finding ways to pay for college -- Virtually Advising Q+A

The Q: I finally found my dream school. The only problem is I wouldn't be able to afford it. This is really the only school I think I will be able to excel at and I can't imagine going anywhere else. How can I get money to help pay for it so I am not in debt forever? I am an average student gradewise, so I am afraid I can't get any money.

The A: Don't be so sure you can't afford that dream school. I don't want to unnecessarily inflate your hopes -- sometimes a college's price tag really is unrealistic -- but don't let the sticker shock alone scare you away. Here's just a few reasons why:

1) Relatively few college students are ever forced to pay the full cost of tuition at their college. Financial aid from the government, need-based or merit scholarships from the college itself, special payment plans and loans can easily slice the yearly cost of a college by half or more -- without putting you in debt forever. (Ten or 15 years, sure, but not forever. :) )

2) Even "average" students can get scholarships -- there's a huge number of scholarships out there (just do a search on FastWeb.com), some of which require minimum high-school GPAs of 3.0 or lower, if they require a minimum GPA at all.

3) You can always find a job while you're in college; many, many students do it. It won't offset all your tuition, but it will most definitely help.

4) I don't know what type of college it is you have your sights set on, but many schools -- particularly the more elite private universities -- often bend over backwards to help people they admit pay the bills. If you can get accepted, the odds are very good that you, and your college, will find a way to make it work. If you haven't already, I'd encourage you to call up your dream school's financial aid office and browse through its Web site, drinking up all the info you can find on the different types of financial help it offers to students. Talk to your high-school guidance counselor, too: She may be able to point you toward some steps you can take right now to help ensure you'll be able to cover all of your expenses once college starts.

Having said all that, I'd like to finish by encouraging you to apply to a bunch of different schools, not just the one you wrote us about. I say that not because of any risk you'll end up not being able to afford that college, but because it's always a little scary to put all your eggs in one basket, and because acceptances from multiple colleges can provide you with some leverage as you work out financial aid packages.

Keep touring different colleges this summer and fall, too. Who knows? Maybe you'll stumble across another great school you'd love spending four years or so at -- and that can offer you a better deal to boot.

Best wishes, and good luck!

—Myles Helfand, General Advisor