How to Afford College Tuition

For an in-state public university it will cost a family around $14,000 each year to send a child to. The costs more than doubles if the child is heading off to a private college. If the child is going to walk the halls of one of the more prestigious colleges such as those of the Ivy League, then the costs will be more than $50,000 a year.

That sounds like a lot a family has to pay for considering that the average undergraduate only receives around $9,000 in financial aid. Fortunately, more colleges and the government are putting more money into financial aid to help families out.

There are some things you can do to be able to afford college tuition.

The first step is to start early; before the student even gets into their senior year of high school. Go online to online to one of the financial aid calculators and compute your family contribution. This is what colleges base their decisions on who receives financial aid.

Your family contribution is based on factors such as family income, the student's savings account balance and any capital gains you have had in the last year. This is based on the previous year and is re-evaluated each year for financial needs bases.

Start applying for financial aid before all of the money is gone. Have financial aid applications in by the end of January of the child's senior year. Be sure and contact each college's financial aid office you child is applying to for any forms they need to have completed to be considered for financial aid.

Do not avoid the expensive schools because of their costs. While some of them can cost over $50,000 a year, these colleges are offering some of the most financial aid packages out there. After financial aid packages, it may actually cost more out of pocket for a family to go to an in-state public school than an Ivy League school.

Apply for grants and scholarships. This is money that does not have to be paid back. Some grants and scholarships are financial need base and you will only be considered if you meet their financial criteria. Others are based on grades, work or other affiliation or course of study.

Loans of course have to be paid back and should be the last resort. Stafford loans are typically federally funded loans. They generally have a lower interest rate than private loans. Also if they are subsidized then there is no interest until the student is out of school.

Another alternative to being able to afford college tuition is for the student to work while attending school. This work can be off campus or part of an on-campus work program. Some colleges now even offer full-scholarships or significant tuition reduction for just part-time labor.

There are currently eight colleges in the US that offer such a work college program. By having the students work on campus, the cost of operating the college is reduced. Plus the students are receiving great work experience which looks great on their resumes.

There is also the military. The US has five military service academies that young men and women can attend for no cost. The students receive a quality education in addition to their basic military training. When they graduate for college they do have the requirement of a five to ten year paid military service to fulfill and they usually have a few years of reserve duty after that. But it is one way to afford college tuition.

These are just a few ways for a family to be able to afford college tuition these days. Of course there is always the rich relative and the piggy bank. But with good grades and some work before the student graduates high school, you can afford your child's college tuition.