Three college financial aid tips

College is expensive – there’s no way around it. Most students knows how to pinch a few pennies, and while the Ramen noodle and all-you-can-eat dining hall diet can help in the short term, students are looking for ways to lessen their loan burden. Here are three financial aid tips to do so.

First off, the advertised tuition at colleges is really just a number. You may rule out expensive colleges in the application process because of the price tag. But many of these colleges have strong aid programs that reduce the actual cost of attending. Few students pay the “sticker price” because scholarships and financial aid help offset the cost. Regardless of your family income, it’s always a smart idea to apply for aid. You never know what you might qualify for.

Second, some students apply to state universities because of “cheaper” fees and tuition. You may be surprised to learn, however, that private colleges and universities can actually cost less after financial aid and scholarships. State universities can offer athletic scholarships; if you’re a recruited athlete, this will help, but if not, it will mean less to be given out to other students. Private universities often have larger amounts of aid from alumni donors and grants – which translates into a reduced cost for those students with financial need. Some colleges even offer direct alumni support loans as an alternative to federal student loans. Another factor to consider is that you have a better chance of receiving merit-based aid at those schools at which your academic qualifications are far above those of the incoming class (i.e., your safeties).

Finally, while in high school, Advanced Placement courses can offer subsequent college credit. These will lessen the number of courses you need in order to graduate (saving you money) as well as the stress with your semester course load. While in college, watch your spending! Set a budget. Try to buy used textbooks. Or, consider being a resident assistant or working to earn spending money.