Parents and students alike are filled with pride and a sense of accomplishment after high school graduation. Memories of all the hard work it took to complete high school, together with the expectations that many families have for their high school graduates to continue their education, make this time exciting for everyone. However, once families begin to actually research the costs funding your education, they are daunted by the prospect of having to come up with thousands, sometimes tens of thousands, of dollars every year. While no one should disregard the fact that higher education is going to require sacrifice by all involved, everyone should understand that with hard work and planning, higher education is a very attainable goal. The following are some suggestions for negotiating funding options. Have a Firm Conversation about the College Choice

Many students are enamored with a particular institution of study for reasons other than academic rigor. Whether it’s the sports teams or the reputation for social environment, students may be drawn to very expensive colleges for reasons that do not stand up to appropriate scrutiny. Once the student and parents have discussed the real reasons for making a particular college their top choice, they both may discover that it is more feasible for the student to attend a less expensive university, or even a community college, close to home for a year or two to save money. If the student is still attracted to the more expensive college at that time, then the family may make a decision to spend more for the last year or two. However, perhaps the student has made a university his or her top choice for very valid reasons, in which case the family can begin to look at different funding options. Everyone Works to Contribute

It is important for students to realize that their education is their financial responsibility, as well as their parents. Students should be working part-time while in school, and work-study is usually a part of any offered financial aid package. While some students may balk at the intrusion into their social calendar that working may cause, all working students benefit from having to manage their work, study, and social times wisely and efficiently. During the summer months, all students should work as much as possible in order to save for the coming school year; families may even consider taking a year off from school to save money. An innovative way to spend a year off is to work for VISTA or Americorps, as these government-sponsored volunteer programs provide a school stipend of between four and five thousand dollars after a year of service. Some institutions will even match that stipend with a grant once the student begins study. Fill out a FAFSA (Free Application for Federal Student Aid)

Filling out a FAFSA is actually one of the first steps students should do once they have decided to attend college, even if they are not sure they are eligible for financial aid. The FAFSA provides all of the information that any school will need in order to determine how much aid the student qualifies for, dependent and independent students alike. Besides determining eligibility for Pell Grants and other grants provided by the university, the FAFSA will allow the student to obtain Stafford Loans, which are federal loans that have excellent interest rates. Using the family’s tax information, the FAFSA will allow the family to decide if they are going to add any parental debt in order to pay for the student’s education, as well. Many university-based scholarships and grants are available for students, and eligibility is based on information provided in students’ FAFSA. Private Sources of Financial Aid

Having a conversation with the university’s financial aid office will give the family additional information about existing private sources of educational funding, like Sallie Mae or other private lending services. Some of these lenders have very good interest rates, but families will have to be careful to borrow only what they need to cover any funding gaps, for students risk leaving school with substantial debt they may be able to avoid by simply borrowing less money. Private scholarships are also available for students who qualify based on grades, civic membership, or other stipulations.

College can indeed be a financial challenge for families, but it is a challenge well worth the effort. According the U.S. Census Bureau, college grads earn, on average, a million dollars more over their lifetime than high school grads. When faced with that financial reality, families should be willing to do whatever it takes to find a way to make sure that all students who want to attend college have a way to do just that.

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