How To Cover High Costs of Higher Education
By Bethany Afshar

There's no doubt about it - college is expensive. In fact, according to the MetLife Consumer Education Center, a single year of college, including room and board, will cost about $24,090 for public schools and $54,227 for private colleges in the year 2017. Current averages are $12,712 and $27,389, respectively. 

So if you want to ensure that you or your child have enough money to pay for it, start planning early and follow these steps:

• Calculate how much your college of choice will cost. Use the "Forecast College Costs" calculator at the Student Loan Marketing association (Sallie Mae), Web site to determine how much four years is going to cost you. Go to http://www.collegeanswer.com/paying/lt_financial_planning/ltfp_longterm.jsp.
   
• Review your status and plans. Do you have a college fund for your child? Some states offer tax-deferred pre-paid tuition plans for parents. Find out how much money you have saved, then move on to the next step.
   
• Apply for financial aid. Nearly half of U.S. students receive financial aid. Find out if your child qualifies for aid by submitting a Free Application for Federal Student Aid (FAFSA; to order, call 800/4-FED-AID), in which the U.S. Department of Education calculates your expected family contribution (EFC) based on your family size, the number of students in college, savings and present earnings. 
   
• Apply for gift aid. Your child may be eligible for scholarships or grants to supplement college costs. There are federal and state grants available to students determined to have special financial needs. Also contact your local Arthritis Foundation chapter to find out if there are scholarships available to people with arthritis. Two Web sites that can help you locate scholarships are www.fastweb.com and www.collegeboard.com.
   
• Consider student loans. If you still come up short of all the money you'll need to pay for college, consider having your child apply for a student loan. Federal Stafford and Perkins loans are available to students with payment beginning six months after they leave school. Plus, parents may apply for a Federal PLUS loan for up to the full cost of tuition.
   
• Consider work study or national service programs. There are federal programs available that allow students to work on and off-campus to earn money to pay for their education expenses, such as the Federal Work-Study Program. Or check into AmeriCorps (www.americorps.org), which provides full-time education awards in exchange for community service.