In the last post I discussed resources where information about financial aid could be found for free. The federal website, www.college.gov, cautions against scholarship search scams and other fee based services. There are, however, reputable companies that charge for these services. Many families find reassurance in hiring someone to do the "legwork" for them. Indeed, many families pay an accountant to help them file the FAFSA.
Recently, Prudential Financial sent emails to their customers advertising a service from StudentAid.com. They offer a personalized College Cost and Planning Report for a nominal fee ($89). The report assesses the family's ability to pay for up to 10 colleges of the student's choice. Most of the information included in the report, such as estimated federal and state aid amounts, college profiles, etc., can be found for free as readers of this blog well know.
In "5 Weird Ways to Pay for College", www.smartmoney.com, 3-22-11, Jilian Mincer writes that, "...many cash-strapped states are capping grants and raising eligibility for student aid - a trend expected to continue as they shift more of the costs of college to students and their families." According to the College Board, the average cost of a private college in 2010 was $37,000 a year which included room and board. I find it an astonishing coincidence that according to Mark Whitehouse in the Wall Street Journal weekend edition of May 7-8, 2011, "average starting salaries for four year college graduates are less than $37,00." (The exact same figure!) It doesn't seem likely that in this economic climate starting salaries will surpass college costs anytime soon.
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