The Scoop WIN THE FINANCIAL AID GAME - Brief Article

Careers and Colleges, Nov, 2000 by Don Rauf

The good news for college-bound students is that the amount of available financial aid (including tax relief) is at a record high of more than $80 billion. Because of such aid, more than half of the nation's students at four-year institutions are paying less than $4,000 a year, according to the College Board. When it comes to getting your portion of the jackpot, you can't just move around the board randomly -winners know the rules and have an organized strategy.

After writing about financial aid for 20 years, CAREERS & COLLEGES has put together these five helpful hints to get you started on your search for college dollars.

* DON'T RULE YOURSELF OUT. Some students don't bother applying for aid because they think their family income is high enough to eliminate them from the game altogether. The fact is: each family's circumstances are different and wealth isn't the only factor in determining aid. As colleges compete for top academic achievers, more funding is going toward middle- and upper middle- class students with academic talent. Plus, remember, applying for aid with the FAFSA is free.

* START EARLY. Funding runs out. Scholarships have deadlines. The earlier you begin the whole process, the more money you are likely to get.

* GET ORGANIZED. Clear out a file cabinet drawer and arrange your paperwork. You will need to track your scholarship entries, collect your financial records, and easily compare financial aid awards as they come in.

* PLAN FOR FOUR YEARS. Sure, you may win the aid game this year by gaining college dollars. But are you financially set for the next three years? Check if your scholarships are renewable. If need be, calculate if you can handle more loans. Think how you will pay for the entire degree.

* KNOW THE STAKES. College guides can help you evaluate how much financial aid your college generally awards incoming students. A private college can suddenly be more affordable if it typically provides generous merit-based awards. At least check if the school guarantees to meet your need.