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Featuring Barry P. Moskowitz, director of admission, English professor, St. John's University (Queens, NY)

Q. I want to attend a private university, but my family is concerned about being able to meet College costs. How can I make sure I receive an adequate  

financial aid

  package in a timely manner?

A. Stroll the campuses of the most elite private universities, and you are bound to meet students from every social and economic background imaginable. Of course, many of the students you encounter may very well come from affluent families. Yet you also will meet a great mix of students from decidedly more modest Financial circumstances.

Their diversity makes an important point: These days, a private higher education is within everyone's reach. Federal and state financial aid programs are designed to give all students the freedom to attend the university of their choice. For example, students may benefit from the Federal Pell Grant, with awards ranging from $400 to $3,750 per academic year; the Federal Supplemental Educational Opportunity Grant, which is a need-based and non-repayable award; or the Work-Study Program.

There are also student and parent loans available at very attractive interest rates, including the low-interest Perkins Loan, for students of exceptional need who are enrolled at least half time; the Federal Stafford Student Loan; and the Parent Loan for Undergraduate Students (PLUS).

State financial aid programs will vary. At St. John's University, for example, students who are New York residents may qualify for the Tuition Assistance Plan (TAP), offering annual awards of varying amounts to students taking at least 12 credits per semester. Many states offer similar programs for resident students pursuing degrees at in-state institutions. States may also offer various grants and Scholarships for children of firefighters, police officers, and other employees. We encourage you to visit your state's Web site for more information.

Of course, most private universities offer their own programs to help students handle the costs of attending college. St. John's University, for example, offers a Fixed-Rate Tuition Plan, which allows students to pay a fixed tuition rate for each of their four years. The plan is a great way to realize savings over the course of your undergraduate Career. In addition, there are many university-based scholarships and grants for students who demonstrate financial need or academic merit. The best way to learn about these opportunities is to carefully review all literature provided by the individual colleges themselves.

We also suggest you arrange to speak with a financial aid counselor. As you would expect, these professionals are well versed in the varied financial programs available from their universities, the state and federal government, and private sources as well.
Your first and most important step, though, is to file the Free Application for Federal Student Aid (FAFSA). The FAFSA calculates an estimated family contribution that is then used to assess your need for all types of aid. The Deadline is February 1st for fall-entry students, and October 1st for spring-entry students. (Make sure you find out your intended university's FAFSA code!)

So be encouraged: You have many sources of assistance from which to choose. Careful planning and paying attention to deadlines are the keys to gaining the aid you need. Remember, there is always a way to meet your goals -- and realize your dreams.

We wish you the best of luck with your college plans!

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