Admissions Academy Blog

College Planning in a Tight Economy

•  Posted by Lori McCormick on October 9th, 2008 in Admissions
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With the economy in flux, it’s difficult to know which direction a family should take in terms of college savings plans, investments, and student loans. While there is no perfect answer, here are a few suggestions to help create a plan to pay for college.

Apply to several colleges – Rather than limit yourself to a handful of schools, consider applying to between six and ten colleges. More realistic applications will increase the number of financial aid offers and options in the spring.

Consider applying to private schools – Private college tuition costs are steep, but these schools often have more ability than state schools to offer scholarships.

Start at a community college – California community colleges offer lower-division transferable courses at around $20 per unit, making this an affordable option for students and families. If you’re interested in attending a UC, California community college students have a higher acceptance rate than other transfer students if they meet the guaranteed transfer admissions guidelines prior to applying.

Contact financial aid offices – Financial aid officers are a great resource for information on available scholarships, grants, and loans at their colleges and will do their best to help families find affordable solutions.

Consider federal loans – Federal loans generally offer more favorable terms than private loans. Research all of your options before making any decisions.

Invest for the long term – If your students are younger, consider 529 plans for long-term savings. You can contribute after tax dollars, and investment gains are tax-free if the money is used for qualified education expenses. Be sure to research the various college savings plans and speak with a Financial Advisor or your CPA before making any decisions.

Here are a few websites that can help you research your options:
The College Board
Federal Application for Federal Student Aid
FinAid
Scholarships
Fast Web

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