The co-author of How to Give Your Child a 4-Year College Education Without Going Broke, Michael Berlau has more than a decade of experience helping students and families prepare financially for college. Michael Berlau draws on the skills acquired throughout his career as a college solutions specialist with College Funding and Planning in Kansas, where he hosts workshops for college-bound high school students and their families who need financial support.
In addition to attending planning sessions and events, young people bound for higher education institutions can take other steps to establish a plan for paying for college. The following tips can aid in this process.
Complete the FAFSA
The Free Application for Federal Student Aid (FAFSA) is a financial-assistance program administered by the US Department of Education’s Federal Student Aid office. Funds awarded to qualifying students can come from colleges, the state, the federal government, and other organizations. Students may also be eligible for subsidized and unsubsidized federal loans.
Check how course credits and withdrawals affect financial aid
The number of credits you take could affect how much you receive in loans and financial support, and full-time enrollment will usually ensure that you can accept 100 percent of available funds. Part-time students may only qualify for 50 percent of the amount offered. Additionally, dropping or withdrawing from classes may affect your eligibility.
Create a college-spending plan
While financial assistance can help students pay for college-related costs, it will not usually cover regular living expenses or rent for those who live off campus. Budgeting for these needs can ease the difficulty of such financial challenges. Furthermore, factoring in ways to pay off students debts can reduce accrued interest and the time spent clearing acquired debt.
