The following is a sample of other options that may help reduce the cost of college for the family.

1  Alternative Payment Plans

Almost every college and university has some sort of payment plan to assist the family.  These range from installment plans to prepayment discounts and stretched payments.  When it comes time to decide if a payment plan is the way to go, check with the financial aid office of the institution being accepted for their optional plans.  These plans may be administered by the school, or the college may have agreements with commercial companies who specialize in college financing.

2  Room and Board

Many schools have a variety of housing and meal plans.  Money can often be saved by taking a smaller dorm room and a cheaper meal plan.

3  Resident Assistants

Discounts are often awarded to upperclassmen who get positions as resident assistants in the dormitories.  There are requirements, so check with the college to see if the student qualifies.

4  Living Off-Campus

While freshmen are often required to stay on campus, starting his or her sophomore year the student may have the option to move off campus.  Several students renting an apartment together and sharing the cost of food could result in substantial savings.  Be sure to check the quality of the living conditions for what is being charged.

5  Special Discounts

Many colleges offer discounts to children of staff, even close relatives of graduates as well as school team managers or government leaders.

6  Americorps

It’s a new federally funded public service jobs program.  The student works full-time for a year, in return receiving a living allowance.  After that year there is also an educational award provided.

7  Cooperative Education

Some 900 colleges and universities have these work-while-you-learn and learn-while-you-work programs.  It usually takes 5 years to complete the program, but it saves money.  Furthermore, over 50,000 companies participate in cooperative education programs.  There are scholarships available as well, through the National Commission on Cooperative Education

8  Military Programs

The military can help pay for all or some of a college education through ROTC, the Montgomery G.I. Bill, or taking classes offered while on active duty.  There are also benefits available to current or former members.

9  Two for the Price of One

If you have two students who are only a year apart, the older may agree to wait a year to attend.  In the case of the financial aid formula, the family may

receive a break in the calculation.  Remember that the Estimated Family Contribution will be calculated for each student, but the formula takes into account that more than one student is attending at least half time.   In some cases, if both students attend the same college or university, the school will provide additional assistance to the family beyond what would have been received if only one student were to attend.   Check with the financial aid and admissions offices.

10  Community College

Spending the first two years at a local community college and then transferring to a four-year college or university could save a lot of money.  If you’re worried about getting into the four year college, don’t be.  In fact, if you have good grades, it’s easier to transfer in than to get accepted out of high school.  And remember, when you graduate from that four-year institution, nothing on your diploma will even suggest that you spent two years at a community college

The following is the latest information from the College Board:

Over the decade from 2000-01 to 2010-11, published tuition and fees at public four-year

colleges and universities increased at an average rate of 5.6% per year beyond the rate of general inflation. This growth rate led the price to increase from 22% of the average tuition and fees at private nonprofit four-year institutions to 28% over the decade.

http://trends.collegeboard.org/college_pricing

• The median full-time public four-year college student, including both in-state and out-of-state students, is enrolled at an institution with published tuition and fees of $7,656, and the median student in the private nonprofit four-year sector faces published charges of $28,224.
• About 25% of full-time private college students are enrolled in institutions charging $36,000 or more. Only 8% of all public and private nonprofit four-year students are enrolled in these institutions.
• About 28% of full-time public four-year college students are enrolled in institutions charging less than $6,000. About 5% of private college students are enrolled in institutions in this price range.

Total financial aid per full-time equivalent (FTE) student increased 51%, from $8,894 (in constant 2009 dollars) in 1999–2000 to $13,444 in 2009-10. The role of financial aid in helping students to enroll and succeed in college becomes increasingly important as college prices continue to rise more rapidly than family incomes. Trends in Student Aid provides detailed data on student aid of all types (grants, loans, work-study and tax benefits) from all sources (federal and state governments, colleges and universities, employers and other private entities). This report documents the large increases in federal grant aid in 2009-10, differences in student debt across sectors and family incomes, and other trends in the funds available to help students pay for postsecondary education.

http://trends.collegeboard.org/student_aid

• Total student aid per full-time equivalent (FTE) undergraduate student (not including nonfederal loans) increased by 56% in inflation-adjusted dollars over the decade from 1999-00 to 2009-10.
• Unsubsidized Stafford loans increased from 12% of the total student aid plus nonfederal loans undergraduates used to help finance their education in 1999-2000 and in 2004-05. This percentage increased to 19% in 2008-09 and was 18% in 2009-10.
• Over the decade from 1999-2000 to 2009-10, both subsidized Stafford Loans and institutional grants declined from 19% to 16% of total funds from student aid plus nonfederal loans.

I

Hopefully, around April of the senior year of high school, your student will have been accepted to three or four colleges and received financial aid award letters from each stipulating what assistance is being offered. It is important to compare these offers as each will surely be different, and those that provide the most dollar assistance may, in fact, cost the family more in the long run.

Let’s work with an example.  Our EFC is $9,000, for a private college and determined through Institutional Methodology. Assuming that the total cost of attendance at this private college is $25,000 a year, our student has established $16,000 in need. Since most private colleges cover 100% of the established need, the resulting aid package should be $16,000. About 60-70% of this amount should be in grants and scholarships  (money the student doesn’t have to pay back), 21% will be in the form of a subsidized Stafford Loan (the student doesn’t make payments until after graduation), and the remainder will be covered by work/study (the student holds down a part time job and uses the pay to cover books and miscellaneous expense).  Be aware that some schools may back off on the amount of grant and scholarship money and pad the award offering with a federal parent loan (PLUS Loan) . 

At a public institution, because there is less private endowment and scholarship money to assist the student, less than 100% of the established need is normally met. In our example the Federal Methodology said the student’s EFC was $7,500. Let’s assume now that the student applies to a less expensive public university, which uses the federally determined EFC. The cost of this university is assumed to be $13,500 a year. The established need is now only $6,000. But the college can only cover 75% of the need, or $4,500. This now creates an out-of-pocket expense for the family of $2,500 ($6,000-$4,500), making the total cost $10,000 ($7,500+$2,500).

There’s another difference. For the same reason that less of the established need is covered, the percentage of loans and work/study received in the aid package is noticeably higher than the amount of grants and scholarships. So in our example, the $4,500 would be covered by a loan first ($3,500 is the maximum for a Stafford loan for Freshman). The majority of the remainder would be provided in the form of a work/study program.

In this situation then, the student could go to a more prestigious private college for less than what it would cost the Family at a less expensive public institution.  Keep in mind each circumstance is different, and each college and university has different policies on financial aid distribution and eligibility.  But it is critical that this type of information is evaluated along with the scholastic benefits of the institutions the student is interested in attending. In that way the family can be assured of the best dollar value.

If the college is making full disclosure of out-of-pocket expenses, their letter will reflect the total cost of attendance.  Then they will deduct the student’s EFC from the cost and show the difference as “financial aid eligibility,” or “demonstrated financial need.”  A breakdown will then be given of the aid offered—grants, scholarships, loans, and college work/study.

On the other hand, colleges that want to keep financial aid a bit more mysterious will simply send a very upbeat letter with a listing of aid awards.  The student has no clue as to the true cost to their family.  A call to the college to get a copy of the “on-campus budget for 2007-2008” will provide the missing information with which to determine the real out-of-pocket expense.

Princeton Review Jan 26, 2011

From the day of its founding on March 16, 1802, West Point—the United States Military Academy—has grown in size and stature, but remains committed to the task of producing commissioned leaders of character for America’s Army.

Each year West Point admits approximately 1,300 young men and women to the Corps of Cadets. They come from all corners of the United States and represent nearly every race, religion, and culture in the country. Nurtured by the West Point environment, this diversity of background helps cadets gain a cultural as well as a rich educational experience.

West Point has been included on the following lists in The Princeton Review’s latest edition of The Best 373 Colleges:

• Class Discussions Encouraged
• Most Accessible Professors
• Best Classroom Experience
• Best Athletic Facilities

West Point was recently named the Best Public College or University in America for undergraduate education by Forbes.com. Forbes also ranked West Point #1 among all of the service academies. U.S. News & World Report listed West Point as one of the top 5 undergraduate engineering programs among non-doctoral schools in the 2011 edition of “America’s Best Colleges.”
Request additional information from West Point

Academics
Cadets choose from more than 40 academic majors in the following departments:

The two components of the academic program are a broad, general core program that is prescribed and an elective program that is individually selected. Classes are small, typically numbering 12 to 18 cadets, and the student-to-faculty ratio is about 8 to 1. All cadets receive a Bachelor of Science degree, which is designed specifically to meet the intellectual requirements of a commissioned officer in today’s Army.

Study Abroad Opportunities
Last year, cadets traveled to more than 30 countries, including Argentina, Chile, China, Egypt, France, Germany, Morocco, Russia, Taiwan, and Senegal through the following programs:

• The Foreign Academy Exchange Program is a one-week program that provides cadets a language-based military and cultural experience while building ties with a foreign service academy.
• Academic Individual Advanced Development is a three-week summer immersion program.
• The Semester Abroad Program affords cadets the opportunity to study at a foreign military academy or civilian university.

Admission and Graduation
Admission is open to all young men and women, and is extremely competitive. Candidates must receive a nomination from a member of Congress or from the Department of the Army. They are then evaluated on their academic, physical, and leadership potential. Those who are fully qualified receive appointments to the Academy. Upon graduation, cadets serve on active duty for a minimum of five years. West Point graduates have served our country in a variety of capacities over the last 200 years as military leaders, engineers, explorers on land and in space, and as leaders in business and government.

$0 Tuition
There are no financial aid programs at West Point because most expenses are paid by the U.S. government. Scholarship awards may offset the cost of the required initial deposit. The cost of a four-year education at West Point, including tuition, room, board, and medical and dental expenses, is paid by the U.S. government. As members of the Army, cadets also receive a small annual salary that helps to pay for uniforms, books, a personal computer, supplies, and incidental living expenses.

Activities
The life of a cadet is demanding, but leisure time does permit recreational activities. Over 100 extracurricular activities are available, including a cadet radio station, orienteering, rock climbing, and Big Brother-Big Sister. A wide variety of religious activities are available to cadets from virtually all religious backgrounds.

Location
The Academy is located approximately 50 miles north of New York City on the Hudson River. The campus and central post area comprise only a small portion of the nearly 16,000-acre reservation.

Parents and students have two tuition tax credits programs provided by the Federal Government: the Hope/American Opportunity and the Lifetime Learning. They can qualify for a reduction on their federal income tax bill if they meet certain conditions, but, they may only claim one credit for the same student in the same year.

A tax credit allows parents(or student) to subtract, on a dollar-for-dollar basis, the amount of the credit from your total federal income tax liability as a opposed to an income tax deduction, which is subtracted from income before taxes are calculated. Thus a tax credit normally results in greater tax savings.

The American Recovery and Reinvestment Act of 2009 (ARRA) or the Stimulus Bill, expanded the existing Hope tax credit and changed the name to the American Opportunity Credit. The expanded credit applies to tax years 2009 and 2010. Previously the Hope Credit could be applied to two years of postsecondary education, the expanded credit can be claimed for four years.  It also expands income eligibility.

To claim this credit, the student must be enrolled at least half-time in a program leading to an undergraduate degree or other legitimate education credential.  

The maximum yearly credit per eligible student is $2,500. The American opportunity credit, in many cases, offers greater tax savings than existing education tax breaks. Here are some key features of the credit:

Tuition, related fees, books and other required course materials generally qualify. In the past, books usually were not eligible for education-related credits and deductions.

The credit is equal to 100 percent of the first $2,000 spent and 25 percent of the next $2,000. That means the full $2,500 credit may be available to a taxpayer who pays $4,000 or more in qualified expenses for an eligible student.

The full credit is available for taxpayers whose modified adjusted gross income (MAGI) is $80,000 or less (for married couples filing a joint return, the limit is $160,000 or less). The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and lifetime learning credits.

Forty percent of the American opportunity credit is refundable. This means that even people who owe no tax can get an annual payment of the credit of up to $1,000 for each eligible student. Existing education-related credits and deductions do not provide a benefit to people who owe no tax. The refundable portion of the credit is not available to any student whose investment income is taxed at the parent’s rate.

Though most taxpayers who pay for post-secondary education will qualify for the American opportunity credit, some will not. The limitations include a married person filing a separate return, regardless of income, joint filers whose MAGI is $180,000 or more and, finally, single taxpayers, heads of household and some widows and widowers whose MAGI is $90,000 or more.

There are some post-secondary education expenses that do not qualify for the American opportunity credit. They include expenses paid for a student who, as of the beginning of the tax year, has already completed the first four years of college. That’s because the credit is only allowed for the first four years of post-secondary education.

For parents or guardians to claim a Hope credit for their child’s college expenses, the student must be listed as a dependent on the tax form. If the student is not listed as a dependent on another person’s tax form, he or she can claim the credit.

Consult IRS Publication 970 for specific rules on eligibility and claiming this tax credit.

Paying for college is sort of like buying a car or a house.  We often overlook the assoicated costs of the investment.  What does it cost to maintain a home - the yardwork, the pest control, painting, etc.  Do we consider car reapirs and the need to replace tires down the road when we purchase that new car?  There are number of associated costs and considerations you should analysis when trying to get your head around the real cost of a college education.

Do a thorough analysis of the debt circumstance.  How much debt can the family tolerate on the other end of four or five years of college.  Is there a second student in the picture in the near future?  

Another easy trap to fall into–college work/study.  This money is not a gift.  The student must earn it.  If the student does not work, the family pays that amount as well.

Here is a list of tips to use in comparing packages:

Compare the debt first by adding up all the loans being offered.

Compare unmet need and the family contribution–the more need met may mean more family debt, the more gift aid may mean a larger family contribution.

Make sure books and miscellaneous are expenses are included in the cost the college used to figure the family’s need.

Consider travel costs if institutions are some distance away.

Determine if any outside scholarships are renewable and if the college will allow self-help portions of the package to be reduced by them.

Compare the terms of any loans included–what the payments will be and the real cost to the family once they’re paid off.

Check what aid is provided to upperclassmen–Freshman award packages are often better.

Write it all down and look at the numbers–don’t just guess which package will be less expensive.

Last, compare the economic benefit of your future career with the need to incur substantial debt.  It may well be worth it.  After all, that’s what it’s really all about—what are you willing to pay, what level of debt are you willing to endure, to achieve a college education?

The long-term benefits of  higher education are often overshadowed by the sort-term burden of the ever increasing costs.    

growing up, my father always had an office in our home, as he fancied himself a writer and needed a place for his typewriter and a quiet place to create.  I remember too, that on his wall of the office above the typewriter, visible to Dad as he worked, was a framed expression entitled “Press On.”  As I grew, I read those words many times, words written by an anonymous, yet wise author.  To this day, those words guide me as they guided my father.

So, while I run the risk of angering the talented, the geniuses and the educated among my readers, I share these words that my father shared with me.

NOTHING IN THE WORLD CAN TAKE THE PLACE OF PERSISTENCE. 

TALENT WILL NOT; NOTHING IS MORE COMMON THAN UNSUCCESSFUL MEN WITH TALENT.

GENIUS WILL NOT; UNREWARDED GENIUS IS ALMOST A PROVERB

EDUCATION ALONE WILL NOT; THE WORLD IS FULL OF EDUCATED DERELICTS.

PERSISTENCE AND DETERMINATION ALONE ARE OMNIPOTENT.  

My father published his first book when he was 75 years old.

I share this because I see so many pursue a college education simply for the sake of being able to put a diploma on the wall.  In today’s environment, education, and in particular the institution from which the diploma is received, bears less and less weight in the struggle to earn a living.  Suffice it to say, a liberal arts degree opens few doors.  Look around and count the number of people you know who have a college degree and are working jobs that don’t require that level of education.

There are more important lessons that you can pass on to your children, than those you pay for, provided by our colleges and universities.  Those qualities sought after by employers; the character of persistence and determination. 

If college is in their future, then you owe it them and to yourselves as the investors in their education to insure that the discipline they pursue will produce a better paying job and maybe even a career.  In my mind, that is the purpose of the investment.  Unless you are independently wealthy, approaching the college experience as attendance at a finishing school is simply irresponsible.  

More and more universities and colleges have seen the writing on the wall and are putting a premium on training their students to enter the workforce and have put programs in place to provide guidance and assistance in that regard.    

So when you discuss college with your child, discuss the practical aspects of earning a degree and the prospects for a productive career.  The rest will fall into place.

Press On.        

One of the basic lessons of financial aid is that when comparing financial aid award letters, make sure the college or university is using the “total cost” of education, which should include transportation and miscellaneous expenses.  These estimates are provided by the College Board on their web site.  But keep in mind that these are estimates and depending on your family and your student, the costs could be much more.  Liz Pulliam Weston, in her article “The hidden cost of college,” she sheds light on just how much those miscellaneous cost can be.   http://articles.moneycentral.msn.com/CollegeAndFamily/CutCollegeCosts/TheHiddenCostsOfCollege.aspx

You’ve heard the warning before, “Never buy sight unseen!”  Every year students return home after their first semester of college, disappointed in their choice.  Every year students transfer to new colleges searching for that right fit.  And every year students continue to accept attendance at colleges and universities they’ve never seen.

Fancy web sites, glossy brochures, and colorful college view books certainly contain good information, but they can also disguise some negative features important to you and emphasize others that are positive, yet have no bearing on your decision.  Don’t rely primarily on information provided in marketing material such as pamphlets, brochures, web pages, and catalogues.

So how do you know if a college is right for you? Today it’s critical for college-bound students to actually visit college campuses as part of their college planning process. To get a real feel for the college or university where they will be spending the next four to five years of their lives, nothing beats actually visiting the campus.

What you do in preparation for the visit and what you accomplish while touring the campus will determine the value of the trip.  Plan ahead, have a game plan and follow through.

Here are some things to think about:

How’s the Fit?

Visiting the campus allows you to get a real feeling for a school.  By immersing yourself in the school’s atmosphere you can discover if it’s a place where you will be comfortable on a daily basis or a place you can’t wait to get away from.  A one or two day visit can’t possibly tell you everything you want to know about the school, but it does provide an inside look into the different academic, environmental, and social aspects of the university.

Don’t limit yourself by just strolling the grounds during your visit. Go inside the buildings and snoop around.  Visit different classes.  Talk to professors and students.  Taste the dining hall food and hang out at the student commons.

Involve Your Family

College visits are a great way to spend some quality time with your family.  Seek their perspective.  Ask their advice and opinion on the campus.  They need to feel comfortable with the college as well.  After al1, this may be the place you’ll be spending the next four years; it wouldn’t hurt for your parents to know the area for when they officially visit their full-time student.

Have a Plan

You should gather as much information as you can prior to visiting the college. This will make it a successful trip.  Don’t arrange your visit during end-of-the-semester finals week.  Everyone will be too busy and stressed to pay you any mind, even if you just want directions.  Plan on a fall weekday during September or October because classes will be in session, and the campus will be in full operation.  You’ll be able to get more attention from the students and professors earlier in the semester.

Packing Your Bags

You’ll want to make a lot of phone calls before your trip.  Find out if the school offers a campus tour during your visit and if there will be time to schedule a meeting with an admissions and financial aid officer, in case you want to arrange interviews.

Ask what materials you will need to bring with you.  For example, if you’ve requested an interview, the staff member may want to see a copy of your high school transcript and test scores.

Before visiting the campus:

1  Make sure the day and the time to visit is convenient and practical.

2  Arrange for a campus tour if required.

3  Request an interview if appropriate.

4  Ask that school information be mailed to you.

5  Ask if you need to bring any information with you.

6  Write out questions you want to ask and information you want to gather.

7  Find out if special accommodations are available or make motel reservations.

8  Request a course schedule and activity calendar.

9  Determine the driving time between your home and the college.

10  Get the names and numbers to contact once you arrive.

A two-day visit requires a place for you and your family to stay. Does the college have special dining and sleeping accommodations?  If the school does not provide housing, ask about local hotels, including their phone numbers.  Lastly, but probably most critically, find out the driving time between your home and the college.  If it’s a lengthy drive, you may want to fly instead.

First Impressions

Don’t allow your first impressions to dictate your overall feeling for the

school.  Whether it’s everything you expected it to be, or nothing like you imagined, there are so many places to visit and things to accomplish (classes to visit, people to talk with, and facilities and buildings to explore) before forming a lasting impression.

During the campus tour, pay close attention to the tour guide.  Oftentimes, he or she will give you tips on the best places to study and where you can eat to escape the infamous dining hall food.  Don’t be afraid to ask questions.  They are there to help prospective students.

After the tour is over it will be up to you to find your way around campus. Visit the student commons.  Here you will find a myriad of things: students lounging on the sofas, game rooms, retail food joints, the campus post office, meeting rooms for student organizations, and bulletin boards announcing group meetings, concerts, festivals, want ads, and ride requests.

The bookstore, the library, and the computer labs are places you’ll want to visit.  While in the bookstore, check out what’s for sale.  If you think the new books are too pricey you can probably find used ones to buy.

The library should be on your itinerary.  Check to see if students really study there or just hang out to socialize.  If it’s a large university it will probably have several specialized libraries.  Visit as many as you can to see which ones would suit your studying style.

The computer labs would be a great stopping point to see if there are enough computers for the students or is there a long waiting list to get on.  Does the attendant know what’s going on?  Is he or she helpful?  What are the lab’s hours of operation?

Moving about the campus, keep in mind that students and professors can answer any question you may have.  Ask students for their opinion of the school and campus life and whether they have encountered difficulties during their first year.

Find a couple of professors to ask how tough the classes are and what they expect of their students; what qualities they think a student should possess to do well academically.

Write It Down

It’s critical to take good notes during your visit.  After being on campus for a day you will probably feel like you’re a real college student, but remember that you’re still only a visitor and won’t be coming back for some time.  So any impressions you have of the campus will more than likely fade over the next few days. It would be a good idea to take notes during your visit.  Write down anything that comes to mind.  Did you get all of your questions answered? Write it down. Any information you put down will be helpful  later as you weigh your options and make your final decision.

A Photo is Worth a Thousand Words

It’s also not a bad idea to bring your camera and take pictures.  Comparing photos will help you remember your likes and dislikes when you’re trying to choose between several different colleges and universities.  In conjunction with your notes, photographs are a great way to remember distinct features of the campus.

When the Dust Settles

Once you’re back home and have a chance to relax, contemplate your visits and start formulating your initial impressions.  Write a thank you letter to your tour guide and interviewer.  Expressing your appreciation for their time and valuable insight is the polite thing to do and gives you a chance to ask any additional questions.  Plus, your thoughtfulness may just get mentioned to those in decision making positions.

Can’t Get Out of Town?

While it’s extremely beneficial to actually visit the campuses of those colleges and universities you are thinking of applying to, sometimes it is just not possible due to family circumstances, time restrictions, or even finances. Don’t worry.  There are alternative methods offered by schools and guidance offices that will help you make your college decisions. 

Many colleges and universities offer videos and CD-ROMs.  Check your

career center in the guidance office or library for the materials.  The college will even send you a free copy.

The Internet is another good alternative.  Browse the school’s web site.  There are normally pictures of the campus as well as facts about the college, the students, faculty and the degree programs.

And don’t forget those college fairs.  You can gather a great deal of information on a number of schools in a very short time, and there are representatives, admissions officers, and alumni on hand to answer all your questions.

Even though there are alternatives to a campus visit, it is still strongly recommended that you make every effort to see the college or university first hand before you sign on the dotted line.  Remember, “Never buy sight unseen.”