Economic Times Being What They Are...
In addition to being the Director of Admissions at the University of South Carolina, my other title is "Dad", used primarily by three people. Two of the actually call me Dad, the other manages "Daddie", but he's only two years old and has a limited vocabulary, so I cut him some slack. Even though my children are ages seven, five and two, and therefore college is still many years away for them, as a parent I am already concerned about paying for college. Like prudent parents, my wife and I started a 529 College Savings Plan upon the arrival of our first child, and made other plans to save for college, but like so many people, we've seen seven years of savings evaporate over the last month or so.
At least I have ten years to make it up, but what should students and parents of students about to enter college do? Unfortunately I don't have all the answers but I do have some suggestions to help you make informed decisions about college:
1) Understand the costs of attendance - Figuring out what it costs to go to college is kind of like walking on a car dealer's lot and asking how much is a new car. Just like a new car purchase price depends on the options you select, the cost of a year at college often depends on the number of classes you take, the nature of the classes, whether or not you live on campus, which residence hall you pick, the meal plan you choose, and the list goes on. "Tuition" is sometimes used as a catch-all term by some people to refer to all their college costs, but tuition, or the cost per credit hour for the courses one takes, is often just part of the costs students will pay. It is important to understand what goes into the average cost of attendance: Tuition, course fees, other fees, such as health fees, activity fees, athletic fees, books, "room and board" (residence hall and meal plan for students that live on campus), parking and transportation expenses, and miscellaneous personal expenses. You can see the Unversity of South Carolina's estimated annual expenses for the current year at this link: http://www.sc.edu/admissions/costaid.php So, don't just focus on tuition, but make sure you are aware of all the typical expenses college students will incur.
2) Apply for Financial Aid - Many students and parents think they will not qualify for "financial aid", and what they usually mean is they don't think they will qualify for aid that does not have to be repaid, such as a federal Pell grant. Therefore, they don't bother completing the FAFSA, or "Free Application for Federal Student Aid." Fill it out anyway. You may be surprised what you qualify for. And, if you think you may want or need to take out a federally-subsidised student loan, you'll need to complete the FAFSA regardless. Here is link to get started: http://www.sc.edu/financialaid/start.html And, if you need help at any point, consult with a counselor in the financial aid office.
3) Consider working part-time while in college - Not only can students earn money to help pay their expenses, but the research shows that students who work part-time, especially in on-campus jobs, do better academically that those who work off-campus or not at all. Maybe it is keeping a tight schedule, or being connected with faculty and staff who can help advise and encourage students, but working on campus benefits the educational process. Also, Co-operative Education programs and paid internships are more in demand these days as a way to get valuable experience while earning money for college.
4) Seek Outside Scholarship Support - There are many, many civic organizations, foundations, comapanies, and individuals that provide scholarship support to students, if they would only apply! You have to do some digging to find private scholarship support, but you can find it through a variety of websites, internet searches, and your local library. Beware, however, of companies that charge to find scholarships for you. In most cases you can find them on your own for free, and many of these "scholarship locator services" are not legitimate.
5) Have a Back-up Plan - For years the prevailing advice to students applying for college has been to apply to at least three schools: Your "dream" or "stretch" school that you have a shot at getting into but it is a long shot, your "solid" school, to which you are pretty sure you can get into, and your "safety" school, one you are certain, beyond any doubt, will accept you. I suggest tweaking that a bit, to include a school you are sure you can get into AND that you can afford to attend.
As I said I still have ten years to go before my oldest child will be applying for college. Who knows what will happen between now and then, but I believe that going to college is now and probably will always continue to be the single best advantage and opportunity for a better life for my children, and I am prepared to make that happen for my kids, regardless of the sacrifices I have to make.