| The current economic crisis may have students and | | | | in-state tuition. Find out from the financial aid office the |
| families thinking that a college education is out of grasp. | | | | in-state residency requirement to get the in-state tuition |
| But before you give up on your plans to pursue a | | | | rates. Generally you need to live in the state for 6 or |
| college education consider the following strategies: | | | | 12 months prior to qualifying for in-state rates. This |
| 1) Develop A College Funding Plan--- College planning | | | | requirement is differs in each state. |
| really is a family undertaking. Families should be having | | | | 7) Read Your Employee Handbook--- If a student |
| open and honest discussions about college plans, | | | | plans to pursue a graduate degree part-time while |
| career interests, what the parents can reasonably | | | | working fulltime, a good way to fund it would be |
| contribute to college expenses and what contribution | | | | through the student’s employer. Most employers |
| the child may be expected to make starting when their | | | | will pay for courses that relate to the employee's |
| child is a high school junior. Make it clear if the child is | | | | career. So if you work in accounting and want to earn |
| expected to work during the summer and/or school | | | | an MBA or pursue CPA certification, the employer |
| year to pay for college or take out student loans. Will | | | | would generally assist with those courses. Some |
| the parents be willing to assist in the repayment of | | | | employers will pay for other courses, but at a reduced |
| those student loans? Revisit the plan annually or as | | | | rate. Most employer education benefits are paid as |
| circumstances change. This is particularly important in | | | | reimbursements once you successfully complete the |
| an economic environment such as we are | | | | class. So you would need to come up with the tuition |
| experiencing now. | | | | at the beginning of the semester. Applying for a |
| 2) Meet & Greet with the Financial Aid | | | | Federal Stafford Loan would be the best choice, if you |
| Director---When there is a sudden change in the | | | | did not have the funds up front. You would be |
| family’s financial situation, such as a loss of a job, | | | | reimbursed once you submit an official copy of you |
| foreclosure or bankruptcy, the family should make an | | | | course grade. Check with the HR department at your |
| appointment with the Financial Aid Director or | | | | company for specifics on the company's program. |
| Associate/Assistant Director ( the decision makers) at | | | | 8) Make It a Family Affair--- In some families, |
| the college the child will be/is attending. Financial Aid | | | | grandparents (or other relatives) have stepped up and |
| Administrators have the ability to make professional | | | | assisted children with some of the college costs. I |
| judgment adjustments with documentation, which will | | | | would counsel relatives in this situation to consult with |
| take in to account these circumstances. Often this | | | | their financial planner or tax consultant before pursuing |
| provides the student additional financial aid or makes a | | | | this option to minimize tax liability. |
| student eligible for aid who may not have originally | | | | 9) Go Virtual--- Students may also be able to reduce |
| qualified. I have many times used professional | | | | college costs by taking some of their courses online. |
| judgment for such circumstances, as a Director of | | | | Many private and public colleges are offering online |
| Financial Aid. In the case of a job loss the family would | | | | courses and degree programs. In Massachusetts, the |
| need to provide a copy of the layoff letter and provide | | | | state colleges offer a variety of courses through |
| a copy of any anticipated unemployment benefits. | | | | Massachusetts Colleges Online at These courses can |
| When a family has experienced a foreclosure, the | | | | be used towards a degree not only at Massachusetts |
| family would also need to provide documentation | | | | state colleges and universities, they may be |
| showing the foreclosure. | | | | transferrable to private colleges or out-of-state public |
| 3) Consider Attending College In-State--- Families | | | | colleges. As with any transfer courses, students should |
| struggling with finances whose child was planning to | | | | check with the Registrar at the college to which they |
| attend an out –of- state college, may want to work | | | | would like to transfer the credit to ensure that it would |
| with their child to find a college that is in -state and | | | | be accepted, before signing up for the course. |
| within commuting distance, thus saving on room and | | | | 10) Search Out Discounted Tuition--- New Englanders |
| board costs. | | | | should look into the Tuition Break program through the |
| 4) Strike A Deal With Your Child--- In cases where the | | | | New England Board of Higher Education. Through this |
| child is really determined to attend his or her first | | | | program,for example, Massachusetts students are |
| choice college, I have known parents who have | | | | eligible for reduced tuition at out- of -state New |
| worked out agreements, where the parents will pay | | | | England state colleges and universities in 250 approved |
| for the tuition and require the student to take on the | | | | programs. These are degree programs that are not |
| responsibility of paying for room and board, through | | | | available at Massachusetts public colleges. The NEBHE |
| financial aid, scholarship and part-time jobs. Many | | | | website, has a FAQ page and a list of all programs |
| colleges have student employment offices that assist | | | | that each New England states’ residents are eligible |
| students in finding on-campus and off-campus | | | | to attend at discounted rates at the other regional |
| employment, in addition to work-study jobs that | | | | state colleges. These rates are discounts on the out- |
| students may be awarded as part of their financial aid | | | | state- tuition rates that would otherwise be charged. |
| package. | | | | The NEBHE site states that students who have used |
| 5) Go Public---Another option is attending a state | | | | this program have saved on average $7,000 annually. |
| college or university for the undergraduate degree. | | | | 11) Take A Sibling to College--- If two or more family |
| This is a particularly savvy financial move, when a | | | | members attend the same college ( siblings, spouses, |
| student intends to pursue a graduate degree. Here | | | | or parent & child) some private colleges offer |
| again parents and the child may work out a plan | | | | family discounts for each additional family member that |
| where the parents pay for a bachelor's degree at a | | | | are enrolled in the college. Check the catalogue or with |
| state college and the child pays for the graduate | | | | the Bursar's Office on campus. |
| degree. Keep in mind that community colleges are a | | | | 12) Consider A Career (Or At Least A Job) In |
| great bargain and the credits are generally | | | | Education--- One of the advantages of working for a |
| transferrable to a 4 year public or private college. | | | | college is that they provide educational benefits not |
| 6) Adopt A State ---Thinking of attending an | | | | only for employees but for employees’ dependents |
| out-of-state public college? If you establish legal | | | | (spouses & children). So if you or your child is |
| residency in your "adopted" state by registering to | | | | considering attending a local college, consider a job |
| vote or getting a driver's license, you could qualify for | | | | change. |