Financial Aid

Show me the money

by Mary Beth Polley

This time of year, when prospective students are waiting to hear whether they've been accepted to college or graduate school, is the perfect time to start applying for scholarships. But many students who are eligible for the funds don't apply. Most Americans overestimate the cost of a college education, often by more than 200 percent, while underestimating the resources available to help pay tuition, according to a survey by the Coalition for America's Colleges and Universities.

"There is over $65 billion available in student aid this year from federal, state, and private sources," says Tim McDonough, a spokesman for the Coalition. "Most aid is actually elastic; the more people that apply and qualify, the more aid that is made available." For students who think their only options are community college or decades of debt, there is a simple solution: research.

"People should investigate every opportunity," McDonough says. "Even in Boston, where there are expensive colleges like Harvard, MIT, and Tufts, their financial-aid programs are very generous. But unless you talk to the financial-aid people, you would never know that. You would just see the sticker price."

More information about financial-aid opportunities is available by visiting http://www.collegeispossible.org or by calling (800) 433-3243.