As your child enters his junior year at a private college prep school, you will need to begin thinking about how you will pay for his college education. If you don’t have a college savings account, you may want to investigate scholarships, grants, and federal or private loans. Here is the parents’ guide to paying for their child’s college education.
Apply for Federal Financial Aid
Many private school students can still qualify for federal financial aid, even if their parents have been paying tuition for their private high school. You can find out if your child qualifies by filling out the Free Application for Federal Student Aid. The FAFSA application will ask about you and your spouse’s finances, including income, assets, and tax information. If you qualify, the information will be sent to the colleges of your child’s choice. You may be eligible for federal grants and loans.
Investigate Local and National Scholarships
There are billions of dollars in scholarships available to students of all ages, religions, genders, ethnicities, and cultures. Your child’s college counselor can help you find scholarships that your child might be eligible for receiving. You should search for scholarships that are offered by local religious, community, or athletic organizations with which your child has a relationship. Your child may also be eligible for scholarships specific to his intended college major or extracurricular activities he plans on participating in when he attends college.
Look Into Private College Loans
In addition to, or instead of, federal loans, grants, and scholarships, you can also apply for private college loans. There are a number of different organizations that offer student loans at reasonable interest rates. You can also find out if your bank or credit union offers education loans.
If you want your child to attend a college prep school near Orinda, come see us at Orinda Academy. We provide each student with a challenging academic curriculum, including arts-based electives courses. To learn more about our college prep school’s admissions process, call us today at (925) 478-4504.