Reason No. 6: Yikes! More tuition hikes!7 of 7If your school is imposing a significant tuition increase, you could be in the clear."When we process financial aid, we look at a student's total cost of attendance, so as the costs go up, their financial aid might go up accordingly," says Gottardy.Every campus won't have the resources to meet increased student need. But Johnson says that students can prepare by investigating whether their school has a tuition lock program. Available at a handful of institutions, tuition locks allow students to lock in one price during their freshman year that they will pay for all four years, regardless of how much tuition increases. If your school doesn't have a tuition lock, students can counterbalance a price hike by seeking outside scholarships, pleading their case to a financial aid officer and using funds from a prepaid 529 plan to foot increased bills. advertisementRelated Links:Refinance home to pay for college costs?Does your state offer a 529 plan tax deduction?Is spouse on hook for your student loan?Related Articles:12 strange scholarshipsGet 2 529 plansSaving on gas in college
If your school is imposing a significant tuition increase, you could be in the clear.
"When we process financial aid, we look at a student's total cost of attendance, so as the costs go up, their financial aid might go up accordingly," says Gottardy.
Every campus won't have the resources to meet increased student need. But Johnson says that students can prepare by investigating whether their school has a tuition lock program. Available at a handful of institutions, tuition locks allow students to lock in one price during their freshman year that they will pay for all four years, regardless of how much tuition increases. If your school doesn't have a tuition lock, students can counterbalance a price hike by seeking outside scholarships, pleading their case to a financial aid officer and using funds from a prepaid 529 plan to foot increased bills.
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