Money for College

lot of parents are suffering in this poor economy and just don't have as much money to give their children for college as they wish they did, or may not be in a position to borrow money.

But no student should assume that there isn't enough money out there to get him or her through college. A student needs to explore all available options.

Students should:

1. Look into grants and scholarships that are offered by local individuals, organizations, and businesses. A student's high school guidance counselor will probably have a list of such monies. If a student has an after school job it would be wise for that student to see if the company they work for offers college grants. Many do.

2. Does your high school offer memorial scholarships or special interest scholarships? Often schools offer scholarships in memory of students who have passed away or scholarships in fields favored by those offering the money for the scholarships – fields such as nursing, cosmetology, police work, etc.

3. Look into financial assistance that's offered to students who have special affiliations or characteristics. This might include financial aid to students of certain religions, ethnic or cultural backgrounds, or family backgrounds. Are your parents veterans? Are you of a particular ethnic background? Does your church offer college assistance?

4. Choose a college that offers grants, financial assistance, work-study or loans for particular talents. Do you have special athletic ability or academic ability? Apply to colleges that offer money for college.

5. Learn about loans – both Federal and private. You will most assuredly be eligible for some sort of loans.

• Some are available to students with great financial need – subsidized Federal loans - and some to students whose need is not as great – unsubsidized Federal loans. Check and see if you might be eligible for the cancellation of some of your Federal loans, should you choose to go into a field that makes your loan eligible for partial cancellation. Teaching in low income areas or in fields like science and math – where teachers are sorely needed – may make your loan eligible for partial cancellation, as might joining the Peace Corps.

• Private Student loans are usually not as desirable as Federal loans so look carefully into the rates and fees and see which ones you can afford to pay back after graduation, or in the event that you don't finish college.

Once you've been accepted to a few colleges, surely you've applied to several colleges. Decide which ones you can afford to attend. Is the one all the way across the country less expensive? But can you afford to travel back and forth to that school? Would it bother you not to be able to come home for holidays?

After you've crunched all the numbers and added up the financial pros and cons of the different universities and colleges that have accepted you, you'll be able to see which ones are within your budget.