Sending children to college can be expensive. For the 2009-2010 academic year:
* The College Board puts the average cost of a year at a private university at more than $35,000. At some colleges, the total cost is around $50,000.
* For in-state residents at state colleges, the average cost is over $15,000 this year. Out-of-state students usually pay much more.
Fortunately, not everyone pays the full price. Financial aid may be available. If your child will be in college this fall, you can fill out the Free Application for Federal Student Aid (FAFSA) form for the 2010-2011 academic year now.
Financial aid experts advise submitting the FAFSA form as early as possible, even if a school’s official deadline is months away. Early applicants may get more chances of receiving aid, especially now that many colleges are being affected by the economic slowdown.
The more expensive the school, the greater your family’s chances of receiving financial aid. Even families with substantial assets and income may get some help if they have two children in college at the same time.
