Tips for the College Student

1. Students should start with FAFSA - Full-time students who complete a Free Application for Federal Student Aid (FAFSA) and a federal loan agreement provided by their school's financial aid office can generally borrow at least $5,500 a year through the Stafford student loan program. 2. Consider Pre-paying expenses before filing your FAFSA - If you plan to take money from a college savings account to pre-pay expenses like tuition, room and board, and fees, you should consider paying those before you fill out the FAFSA. 3. Financial Aid Officers may have flexibility - If you can’t pay a student loan back in its entirety, or if you need more aid unexpectedly, go to the schools financial aid office, explain your situation and the financial aid officer may be able to modify your agreement if you need help. 4. Lock in your interest rate - Whenever possible lock in a fixed rate for your loan. The interest rate on many loans is tied to bills issued by the U.S. Treasury Department and can fluctuate. When interest rates head up, you may want to restructure the loan and lock in a low rate. 5. Private loans should be your last option - Private lenders rarely offer as generous terms as the government and they usually require a credit check, which can eliminate many students from eligibility. Private lenders may also require you to start paying interest while you’re still in school, which can be difficult for a full-time student.

In order to qualify for the maximum amount of aid you are entitled to, make sure you adhere to the deadlines imposed and turn in your Free Application for Federal Student Aid (FAFSA) on time. Experts say that missing deadlines is the number one mistake students make when applying for federal aid. To make sure you qualify for all first-come, first-serve aid, estimate your annual income and turn in your FAFSA as early as possible.

Instead of opting to go with a two-year college instead of a four-year college because of tuition costs, look into attending a community college for your first two years. You can commute to school and then transfer to a four-year state college for your last two years. You will save thousands of dollars on tuition costs and will still receive the same degree as those attending a four-year college.

If a Pell Grant does not provide enough financial aid for college due to your family's financial situation, look into an SEOG grant. These are additional funds provided by the federal government, and can provide as much as $4,000 per year.

By participating in the UPromise program you can automatically save money for your child's education by purchasing goods or services from participating merchants. Just register your credit cards and store loyalty cards at UPromise.com for free. Then, when you purchase products from any of the thousands of participating merchants, a percentage of the total purchase is automatically added to your UPromise account.

Summer jobs are a great way to earn money for the school year and to gain some hands-on experience. It's important to start your search early in order to ensure that you get the job you want. If possible, look for work associated with your course of study so that you can build your resume while you earn money.

Before paying at restaurants, retail stores, or movie theatres in your college town, ask if they offer a discount for college students. Take advantage of being a student in order to save money.

When exploring college options for multiple children, many universities offer family discounts, in which the first student pays full price for tuition and the other sibling(s) attend at a discount.

There are many college scholarships that are available only to women. The Directory of Financial Aid for Women is published bi-annually and describes nearly 1,600 funding opportunities available to women. Borrow a copy from your local or school library, or purchase a copy for $45, plus $5 shipping, through the Reference Service Press, 5000 Windplay Drive, Suite 4, El Dorado Hills, CA 95762.

There are many of special financial aid programs available to disabled students. The Higher Education and Adult Training for people with Handicaps (HEATH) Resource Center produces a publication on financial aid programs available to students with disabilities. For a free copy contact HEATH, at American Council on Education, One DuPont Circle, NW Suite 800, Washington, DC 20036-1193, or by phone at (202) 939-9320 or (800) 544-3284.

If you are a Hispanic American applying for college financial aid there are several scholarships and grants available specifically to Hispanic American students. The Congressional Hispanic Caucus Institute (CHCI) has a website at chci.org that has links to scholarship information for Hispanic American Students, as well as other useful tips and resources for writing scholarship essays.

If you are an African American applying for college financial aid there are several scholarships and grants available specifically to African American students. The United Negro College Fund (UNCF) has a robust site with information on thousands of scholarships and grants. The site, which can be found at uncf.org, allows you to search alphabetically, geographically, and by discipline or major.

When planning for your child's college education, it pays to research the various scholarships being offered. A great resource is the book The A's and B's of Academic Scholarships. It is revised annually and contains a listing of academic scholarships offered by colleges and universities across the country. To order a copy, contact Octameron Associates, P.O. Box 2748, Alexandria, VA, 22301, (703)836-5480.

It's important to have your child save money to fund his or her college education, but be prudent where you store this money in order to ensure that your child qualifies for the maximum amount of federal aid.The government expects students to contribute financially to their own education. Dependent students are expected to put 35% of all income, savings and trust fund cash toward college, while parents are expected to allocate only 5.6% of their income toward their child's education.

Some state governments offer prepaid college tuition plans that allow parents to invest a lump sum of money, or to make periodic payments toward tuition, room, board and other academic fees while their child is still young. This ensures that their child will be entitled to a pre-paid education, provided that they qualify for admission. Check with your State Department of Education or the financial aid office at your state college or university for specific information about any prepaid college tuition programs.

If your family does not have adequate income to pay for college tuition look into The Federal Pell Grant program, which provides grants ranging from $200 to $2,300 to undergraduates. Pell Grants are usually awarded to students whose families have annual incomes of less than $25,000, although sometimes higher incomes may qualify. Every student that meets the program's requirement for need will receive a grant, the amount of which is determined by a very specific formula.

Many banks offer special checking and saving accounts to college students with reduced-cost or free checking. You can save over $100 annually with a free checking account, so do some research to find out which banks offer the best deals for students.

Be sure to include paying off debt as part of your overall strategy when applying for student loans to fund your child's college education. Aid officers factor in all of your assets when determining eligibility, but do not take into account what you owe. If you are able to, consider liquidating funds that could count against you by paying off loans or credit card debt. In addition to increasing your child's eligibility for federal grants and scholarships, eliminating debt will also help your family qualify for larger, lower-interest loans.

If you are receiving scholarship money from sources other than the school you will be attending, check to see if your school offers any matching funds. Some schools set aside funds to match the grants that the student receives.

Many colleges offer grants and special scholarships to children of alums, and sometimes even extended these benefits to legacies of grandparents, as well. When investigating college options, check to see if there are financial benefits to attending the same school as your parents or grandparents.

Student textbooks are a major expense for college students and can often be found discounted if you do a little research. Several discount sites to check out are Half.com, BigWords.com, BookByte.com and BestBookBuys.com. Another option is to look on your school's intranet site to see if anyone is selling used textbooks at a discounted price.

Working part-time while attending college is a great way to earn money for living expenses. Just find a job that allows a flexible schedule, like starting a tutoring service, a typing service or a computer repair service for students on campus. Post flyers on the dorm and student bulletin boards around school advertising your services.

You may be eligible to receive a discount on student loan payments by adhering to timely payment arrangements. A lot of lenders offer a 0.25% rate reduction when you allow payments to be automatically debited from a checking or savings account. Check with your lender to see if they offer this option.

Even if you are not a resident of the state in which your college resides, you may still be eligible for in-state rates. Many public colleges have arrangements with neighboring states to offer in-state rates to each other's residents. Sometimes, these schools are willing to offer the in-state rate to out of state students if you are able to show a financial need or by highlighting your academic achievement.

When researching what scholarships and financial aid packages are available to your child, start with their high school guidance counselor. They should have all kinds of information provided by the various college admissions offices, and may be aware of unusual scholarship opportunities that your child is eligible to apply for.

You can only receive grants for college if you file the Free Application for Federal Student Aid (FAFSA). The American Council on Education states that every year over 1.5 million students who qualify for Pell grants miss out because they don't fill out the FAFSA paperwork. Get your application online at fafsa.ed.gov.

When researching scholarship opportunities for your child's college education don't forget to also check out available government resources. A good resource for links to online information regarding federal scholarships and grants is students.gov.

When planning for your child's college education, be sure to stress early on in their high school career the importance of good grades. Colleges earmark up to 80% of their financial grants to students who demonstrate academic achievement.

If you're looking for free activities and events to participate in on your college campus check the school newspaper or student bulletin boards for ideas. They usually list any free movies, plays, lectures, musical performances and celebrations taking place on and around campus.

When researching scholarship information for your child's college education, use as many free resources as possible. Check the public and school libraries, college admissions and financial aid offices, and college career planning offices to see if you can borrow any directories that contain scholarship information. In addition, speak with the high school guidance counselor, any department heads of particular university departments, and current students to pick their brands about previously granted student scholarships.

If you're unsure as to whether you qualify for financial aid, just visit the financial aid office at your college and fill out the necessary paperwork. You could land an on-campus or work-study job, earn a grant or scholarship, or qualify for a low-interest student loan.

When researching college financing options be sure to check if you are eligible for any federal aid. The U.S. Department of Health and Human Services prints a catalog of available Federal Domestic Assistance which describes federal programs administered by federal agencies commissions, councils, and independent organizations. Borrow a copy from a library or your child's school; otherwise it is available for purchase from the Government Printing Office, Washington, DC 20402 for $125, or through the web at cfda.gov.

When researching financial assistance for college, it's important to make a list of all of your ethnic, religious and social affiliations to see if you qualify for any ethnic scholarships. Many associations offer scholarships to those who qualify for membership. Just remember that most ethnic scholarships require you to provide a birth certificate and proof that you are at least 1/8th of the particular nationality.

Most schools offer discounted or free tuition for children of employees. If you are looking for creative ways to fund your child's education, find out whether your skill set can be used to obtain a job at the college of your child's dreams.Over 600 colleges participate in Tuition Exchange, Inc., a non-profit association that offers a reciprocal scholarship program by financing college tuition for the children and family members of faculty and staff employed at participating institutions.

If you need to earn extra money to fund college, consider deferring admission for a year, as many schools allow students to do this. Just do your research when deferring in order to earn money, because student earnings above a certain dollar amount can reduce financial aid eligibility.

When sending your child to school, one of the most expensive aspects of college life is housing. Instead of sending your child away to school, look into the local state colleges to determine if your child could live at home and commute to school. You get all the benefits of a college education at a much more affordable price.

When applying for college courses, read your college handbook carefully to learn all about college fees so that you can plan ahead. Some colleges hit you with a late fee if you drop a course one day late or if you enroll the day before a class starts.

When researching financial assistance for college, there are many grant and loan programs that may be available to you because of your ethnicity. For example, over 45 Indian tribes have developed their own grant and loan programs to aid their members in making higher education affordable. For more information, contact the U.S. Department of Interior, Bureau of Indian Affairs, 1849 C Street, NW, Washington, DC, 20240, (202)208-4871.

When sending your child to college, plan on purchasing a college meal plan for their food needs. The college meal plan is usually a great deal, as it is a fixed expense that provides nutritious food at reasonable prices, and is much cheaper than eating out.

While planning for your child's college education is a very stressful time, remember to always keep your wits about you as you research scholarships and financial assistance. Unfortunately, there are con artists who prey on innocent people, so if it sounds too good to be true, then it probably is. Look for tip-offs such as, "The scholarship is guaranteed, or your money back", or "I need your credit card information to hold this scholarship". You shouldn't have to pay money to apply for a scholarship.

In order to maximize your child's financial aid eligibility, make sure you are fully aware of your financial situation. The website Finaid.org offers free online financial aid calculators to help you assess what type of award your family qualifies for, how much you'll need, and what fiscal assets could potentially reduce your aid package.

Take advantage of being a student by using your student ID to secure discounts as often as possible. Usually many local cultural events offer student discounts, such as symphony concerts, art shows, films, plays, and museums.

Networking can be a powerful tool to help defray the cost of a college education. When applying for schools, check to see if any family members or friends are alumni. Sometimes an alumni referral, or letter of recommendation, is helpful in snagging a scholarship, or at least a waiver of the application fee.

For credible information as to the best way to finance college go straight to Sallie Mae, the main source for college loans. Sallie Mae has put out a book to help families find the best way to finance a college education called How to Pay for College: A Practical Guide for Families. Reserve a copy at your local or school library.