Managing Finances

The yearly phenomenon known within the financial aid community as the “summer melt” is working in students’ favor — this year more than ever — offering the opportunity for extra financial aid that previously didn’t exist. And if you’re one of the few students who know the secret, you can get more cash than ever before.

Unfortunately, federal aid isn’t distributed on whether or not your parents want to pay for your education; it all depends on if they can. Parents have many reasons for not contributing to their child’s education: can’t afford it; it’s the child’s responsibility; sticky divorce. But your parents refusal actually hurts you more than they may know.

Most students go to college looking forward to becoming independent and managing their lives on their own. Managing their personal finances is part of that independence. Starting with your student early, and starting strong, will help ensure that their college experience does not end in debt and poor spending habits.

For college graduates, good credit is an invaluable asset – and with careful money management, an achievable goal. If your student graduates without any credit history, they may have trouble qualifying for a car loan or mortgage.

While preparing for college or even during those college years, parents and students will most likely find themselves trying to determine exactly how they will be able to pay for college. Many public colleges and universities cost thousands of dollars, while private colleges and universities can cost much, much more just to attend. Add cost of living, books and other needs and the costs of a college education reaches huge numbers very quickly. Read this article to explore the many available financial aid options and where to go online to learn how to apply.

START EARLY
- The more time you give yourself, the better off you will be.
- If possible, start the process at least two years before you need the aid.
- Always remember that you should apply for scholarships about a year before you will receive the aid.

While the rising costs of a college education may make some feel as if higher education is a luxury, there is still plenty of help available for those who need it through scholarships and grants. College scholarships and grants are readily available to students willing to do the research and pay attention to the rules, requirements and other "details."