Knight Ridder Tribune
DALLAS - Molly Herod, a senior at J.J. Pearce High School in Richardson, Texas, is entering college in the fall, but she already has an advanced degree in fiscal responsibility.
"They give me $50 a week, that's it," said the soon-to-be Southern Methodist University freshman. "I hope my parents give me more than that in college."
Molly's parents are paying for her tuition, room and board. With tuition costs still soaring, other 18-year-olds aren't as lucky.
It's an emotional and financial challenge anytime a child goes off to college. But after tuition costs are worked out, the angst reaches a climax for many households when it comes to paying for any additional costs, like cell phone bills, pizza and concerts.
How do you make sure your student will deal responsibly with her spending money? What if you've scraped up all you can for tuition, books, room and board, and you're still a little short? What about an emergency fund?
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"There are a lot of unknowns. There's no need to panic," said Gary Carpenter, executive director of the National Institute of Certified College Planners. "Families still have a lot different options to pay for school. You just need to figure out which ones are best for you."
Most financial aid packages are tailored to a student's need, which is based on his or her family's income and tax information from the most recent tax year.
"If there is something you don't understand or if you are wondering why one school is willing to give you more money, ask," said Douglas Breithaupt, president of College Planning Network in Seattle. "Schools are very competitive. There may be another scholarship or grant that your son or daughter will qualify for."
In general, the more research you do, the better your chances are of receiving additional funds, Breithaupt said.
"There's a lot of last-minute scholarships out there," he said. "You just have to find them."
But be forewarned: Just as with college acceptance letters, most financial aid packages and scholarships also have deadlines.
"You miss that deadline, that money could go to somebody else," said Martha Holler, spokeswoman for Sallie Mae, the nation's leading provider of student loans. "And if you find that you still have some unmet need, you may just need to think about a loan."
In 2002, the last year for which figures are available, graduates of public colleges left school with an average of $17,100 in student loan debt. Students left private colleges with an average of $21,200.
