Word: aides
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Dates: during 1990-1999
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Moreover, even at the priciest colleges, the real cost, after all aid is factored in, is just under half the sticker price. That's for the theoretical average student, of course, and shouldn't be taken to mean that you can just lop half the cost off any college's price tag and expect to pay that amount. But it does mean that, as Deputy Secretary of Education Mike Smith says, "the resources are there." You need to find them, and you need to plan. "No matter how old your child is," says American Express's Satovsky, "saving for college...
...endgame tactics for paying the college bills are less about stashing away money and more about reducing the amount you'll pay. You can cut your college costs considerably before you figure in how much aid you're eligible for, how much you'll have to borrow or whether the new education-related tax credits apply to your family. So, even if you don't give it a thought until spring of your child's senior year in high school, you can still pull...
...outset, each school will evaluate your FAFSA (Free Application for Federal Student Aid) using a federal formula to determine how much federal aid you're eligible for, including loans with competitive interest rates, like the Perkins and Stafford (see chart). You'll receive a report from each school advising you of your expected family contribution...
Once that is determined, each college will decide how much money it will kick in from its own coffers. Public schools tend to be stingier with aid, but their fees are much lower to begin with. Private schools, on the other hand, show big numbers up front but are more likely to discount. Altogether, nearly 70% of all students receive some type of aid, including loans, and the average amount of federal money awarded to students...
Rather than stick to traditional financial-aid formulas that consider the value of your home, cars and other assets, these colleges will provide more grants and disregard at least $90,000 of income in calculating need. For a family earning $65,000 with college savings of $20,000, that could equal $3,500 more in grants than was possible under the old formula. Families with an annual income of less than $40,000 will receive substantially more in grant aid. "This new formula answers a question schools have heard middle-class students asking," says Tim McDonough of the American Council...