College financing

I’ve worked on some stories both for Monroe on a Budget and The Monroe Evening News about financial aid for college. The most recent project was College financing 08-09, posted July 3, discussing the complications that are particularly affecting the coming school year.

One issue that the experts have repeatedly brought up is that the biggest mistake that college parents and students make is to not file for financial assistance in the first place. Why? Many assume (sometimes incorrectly) they won’t be eligible, and therefore don’t want to go through the process.

I understand the frustration of dealing with the paperwork. My daughter is a sophomore at an out-of-state college. Because of our college requirements, I not only have to fill out the Free Application for Federal Student Aid, but also the CSS Profile report, via the Internet. And then there is more paperwork to fill out later in the year when the loans are getting awarded. This a chore I have had to break down and do little by little to make sure that everything is filled out correctly.

So what do you get for all that time and effort? Even those who are familiar with the formulas and system are reluctant to make a guess unless they have access to the same details that will be on FAFSA. It’s not just household income that is taken into account - the financial aid office at Monroe County Community College explains there could be as many as 62 variables on the FAFSA alone.

Parents and students may not want to bother with the paperwork. But in order to make your college education as cheap as possible, you have to go through the process. Any grants, work-study or subsidized loans that may result from a FAFSA application are much better for your pocketbook than taking out private commercial loans for college. (Those loans are increasingly hard to find anyway).

And some scholarships that are based on academics, talent, community service or leadership do expect that you have also applied for any available need-based assistance.

You can search my blog archive with keyword “college” to learn about my family’s experiences as my daughter went off to college, along with headlines and announcements of interest to college families. The MonroeTalks calendar and the Community Page and Classroom Page in the print and e-editions of The Monroe Evening News will list local college fairs and workshops as they get announced for the Monroe County area.

And here are some other links and resources you’ll find helpful:

• The Free Application for Federal Student Aid is mandatory paperwork for many financial aid programs.
• Know How 2 Go. This site has college how-to tips and advice for students at every grade level from middle school through high school seniors. It’s a great place to start for those students (and their parents) who are the first generation in their family to attend college.
• Monroe County Library System has a college resources page with useful links.
• Are you looking for scholarships that Monroe County students are eligible for? Read my post “Where all all those unclaimed scholarships?” In addition to whatever resources you find at your high school counselor’s office and the college financial aid office, you want to watch the Classroom Page in the Thursday print or e-editions of The Monroe Evening News to watch for scholarship announcements that some sponsors send to the newspaper in hopes of attracting more candidates.
• Scholarship and grant resources also can be found at College Scholarships.org. At this site, and other national databases, you have to spend time weeding out the programs that are irrelevant to your circumstances vs the programs that you might actually qualify for. But it’s better that you do that legwork rather than hire someone to do it for you because there are so many variations on scholarship programs. There also are tips on this site on how to write scholarship essays, scholarship scam tactics, and an introduction to the education tax credits.
• Owens Community College in Toledo has a series of workshops called Parent College 101, which is aimed at first-generation college families.
• Michigan.gov’s Student Financial Aid section spells out financial resources of particular interest to Michigan students, including links to information about the Michigan Promise Scholarship, Michigan Education Trust and a Searching for Scholarships flier on pdf format.
• College Goal Sunday. On the designated date of this annual event, you can participate in a hands-on workshop that will help lead you step by step through the Free Application for Federal Student Aid process. The 2008 event was held Feb. 10. Monroe County Community College is one of the host sites.
  
• Monroe County Community College’s Dual Enrollment Program. This program allows high school students to take college-level courses. Before you sign up, think through how will you handle the transportation issues of attending classes at two campuses that are on different academic calendars? Lake Erie Transit does have a bus stop at the college; but for many students, the most practical solution is access to their own vehicle.
  
• Advice on Student Finances at My Money Management. This web site discusses financial details you might not have thought of, such as budgeting for campus life and your first apartment.
• Michigan Transfer Network. If your student is planning to start at a two-year college and then transfer out (this is a very popular approach for Monroe County families on a budget), check out this web site to understand the logistics. Monroe County Community College does participate in this program.
• Early College Alliance is a program at Eastern Michigan University that is available to Milan High School students and other students in the Washtenaw County area. Schools of Choice transfer students are eligible in some circumstances, see the web site for details. ECA students are “on their own” as far as arranging transportation to and from the EMU campus.
• National Association of Financial Aid Administrators has a detailed web resource and planning list that you can refer to as you work through the financial aid application process.
• Professional Education Services in Grand Rapids has a scholarship search function on its web site.
• What to do when you can’t afford to pay for college anymore at American Consumer News has some practical tips for families in that dilemma, including part-timing the education schedule if full-time school is too expensive.
• The Finding the College Funds series on this blog, which includes tips from Professional Education Services, a financial aid consulting firm in Grand Rapids.
• The Student Loan Borrower Assistance Project is sponsored by the National Consumer Law Center and can answer some of your questions about student loans.
• Fox has a College Planning page with lots of tips and advice.
• KeyBank has a page at key.com/school with information specific to its current and prospective customers, but keep clicking and you’ll find an Education Planning page with tips for a wider audience. And you can request a free College Planning Guide.

Last updated July 3, 2008.