Review Financial Aid Process

Processing Received Funds

• The lender and most private scholarships send the money to the school directly.
  
  the school credits the student's account for all student loans, grants and scholarships to pay tuition, housing, and other college-related costs.
  
  
  
• Schools may transfer the funds electronically to the student's account or issue a paper check.
  
  you need to contact your schools financial aid office to review procedures used to transfer funds to the student's account.
  
  any remaining funds are given to the student to cover other education-related costs.
  
  
  
• Any work-related programs will be paid on an hourly basis upon completion of the work.
  
  you may cancel all or a portion of student loans disbursed to you within 14 days after the date when you school notifies you in writing that your account has been credited
  
  additional aid may be required to cover the full cost of college:
  
  see aid option: Finding Alternative Loans and Other Financial Aid

Managing Student Funds

Students can avoid debt problems by using pre-paid credit to manage student funds:

Student and/or parent gets a prepaid card for college use (approval guaranteed). Student or parent adds monthly spending money to the card.   Student uses card to buy food, supplies, pizza, etc., at any merchant that accepts MC/VISA cards.   Student or parent can monitor pre-paid account electronically for budgeting purposes. Pre-paid cards can help maintain a spending budget.   Student or parent can reload the card with additional monthly spending funds as needed.   Using pre-paid credit cards protects the student from spending student funds too fast and from accumulating credit card debt.   Students can use pre-paid cards to build a credit history for future credit approval on auto loans, employment, home mortgages, etc.

Pre-Paid Card Programs view card product information     view card product information     view card product information View All Other Pre-Paid Card Programs

Ways to Reduce College Expenses

1. Search all available scholarships
   
   There are thousands of scholarships that go unawarded because students don't think to research and make an application. Many of these scholarships only offer minimal sums, but they do add up to help reduce college expense.
   
   Some scholarships to consider:
   
   
   • academic scholarships
   • athletic (check all sports)
   • special talents in music, art, speech
   • affiliation with a group (ancestors of the Mayflower)
   • community trusts
     
     start your scholarship search for next year
     
     
     
2. Start your 1st and 2nd year at a less expensive place
   
   Look into community college programs for many of the "basic courses" that you have to take. After the 2nd year, transfer those credits to another school of your choice to pursue your undergraduate degree.
   
   Community colleges are less expensive than regular 4-year schools. Make sure that credits earned at community colleges can be transferred to your school of choice
   
   search for community colleges
   
   Another option for the "basic courses" is online schools. You can pace yourself respectively for required courses and work part-time. Again, make sure credit earned can be transferred.
   
   search for online programs
   
   
   
3. Check your school for tuition reduction plans
   
   Some schools offer tuition discounts for some of the following students. See if you may qualify:
   
   
   • children of alumni
   • students who have other family members attending
   • students who have family members employed by the school
   • older students who attend
   • students who are student government leaders
   • students who work in the editorial or yearbook departments
   • students who recruit another student to the school
   • other: check your school financial aid office
     
   
   
   
4. Look into housing reduction plans
   
   Some schools and private housing units will waive or reduce housing costs if you become a residential manager of the dorm or housing unit. You will be required to work a set number of hours each week.
   
   Another option is to live at home and commute to school. You can save around $6,000 per year in room and board.
   
   
   
5. Check your school's employment office
   
   Many schools have on-campus employment positions that are not part of the work-study program. Some of these positions offer tuition discounts and pay for your service.
   
   
   
6. Get through as many credit as possible to speed up graduation
   
   Most schools charge one price regardless of the number of credit you have. Take advantage of single pricing and load up as many credit possible to speed up your requirements to reduce college attendance.
   
   Another way to reduce college costs is to take advantage of proficency examination programs. Ask your school about the Advanced Placement Program (APP), the College-Level Examination Program (CLEP), and the Provenience Examination Program (PEP). If you score high enough on the examination under a specified program, you can receive college credit.
   
   Some colleges give credit for life experiences. Students should check with the college for further information.
   
   check with the Distance Education and Training Council for information
   
   Some schools offer accelerated degree programs where students can earn their degree in quick time, thus saving on future educational expenses.
   
   
   
7. Don't forget the service academies
   
   Some students sign up for ROTC or enroll into the service academies to help pay for school.
   
   The Reserve Officers Training Corps (ROTC) Scholarship Program pays all tuition fees, and textbook costs, as well as providing a monthly living stipend. But students should be aware that there is a service commitment following your graduation.
   
   Other military services have tuition reimbursement plans in exchange for your service commitment.
   
   
   
8. Look at in-state schools and private matching programs
   
   Most public state schools offer reduced tuition for in-state residents. You should seriously consider an in-state program for part of your education to help keep costs down.
   
   Some private colleges will match the tuition of out-of-state institutions for certain students. Check with your college to determine whether you qualify for this option.
   
   
   
9. check your college for other aid options
   
   Some schools offer reduced tuition rates to families if the major wage earner is unemployed.
   
   Some colleges and universities have special funds set aside for families who do not qualify for federal or state funding.
   
   
   
10. Manage your funds
    
    Manage your money smartly. Buy used textbooks, keep play at a minimum, walk to school whenever possible, don't go on spending binges, etc.
    
    see our topic on managing student funds above