- Look into a state prepaid college plan that allows you to save money for when the time comes. Typically these prepaid plans assume the student will attend school in the state in which he resides, but some plans, such as UPromise, offer national programs. The Florida Prepaid College Plans, for instance, offer several options, such as two-year college plan or a four-year university plan. Or combine them for a 2 + 2 plan. You can add a dormitory plan or an investment plan, too. Monthly payment options will vary, based on the age of the prospective student and which program you select.
- Early in the year you plan to attend college courses, as soon as the ink dries on the family's tax returns, file the Free Application for Student Financial Aid, or FAFSA. It provides your school's financial aid office with all the information needed for making decisions about your financial aid package. Compare packages from each school you are considering.
- Online search engines can help you uncover many not-so-obvious scholarship possibilities. Or use a major college prep site such as CollegeBoard.com, where you can fill out a brief survey about your college plans and be matched with appropriate funding sources.
- Despite their best efforts, many students find themselves short of the essential funds needed for college expenses. When this happens, consider borrowing money for your college degree. Your FAFSA results will suggest various loan options. Salliemae.com offers a selection of student loans for your consideration, too. Make sure you understand the terms of your loan before you borrow money for college. Repayment options and eligibility requirements vary widely.
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