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Home › Articles › Education › The Financial Aid Puzzle

The Financial Aid Puzzle

Avoiding Financial Aid Foibles

By Alice Patenaude

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After acquiring a driver's license and going to prom, the next big milestone that affects both today's teenagers and their parents is the college admission and financial aid application process.

What is college going to cost for that aspiring Web designer, doctor or lawyer in your house? In Illinois, public colleges run about an average of $12,000 to $15,000 per year. For private school, the tab is likely to be between $22,000 to $24,000 a year. If your son or daughter has his or her heart set on an Ivy League school, prepare for an eye-popping $35,000 per year.

How are you going to pay those hefty fees? If you're confused by the myriad forms, formulas and deadlines for financial aid, you're not alone.

Sorting Through the Information
"When my oldest daughter began her financial aid search two years ago, we didn't know where to begin," says Phyllis Smith, a Carol Stream, Ill. mother of two, one of whom is now a college sophomore. "I started collecting every article I could find on the topic and began searching Web sites and ."

Mistakes in the process can be costly in terms of a potential loss of financial aid, but there are guideposts to follow and potholes to avoid on the road to acquiring financial aid.

Certified Financial Planner Susan Daly has some tips. Daly is an owner of College Planners, Inc, a Bensenville, Ill. firm which, among other services, helps parents solve the financial aid puzzle.

The Financial Aid Sources
"Financial aid can come from a number of sources," says Daly. "On the federal level, there are grants, student loans and work/study available, although the Pell grants are usually reserved for low-income families. There are also grants available on the state level, as well as ones available from the college itself. In the recruiting brochures, colleges often claim that a very high percentage of their students are receiving financial aid. But what they are often referring to is student loans."

Scholarships are also available to students who distinguish themselves in academics or sports or particular criteria for the scholarship. "The best source of information on scholarships is the high school financial aid counselor," Daly says.

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