GUIDANCE ADVICE

CUTTING COLLEGE COSTS

College costs are going through the roof. The average debt of a student finishing college is almost $20,000! Follow these strategies to reduce the sticker cost of your education.

Tip 1: Ask about application fee waivers and special discounts.

The cost of applying to college, taking standardized test scores and having those scores sent can really add up. If you're strapped for cash, consider asking about application fee waivers. But keep in mind:

• Availability is limited, and you must meet some pretty stringent standards to qualify.
• Some schools offer special discounts for legacies (children of alumni), when more than one member of the same family is enrolled at the same time, or for children of employees.

Tip 2: Apply for financial aid.

Even if you think you're not eligible, be sure to apply for financial aid by filling out the FAFSA (Free Application for Federal Student Aid). This form is the first step for applying for all kinds of aid, from federal aid (grants, loans and work-study), to state-based funding (grants and other programs), to college-based aid (special awards, grants and work-study programs). And who knows, you just might qualify! [This tip is for US citizens only; International students should visit http://www.edupass.org/.]

Tip 3: Search for free money.

And since every little big counts, you should also apply for scholarships. Use the FastWeb.com scholarship search to help you find awards and then apply! To learn more about all your funding options, visit www.finaid.org.

Tip 4: Complete some of your credits at a lower-cost school.

You can save a lot by completing your general education requirements at a community college, state university, or less expensive school and then transferring to complete the degree. A less competitive school may offer merit aid to attract talented students.

Talk to an admissions counselor to be sure your credits will transfer, and learn as much as you can about the financial aid policy. Some schools restrict financial aid for transfer students, or may only have financial aid for students who transfer at the beginning of the academic year.

Tip 5: Get to know the financial aid administrator at your college.

While specific rules apply for financial aid calculations, financial aid administrators still have a certain amount of leeway in determining how aid is allotted. It's important to let your financial aid officer know about any special circumstances that affect your ability to pay for college.

Tip 6: Look for ways to pay in-state tuition.

Most public colleges and universities charge considerably less tuition to in-state students in comparison to students from out of state. Pick a college in your state to keep costs down. Investigate regional student exchange programs, in which some states offer reduced tuition rates for students from nearby states.

Or if your heart is set on going out of state, consider moving a year before starting college. After you've established residency (usually one or two years), you should be eligible for in-state tuition. Policies vary from school to school and state to state, so be sure to check with your school of choice.

Tip 7: Accumulate credits before college.

You'll save a lot in tuition by earning college credits while you're still in high school. Take Advanced Placement courses or think about taking courses at a local community college to get a head start on your college career. You may be able to place out of required courses by taking an "advanced standing" exam at the school.

Tip 8: Combine degrees to save time and money.

If you're planning to earn multiple degrees, you can save a year's tuition by enrolling in a combined degree program. Some schools will allow you to combine a bachelor's degree with a master's degree or a master's degree with a doctoral degree. Some colleges may offer a program that combines a bachelor's degree with an M.D.

Other colleges offer an accelerated 3-year program, or will allow you to graduate early if you complete all the requirements ahead of schedule. You can do this by taking a somewhat heavier load, such as an extra course every semester, or by taking classes during the summer. Some schools do not charge extra tuition for taking additional classes.

Tip 9: Live at home during college.

You can save a lot if you live in your parents' home when you go to college. You might miss out on some 'classic' college experiences, but your food and housing bills will be a lot lower. Or if you really want the residential college experience, compromise by spending some years at home and some years living on campus.

Another method of saving on housing is to share an apartment with some fellow students, especially if you plan to work near school during the summer. But be sure to select your roommates carefully!

On the other hand, commuting to college can be stressful due to late busses, heavy traffic, and the occasional car trouble. Keep in mind that you will learn more from your fellow students than from Classroom lectures. So this may be one cost-cutting measure you choose to overlook.

Tip 10: Apply for "life experience credit."

If you're entering school from the work force, you may be able to earn college credit for your employment and life experience. Some schools administer their own tests and standards while others allow you to take CLEP (College-Level Examination Program) and Proficiency Examination Program (PEP) tests for college credit.

Last Tip: A bunch of random tips.

Buy used textbooks. Get a part-time job. Consider cooperative education programs and study abroad. Sell your TV and VCR. Visit home less frequently. Some schools give Resident Assistants free room and board. If you're a US citizen, consider ROTC or other forms of military aid. Eat a full meal before going shopping for groceries.

Keep costs down and maximize your financial aid, and you'll look forward to graduation day all the more!