Across America, high school seniors this month are preparing to put their college enrollment deposits in the mail. The looming question for parents, however, is "how to pay?" Finding ways to reduce the bite of that first tuition bill doesn't require a degree in accounting; only research, time, and a healthy dose of patience.
Jim Stevenson, director of financial aid at Rensselaer Polytechnic Institute in Troy, N.Y., offers some tips:
* Submit any and all appropriate financial aid forms that you can find. Most colleges, universities, community colleges, and trade and technical schools in the U.S. ask students to file the Free Application for Federal Student Aid (FAFSA), explains Stevenson, but the school itself might require students to submit separate forms for its own need- or merit-based scholarships. "It pays to check whether your college has other documents you can fill out," he says. "While Rensselaer only requires students to submit the one FAFSA form to be considered for all of available aid sources, some schools require more."
* Be prompt! In the financial aid process, the earlier a student gets financial aid forms in, the better. "The sooner you send in your information, the sooner your college can assess your need--and develop your aid package accordingly," Stevenson explains.
* Verify that schools accept funding from outside organizations. "Rensselaer allows students to keep alternative or outside scholarships without reducing their total scholarship packages," says Stevenson. "But some schools require you to report those scholarships so they can reduce your financial aid funding accordingly."
* Ask for "alternative loan" brochures. Many schools, says Stevenson, provide a wealth of information on university-"tried, tested, and true" banks and organizations that work with students and parents on educational loans at very competitive rates. Such outside sources, he says, can often help families cover a shortfall in aid and scholarship money.
* Investigate all the options, no matter how bizarre they may seem. "There are a ton of searchable Web sites that list scholarships ranging from the everyday to the obscure," says Stevenson. "There's money available for left-handers, students planning on making careers in swine management, athletes, and so on. There are even two-for-one deals at some colleges for siblings and twins."
* Make sure you get all you deserve. The top math and science students at almost 3,000 high schools around the world are automatically eligible for the $15,000-per-year Rensselaer Medal Scholarship, says Stevenson. To see a list of participating Medal schools, go to http://66.40.170.198/medalist/.
* Keep the financial aid offices of all of your prospective schools well-informed. Once you receive all of your acceptance letters and aid packages, fax copies of your awards to some of the other schools on your list for their comparison and consideration. Some colleges do not negotiate the amount of money awarded under any circumstances, says Stevenson, but many others want to be competitive. It doesn't hurt to ask--as long as you are tactful about it.
* Get your questions answered at accepted student celebrations. Even students who haven't enrolled yet are invited to attend such events, says Stevenson, and financial aid officers are usually on-hand to address last-minute issues.
About RensselaerRensselaer Polytechnic Institute was founded at Troy, N.Y., in 1824. It is the nation's oldest technological university. The school offers degrees in engineering, the sciences, information technology, architecture, management, and the humanities and social sciences. Institute programs serve undergraduates, graduate students, and working professionals around the world. Rensselaer faculty are known for their pre-eminence in research conducted in a wide range of research centers that are characterized by strong industry partnerships. The Institute is especially well known for its success in the transfer of technology from the laboratory to the marketplace so that new discoveries and inventions benefit human life, protect the environment, and strengthen economic development.
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