Money Saving Monday: Saving you money on college

If you have a child in high school or even middle school, we have a special “Money Saving Monday” report just for you and it’s all about saving money on college tuition.

Some of the most expensive colleges cost more than $60,000 a year. Others like IUSB costs about $18,000 for out-of-state and just under $7,000 for in-state tuition.

Still, that’s a pretty big price tag for families and figuring out financial aid, scholarships and grants can be confusing. That’s why high schools frequently host workshops for students and their parents.

WNDU caught up with one family who is benefitting from a workshop they went to at St. Joseph High School in Michigan.
“If it doesn’t all come together financially then they will have to take out student loans or they will have to explore colleges that they can afford,” explains Vonda French who is a mother of two high school students.

For the French family, talking about finances and going to college started at an early age for Serina and Wesley because the reality of it is, with the price of college not every parent can pay for it.

“You know, you can’t expect your family to pay for what you are doing in life you have to get it on your own,” says St. Joseph High School Junior Wesley French.

That's where financial aid, scholarships and grants come in. Here are some tips that will help you get that money you need.

If you are a student, look at colleges and compare them. Talk to counselors and financial advisors at those colleges. When you are in middle school and high school focus on your grades and extracurricular activities. Take advantage of getting college credit in high school. Maybe go to a community college for a few years and make your applications stand out.

For parents, develop a financial plan early and put money away for college when your kids are born. Get familiar with scholarships, grants and financial aid when your kids are in middle school. When they are in high school take your time filling out the grant, financial aid and loan paperwork and go to workshops and meet with financial advisors for help.

“Those that have started early in the thought process always have a head start to the results. If you are waiting till the junior or senior year to even start considering these options and these choices, it makes it really difficult,” says St. Joseph High School Principal Jeff Runser.
Another thing to keep in mind when searching for these applications online, if they ask you for money it’s probably a scam.

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