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The School Newspaper of Harriton High School

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The School Newspaper of Harriton High School

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Navigating Dark Waters: Methods to Afford College

Due to America’s economic woes, a high school student’s selection of which college or university to attend has become based on more than just its academic and social attributes; unfortunately, this important decision is also made according to cost of tuition, increasingly so as our economy has worsened.  For this reason, paying for one’s tuition ranks among some of the most financially taxing projects American families take on, and requires an organizational plan and payment strategy.
There are three different ways in which college students and their families may pay for a post-secondary education: prior to enrollment, while the student is enrolled, or after graduation.  Each of the above strategies has both positive and negative aspects, and no single way is the universal “right way” to go about payments.  For example, paying before one enrolls in a college costs the least (as there is no interest to pay as a result of borrowing), but requires that the student have a large disposable income, in that thousands of dollars need to be paid at one time.  Luckily, a combination of all three payment methods may be used, allowing one to personalize their premium schedule, which leads to a less burdensome financial load to shoulder.  The weight of paying for college is also lightened by financial aid options, which have become more prevalent in recent years.
There are two types of financial aid: need-based aid, which is entirely based on a family’s economic circumstances and ability to pay the tuition, and merit-based aid, which is based on a wide variety of factors, including a student’s specific talents or abilities.
Merit-based financial aid is usually either offered through a college that a student is considering attending or through outside scholarships.  When offered through a college, merit-based aid is frequently used as an incentive for the student to enroll.  This type of aid is commonly given to students who excel academically, athletically, or artistically.
In order to receive need-based financial aid, one must fill out a Free Application for Financial Aid (FAFSA) form and the College Scholarship Service’s PROFILE (CSS Profile).  On these forms, there are questions about quantitative pieces of data such as sources of income, disposable income, and distribution of wealth, as well as more qualitative information, such as the number of children in the family of the applicant, and the age gap that separates them.  In addition to these forms, tax returns from the previous year are often required.  When applying for financial aid, all personal factors are taken into consideration, and thus there is no common formula from which one can ascertain the exact amount of financial aid that he or she is entitled to (estimates may be calculated, though).
In today’s society, money has become a factor as important (if not more so) than academic reputation and social community in choosing a college or university.  Bad economic times have only exacerbated this effect.  However, it is important to remember that payment plans are available, financial aid options exist, and, with over 50% of college students receiving need-based financial aid, those in need are certainly not alone.

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