"Tips For College" 3 Mistakes Guaranteed to Increase Your College Costs

Wonderful article by Marc Hill about the three mistakes that are guaranteed to increase your college costs.

Mistake # 1- Assuming that your award letter is set in stone.
Fact: Your initial award letter from colleges is not set in stone. How is this possible? Well, there are a few different factors that can affect the figures you initially receive.

Often, students who have been accepted at and have sent in their deposit to one school actually end up attending another school. When this happens, the school, having already budgeted for the size of the incoming class, is now faced with a decision about how they’re going to fill those vacant seats. At this point, they become more willing to sweeten the deal for certain students and provide better financial packages in order to maintain enrollment goals.

Mistake # 2 – Not understanding the “early decision” application process. Under the early decision application process, your student agrees to a binding commitment if the college accepts your child and offers an adequate financial aid package. Although your child may apply to other colleges through the standard application process, if your child is accepted by the “early decision” institution, your child must then withdraw all other applications.

So, how can the early decision process cost you big bucks? Let’s try looking at this from a different perspective. Imagine you are currently in the market for a new car. You know exactly what make, model, color and all the little goodies that you want in order for it to be for a successful purchase.

Mistake # 3 – Not developing a relationship with the financial aid office.Most parents and students lack an understanding of the relationship they should develop with financial aid officers and the role that the financial aid office can play in reducing college costs.

First of all, it is very important that you establish a personal relationship with the aid office at your potential schools. The old saying, “It’s easier to help someone you know than a stranger” certainly applies.

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