Columns

Tuesday, March 2, 2004

you can afford college!

For high school seniors across Iowa, the coming weeks are a time for anxious fingernail-nibbling. Letters will be arriving soon from college admissions offices. And then the real challenge begins: Paying for college.

The bad news is that college expenses – especially at traditionally affordable public institutions -- have risen rapidly in recent years. The good news is that a whopping $105 billion in financial aid is available in the form of loans, grants and scholarships. But time is short. For high school seniors and their parents, the time to get serious about paying for college is now.

The federal government offers a wide range of financial aid options, including Pell Grants (which do not have to be repaid), subsidized loans, and Federal Work Study opportunities. A wealth of information on federal aid is available on the U.S. Department of Education’s website (click on www.studentaid.ed.gov)

Step No. 1 is for a student’s parents to fill out the Free Application for Federal Student Aid, or FAFSA (the Department of Education prefers that parents do this online; click on click on www.fafsa.ed.gov). Deadlines for FAFSA applications vary from college to college, but a student’s last chance to apply is June 30th of each year. FAFSA evaluates a family’s ability to pay for college and decides how much need-based aid a student is eligible for.

Many colleges also recommend that students fill out the College Scholarship Service Financial Aid PROFILE, which is offered by the College Board (go to: profileonline.collegeboard.com). Institutions use information collected on a student’s PROFILE to help them award nonfederal student aid funds.

Bear in mind that hundreds of thousands of grants and scholarships are available. The College Board’s website (www.collegeboard.com) will walk you through a scholarship search, and also offers an excellent guide to college planning. In addition, check out the website of the college you plan to attend.

Beware of myths about qualifying for financial aid. For example, you don’t have to be a straight-A student to qualify; in fact, most federal aid is based strictly on financial need, not grades. Also, don’t assume that your family’s income level is too high to qualify for aid. Most colleges take into account other factors, such as home mortgage costs and the number of siblings in college.

Above all, realize that money spent on college is truly an investment. According to the Census Bureau, Americans with a bachelor’s degree earn 60 percent more, on average, than those with only a high school diploma.

So I urge every student to pursue college financial aid as aggressively as possible. And remember that whatever financial sacrifices might be required in the short run, higher education is an opportunity you can’t afford to miss.