Financial Aid Package Review

Any graduate who is not working, may ask for a forbearance. Payments can usually be delayed for up to a year while you are looking for work.

For many students this can be a major factor to consider. If a student has a lesser offer from a school they prefer, it is always appropriate to ask the school to match the offer. If they do not match it, you must way all the factors and make a decision.

Never. More money doesn't equate with more happiness, campus fit, or quality. If there is a significant gap in financial aid awards between one's admitted colleges, speak to a financial aid representive to understand why there is a difference. If adjustments are possible, pursue them. However, sometimes paying a few more dollars at one place can lead to a wealth of positive experiences not to be found at the "cheaper" school.

Can't pay vs.don't want to pay? First, as mentioned by other counselors on this site, this particular scenario should not ever happen. Applying to colleges hoping that scholarships and financial aid will cover all expenses is risky, at best, and totally ill-informed. Colleges expect families to bear the costs of a college education. I can understand a student exploring a couple of schools that may be more expensive just to see the results; yet, only applying to schools without any regard for financing is counterproductive. Students and families rarely receive ALL the money they think they deserve (or need) in the financial aid process, albeit, plentiful funding is available to very low-income, high-achieving students. Options? Besides the community college route already mentioned by others, I suggest taking a year off to work, travel, or participate in a community service project. Upgrading one's personal profile/resume, completing more outside reading, and/or traveling abroad to gain valuable awareness and life experience can be viable options. I've had students do just these activities, reapply the following year, and receive even better offers of admissions and financial aid awards. . Other students join the military reserves, which can provide valuable financial support and also give one an opportunity to serve our country. No single option is best. Sit down with a college consultant/counselor and weigh all of the factors and options before making a decision.

Presuming you are asking that a first choice school is offering less aid than a second choice school, you need to consider a few things. One - is the first choice open to listening to your appeal for more aid? If so, you need to be prepared for the conversation and have all of your numbers lined up - know exactly what to ask for. Two - if your second choice is offering more money, you then need to ask yourself if paying "$XX,XXX" MORE for 4 years at choice #1 is really worth it. The reality is, it is not. A bright, motivated student will get a great education if they choose to attend their second, third, or fourth choice. It's really about saving money over that four year period that should be the deal maker.

That is a loaded question! Sadly, some colleges make their Financial Aid offer look big by adding all types of loans to the bottom line. It is important to know what the amount, and type of aid a student is being offered, before making a decision on attending that school. For example, is the scholarship renewable each year? Or is it only for Freshman year? That could be a problem if it is only a one year gift.

With the amount of the national student loan debt increasing each year (over $800 Billion in 2012), it makes sense to know what you owe BEFORE enrolling at college. Families that try to put their students through expensive, “name brand” schools where the outcome is uncertain, only perpetuates the problem. Taking a look at community college for the general education classes the first 2 years can make for a huge financial “break” on the overall cost of college. It may also pay to wait a year and reapply to more appropriate “financial fits” for college.

If students discover the schools that they have been accepted to are not affordable, they can appeal to the financial aid office of each college, after reviewing the financial aid packages awarded from the previous year on College Navigator (http://nces.ed.gov/collegenavigator/), submit applications to alternative colleges (some schools are still accepting applications well into spring—the list can be found on the NACAC ‘space availability survey’) or they might elect to attend community college for two years and transfer—which is still the most economical path (though the latest $200/unit proposal for classes at Santa Monica College is threatening this option).

More Debt Can Make Your Dream School a Nightmare Nationally, student loan debt now dwarfs credit card debt. Countless news reports feature stories about graduates struggling to repay college loans, and these graduates agree that their dream educations turned into financial nightmares. I simply cannot advise students to borrow huge sums of money for their undergraduate education. Attending a prestigious university does not guarantee you a job—in today’s competitive market, you are more likely to find employment via your internships and networking efforts. Your “best” school should be a matter of fit rather than ranking, and it should be a school you can actually afford.

Though it may seem impossible to go to a school without money coming out of mom and dad's pockets, there are a number of ways that school can be affordable for you. Here are a few options: 1. Apply for grants -- most colleges and universities have links on their financial aid websites that direct you in applying for grants. Grants are a great way to pay for a portion of your tuition. 2. Apply for scholarships -- there are a number of scholarships available based on your performance in high school, as well as scholarships that are as simple as writing a brief essay. 3. Apply for student loans -- this is the dreaded option, but it gives you an opportunity to still attend school and pay for it on your own (with interest, of course). If you choose this option, try to get only the amount you actually need. 4. Visit the financial aid office -- you can do this in person, over the phone, or on the web. Just ask for a few options based on your situation.