Tool helps students sort through college aid muddle
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Traditional planning for college expenses usually exists of estimating tuition and how much to save each year to pay for four years. But once college gets closer, the numbers change and the options all have different prices, meaning exploring financial aid usually comes into the picture. And that's where college gets complicated.
"Often financial aid is presented in less than a clear way," said Carol Stack, co-author of "The Financial Aid Handbook." "It's not that complicated."
Ms. Stack and co-author Ruth Vedvik, both former college admissions directors, try to simplify the process. They believe that an informed student and parent can make college more affordable.
- Department of Education: Provides details about federal student aid programs; http://studentaid.ed.gov/
- FinAid: Contains information on different education funding avenues, public and private; www.finaid.org/loans/
- Student Advisor: Downloadable digital magazine that spotlights the finer points of student loans and student finance; www.studentadvisor.com
- StudentLoans.com: Features a variety of resources on student loan; www.studentloans.com
- U.S. Scholarship Guide: Offers good overview of federal student loan programs; www.usscholarshipguide.org
For example, the published tuition by each college doesn't mean that's the price the student may pay. Many offer "discounts" to attract students.
"Most scholarships are awarded by institutions, so we are showing students how, by developing a tool on how to find out what schools will give them the most money," said Ms. Vedvik.
First Published May 31, 2011 12:00 am
