Help is available for families seeking college financial aid

With the cost of higher education continuing to rise, many parents are left trying to figure out how to pay for their child to go to college.

Financial aid experts say there are many opportunities that will help parents and students pay for school.

The best place for parents to look is at the schools where they've applied and been accepted.

"Don't be afraid to call the schools and see what they have and what they can offer," said Brenda L. Burke, president of the Virginia Association of Financial Aid Administrators.

Burke, who is also associate director of financial aid at Virginia Commonwealth University, said financial aid offices at individual schools are set up to help students and parents find the best financing options.

Whether the money come from grants, loans, work study or scholarships, schools create individual packages for students.

That information comes in the form of award letters sent to students, which break down exactly where the money is coming from.

Cindy Deffenbaugh, director of financial aid at the University of Richmond, says parents and students should carefully look at the letters and evaluate what's best for their individual situation.

In most cases, students must commit to a school by Friday.

She suggests parents use worksheets that most schools provide to break down overall costs of the college. Looking at it in that format allows them to see how much of the money is in grant form, how much is in loans and how much is in work study.

In most cases, the award letters offer a mix of options.

Deffenbaugh recommends parents remove loans from the equation when evaluating offers and focus on the "free money" when possible.

But not all families qualify for financial aid.

Christel Milak-Parker, founder of College Connection, a Richmond-based admissions consulting firm, said most aid programs are based on merit and need, for which middleand upper-middle-class students with average records might not qualify.

Milak-Parker recommends that her clients look for schools that offer the best value.

But with the different forms of aid available, even students who don't meet need-based criteria can qualify for some help.

Bobbie Consaga of Maine said her daughter is focused on getting her SAT scores high enough to qualify for a merit scholarship.

Jennifer Consaga, a high school junior, has the grades to get into a high-level college, but qualifying for a scholarship could make the difference in what college she chooses.

The Consagas toured the University of Richmond last week.

Consaga said she believes there are ways to pay for college even if you are one of those parents who earn too much for need-based aid.

"It's kind of tough because of the economy, but we'll find a way to make it work," Bobbie Consaga said. "It might mean that we have to retire later, but it's our responsibility to invest in her education."

Parents who don't qualify for aid, but can't afford to pay the tuition, can turn to student loans.

Most schools also have plans that allow parents to pay college costs in installments.

Jeffrey and Kristina Bunce of Boston say the cost of a school and what help they get will be a determining factor on their final decision.

The couple toured the University of Richmond last week with their daughter Liana, a high school sophomore.

Finance "enters into the equation," Jeffrey Bunce said. "We have to be comfortable."

Who qualifies for financial aid?

Most students qualify for some type of aid. Students qualify for aid based on family income and size as well as other factors.

When should students apply for financial aid?

Aid should be applied for the January before high school graduation. Students and parent then need to reapply each year.

What if a financial aid award is not enough to pay for all costs?

Contact the financial aid office at the college to see about other sources that could be available. If there is a change in income, let the school know because it could change the amount of money available to a student.

Are there other sources for financial aid besides student loans?

Yes, there are a variety of federal, state and school-based grant and scholarship programs. Students should also check with high school guidance counselors to see about grants and scholarships programs offered in the area.

Can a student take out one federal loan to pay for their whole college education at once?

No. All federal loans require that students apply each year.

Contact Louis Llovio at (804) 649-6348 or .