With the cost of college education skyrocketing, most families will need to apply for and receive some form of financial aid (usually in the form of loans, since over 60 % of all financial aid is in the form of repayable debt.)  Following is a list of things students and their families should and shouldn’t do to enhance their chances of paying for college.

"The College-Level Examination Program provides students of any age with the opportunity to demonstrate college-level achievement through a program of exams in undergraduate college courses. There are 2,900 colleges that grant credit and/or advanced standing for CLEP exams." (From College Board.com website).  Two of the major advantages of taking and passing CLEP exams (cost per exam – $60) are that doing so allows pre-college and college students to get credit on college courses without taking the course, and save money,

For more information on CLEP exams, access CLEP online at:
www.collegeboard.com/student/testing/clep/about.html

When it comes to financial aid, perhaps the most important rule is, don’t depend on scholarships, grants or work study – in essence, financial aid you won’t have to repay – to cover the cost of higher education. The reason?  Because only about 38% of all financial aid given comes in the form of scholarships, grants or work-study.  Does that mean you shouldn’t bother looking and applying for them.  No.  It’s still worth one’s while to take the time to investigate what scholarships, grants or work-study may be available to you to help pay for college.  What’s more, there’s no need to pay for this information – its all freely available to anyone. Scholarships, grants and work-study are awarded for all types of reasons (both need and merit based – although the latter makes up only about 4% of all financial aid), and from numerous sources (federal and state governments and agencies, private institutions and colleges and universities themselves).  So, its worth your while to investigate and apply for what you may qualify for.  (Information can be attained free directly from colleges and universities, from high school counselors, and from sites on the web.  For a list of websites, see below.)  Following is a list of some grant, scholarship and work-study programs:

Federal Pell Grants – which are awarded to undergraduate college and university students – are strictly needs based.  You will qualify for a Pell Grant if your family’s Expected Family Contribution falls below a certain level when subtracted from the individual cost of attending college. (The Expected Family Contribution, in simplified terms, is the amount of a family’s assets and income a family is expected to use to pay for higher education costs before they would qualify for financial aid.)  Generally, the total cost of attendance at a given school minus a family’s EFC equals the amount of financial aid a family is eligible for. You can estimate your EFC on-line by going to http://www.finaid.org.  Pell Grants are granted based upon financial need.

For more info on eligibility requirements and applications for a Pell Grant, students should contact the financial aid office of the college or university they hope to attend.

Currently, the amount you can receive if you qualify is between $100 and $4,000, and will depend on funds available,  when you apply, your level of need, and financial aid policies of your school’s financial aid office.

For info on and applications for FSEOGs, students should contact the financial aid office of the college or university they hope to attend.

For additional info on scholarships and grants, and for info on federal and state financial aid loan programs, check the following websites:

• www.Studentaid.ed.gov 
• www.usafunds.org
• Federal Direct Student Loan Program
• Federal Family Education Loan Program  
• US Department of Education
• Teri College Access
• National Association of Student Financial Aid Administrators
• National Council of Higher Education Loan Programs, Inc.
• MEFA (Massachusetts Educational Financing Authority)
• Department of Education FAFSA info
• Sallie Mae
• Nellie Mae
• Stafford Loan
• Parent Plus Loan
• US Department of Education

To receive general info on financial aid via telephone, call:
1-800-4-FED-AID (1-800-433-3243)

The Massachusetts Educational Financing Authority (MEFA) is a non-profit, public organization that assists Massachusetts students and families – as well as students (and their families) residing outside of Massachusetts who are interested in attending a Massachusetts college or university – with the  financing of their higher education.  MEFA provides advice on applying for financial aid and other financing resources, as well as information on college savings plans, parent and student loan programs, and loan consolidation programs.  MEFA can be accessed on line at www.mefa.org , or by  calling – 1-800-449-MEFA (1-800-449-6332)

TERI (The Education Resources Institute) is one of the largest non-profit guarantors of private loans for education. In addition, TERI promotes college access for students of all ages and backgrounds through direct service programs, educational outreach, and policy initiatives. For more info on TERI, access them online at: www.teri.org and www.tericollegeaccess.org.

For more info:

• www.nebhe.org
• New England Board of Higher Education: 617-357-9620
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