Student at desk in classroom, Rutgers University, N.J.

• In 2003, the average cost of a private school was $26,430; at a state school it was $10,388. In 2018, the college board says those numbers will be $59,000 for private school, $17,000 for state school.
  
• In 2001-2002, $89 billion in financial aid was given out in America. So don't let money rule out schools when you're beginning your search.
  
• The first principle of financing a college education is that price tags are deceptive. We all know that it costs $40,000 a year to get through a year of a selective school these days, but the vast majority of students who attend those schools aren't spending $40,000 a year.
  
• One statistic says that 75 percent of middle class students get grants to private colleges, averaging $9,300 per student.
  
• Take an honest look at what the family can afford to offer, from the get-go.
  
• Don't put any assets in the student's name. It could be a tax break, but it'll ruin your chances of financial aid.
  
• Don't let grandma pass along any assets or set up trust funds. It'll wreck your students' chances in the eyes of the scholarship office.
  
• Watch your income in the year before your student turns a college freshman. If it's unusually high – due to a lot of overtime or a bonus, that higher income can lower your aid package. Make sure to discuss the situation with the financial aid office.
  
• Microsoft Excel is a good tool to use to keep track of loans, grants and scholarships.
  
• There are hundreds of scholarships out there, but it might not be worth it to go chasing all of them.
  
• Be careful with books or services that claim to know about all sorts of scholarship money. It may be too good to be true.
  
• Your kid may have to work while in college. There is a good deal of data that shows that working while studying increases the value of the college experience.
  
• One of the little known secrets in college is that a dean keeps a little trust fund, sort of. You have to find a way into the dean's office, sit down with him, bare your soul. He may then find a way to get you a little money.
  
• Remember that this isn't just throwing away money. Spending for college is an investment with a proven return: College doubles lifetime earnings, compared to high school graduates.
  
• The only thing more expensive than going to college is not going to college.

Financial Aid Facts

• 69 percent of financial aid comes from the federal government.
  
• More than half of all students get some sort of financial aid.
  
• Average post-college debt: private school, $17,250; public school, $15,375.
  
• Average monthly payment: private $200; public $180.
  
• Last year, students borrowed $41 billion in subsidized and unsubsidized loans.

Getting through College without Going Broke
Students Helping Students Series