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If you don’t have enough money saved to send your high schooler to college, don’t give up hope. You still may be able to get your college planning back on the road again. Here are some ideas.
Search for Scholarships
Scholarships aren’t just for the straight-A students and star athletes. You may find scholarships that are just right for your child’s particular strengths and interests. While many scholarships are for relatively low amounts, there’s no limit to how many scholarships your child may receive. Added together, a few scholarships may make a big difference. See your child’s guidance counselor for information on scholarships or search the Internet.
Get a Grant
Federal and state grants may be a source of free money for your student. Usually, these grants are awarded based on need. Colleges often receive a fixed amount of federal grant money each year. So, the earlier you apply for aid, the better your child’s chance of receiving a grant. Some colleges also offer their own grants to attract desirable students or supplement federal and state aid.
Transfer from a Two-year College
In many cases, students can transfer credits earned at a two-year community college to a four-year school. Tuition at a community college may be significantly less. By having your child start at a community college and then transfer after two years, you could save a bundle, and your child could still get a degree from his or her school of choice.
MFN-1106-9D60
Article is for educational purposes only and is not intended to provide specific tax or legal advice. For answers to tax questions, please see your tax professional. For legal questions, consult an attorney.
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