By Jesús Hernández Mejía, October guest blogger
In my first post I talked about saving for college. That’s a good place to start, but what else is out there?
Dual Credit options are another way to save some green. Students can earn college credits while still in high school. These programs include Postsecondary Enrollment Options (PSEO), International Baccalaureate (IB), Advanced Placement (AP), Career/Technical Education and Concurrent Enrollment (College in the Schools).
It’s possible in some cases for a full-time PSEO student who starts in their junior year to earn enough credit for an associate degree. That might save two years of college expenses. Some colleges have a limit how many credits can be transferred and ultimately have the last word on particular courses. Even if this is the case, with PSEO your student is exposed to the rigorous work required in college and will be college-ready when it’s time to enroll.
For families looking ahead to college, realize that not all schools offer these options. But any research you do now is an investment in your child’s future.
Is there anything else?
At the start of every school year I have at least nine or 10 students who stop by my office because they are having a hard time paying for school. Looking through their awards I see a common theme: most of these students did not apply for any scholarships. Most don’t believe they would qualify but a lot say they were not aware of scholarships.
In simple terms, a scholarship is money that you don’t have to pay back. It is given to you for reasons such as merit, athletic ability, affiliations and the list goes on. Scholarships can be used to pay for tuition, fees, room and board, depending on the stipulations of the donor.
View a partial list of scholarships offered by Minnesota institutions. There are also scholarships offered through private entities. The best way to locate these is through Internet searches (try Fastweb or FinAid) or through personal connections with various companies.
Another good place to go for scholarship information is located right where your student attends school. Most high schools have a resource center or a counselor to whom donors send this information.
I have to say one more thing about scholarships. If it sounds too good to be true, it probably is. It should not cost you any money to access information to scholarships.
Are there any other resources?
There are three additional resources that come to mind when trying to find ways to make college more affordable: AmeriCorps, Peace Corps and military service. If these sound like options for your student, consider checking them out.
What if my student is graduating next year?
The first thing is not to panic. Has your child settled on a college choice yet? If not, think about all the different options. Starting your student’s education at a community college would save you some money. Your child can complete the first two years there and then transfer to a four-year institution. Have your student contact that four-year institution to make sure that his/her credits will be transferred.
If you have already settled on an institution, meet with a financial aid advisor at the school. They will probably ask you to complete the FAFSA or a Financial Aid profile in order to give you a more accurate answer as to what your student might qualify for.
It helps if you plan ahead for college, but even if you haven’t, it is still feasible. There are many resources to help families pay, including the new video series, Paying for College.
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