Many (maybe even most) parents and students immediately jump to the idea of scholarships to bridge the gap between their contribution and the cost of college. But the bulk of federal financial student aid is made up of grants (such as the Pell Grant), work study, and, mostly, low cost student loans.
But remember this: If your student competes for scholarships, coming second, third or fourth nationwide, statewide, or even citywide, is a great performance. But will it bring in any money?
Will You Have a Budget Deficit?
If your Expected Family Contribution exceeds what you can actually afford to pay for school, how could you and your family easily find a substantial amount of extra cash every month?
The rising cost of college and university tuition has meant that parents, more and more, are incurring debt, depleting retirement funds or running down savings and emergency funds to cover the cost of college education. For those who are less fortunate, and do not have significant retirement savings, the prospect of crippling long term debt looms…
Or the student takes a cheaper, second or third choice option.
Not planning for college is not an option — If you want to get the best results …
The time is now for you to start your college funding strategy. And remember, although the cost of college is but one aspect of the college search process, it is the rock upon which many hopes founder.
