Playing College Funds System as Difficult as Playing Markets

By Donoghue, William | THE JOURNAL RECORD, July 15, 1988 | Go to article overview

Playing College Funds System as Difficult as Playing Markets


Donoghue, William, THE JOURNAL RECORD


It's becoming more and more difficult - and expensive - to finance a child's college education these days. That probably accounts for the many letters we received after my last column on financing college tuition.

Many of you folks are feeling the agony and despair of figuring out how you're going to pay the incredibly high price of a college education. Trying to decipher the system is nearly as tough as trying to play the stock market.

So, let's take another look today and see if we can't figure out together how the financial aid game works.

The bad news is there are more and more kids who want to go to college. It's what we call a buyer's market; the colleges can pick and choose from among the best. However, most attempt to select students from different backgrounds, including the ability to pay.

In theory, those who need aid the most are entitled to the most. In practice, the aid goes to those who best understand how to get it.

The good news is that there is a lot of financial aid out there, if you know how to get to it. There is $26.5 billion available from the federal government this year alone, most of it through the Guaranteed Student Loan program.

The first thing you must determine is eligibility. Many experts recommend you begin the college application and financial aid application process when your child is a high school junior. This gives you a head start on what you're up against.

Next, you have to apply for aid through the proper channels. Here's the first quirk in the system: You have to apply for a Pell Grant ($2,500) from the federal government before you can apply for a Guaranteed Student Loan - even if you don't get the Pell Grant. Most colleges look at this as a qualification before they give financial aid, too.

No matter what financial aid you seek, your family finances are going to be closely scrutinized. One financial aid officer suggests applying when you do your income taxes, since both require much the same information.

You must fill out the aid forms carefully, accurately and truthfully. They ask for information about your assets, savings, salaries, number of children, and if others are in college already. One family who planned to send their daughter to Stanford had a call from an appraiser, to determine the value of their home.

What kind of aid can you expect? There are loans, grants, scholarships and work-study programs. First-year students are expected to have worked in high school, to help pay for their college, and they are expected to contribute $700 a year minimum while attending college.

The most difficult aspect is determining how much the family is expected to contribute. This is the basis for determining all the other forms of aid your child might receive.

You're permitted - if that's the right word - to set aside money for the mortgage, living expenses, taxes and retirement. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Playing College Funds System as Difficult as Playing Markets
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.