Financial Aid Tips.pdf

Saving for college is cheaper to save than to borrow, with saving $200 a month for 10 years at 6.8% interest accumulating $34,433, whereas borrowing the same amount would require paying $396 a month. Start saving as soon as possible, as time is the greatest asset, and consider saving a third of projected college costs. Save in the parent's name to reduce the impact on eligibility for need-based financial aid. Choose a 529 college savings plan with the lowest fees and consider the direct-sold version. Make saving automatic by setting up an automatic monthly transfer.

For scholarships, search for them at free sites like Fastweb.com and start searching as soon as possible. Answer optional questions in targeted scholarship matching services to increase the chances of matching scholarships. Apply to every scholarship you are eligible for, as winning involves a bit of luck. Pursue less competitive scholarships and reuse essays. Be cautious of scholarship scams, never paying money to get money, and never giving out personal information.

File the Free Application for Federal Student Aid (FAFSA) to determine eligibility for federal, state, and institutional financial aid.