're going into a high-paying profession, repaying college loans may not be a problem. But how can you be sure what you'll be making years from now? How are you going to balance work, study and debt?
- Sometimes taking some core classes at your local community college is a way to keep expenses down. Make sure in advance that the credits will transfer. One of the best savings tips is to graduate in 4 years, so keep an eye on your class requirements to ensure you stay on target.
- Finally, it's true that grants and scholarships are free money, but you must often apply separately for each award and that can take a lot of time… time you could spend working on college applications, for example.
These are choices only you and your family can make. But no matter how you approach your aid options, the first step is to understand the concept of "financial need" as it applies to the student aid process.
|