COOL STUFF

FINANCIAL AID

Here's where too many people make gurgling sounds and ditch us like a telemarketer calling during the Super Bowl. Before you flip out over the list price of a private college education, consider this — odds are you'll never pay full sticker price at any of Iowa’s 29 private colleges and universities.

In many institutions, around 98% of the students get their final bills reduced by some form of financial aid. What will you pay? Depends on your family's financial situation and a ton of other factors. The only way to get a good handle on your real cost is to get with the financial aid people at one or more of our colleges.

Don't get real knotted up about price right now. Check out the schools with the folks. Focus on what they offer, not what they cost for now. Visit a few. Talk to the students. You'll find they're from non-wealthy families just like yours. Once you've found a few schools that interest you, sit down with the financial aid people at those schools and talk financial turkey. There's no obligation. It's their mission in life to help you get as much aid as possible.

Where's financial aid money come from?

Scholarships: A scholarship is free money that you earn. Say again? You earn it through excellence in some area like academics, leadership or in extracurricular activities. You don't have to pay back a scholarship.

Grants: Grants are gifts based on the financial needs of your family. There are a bunch of grants out there from state, federal and local sources. To apply for a grant, you'll have to fill out paperwork for use determining your need.

Loans: This is money you have to pay back. Bummer. But, Iowa private school students actually graduate with smaller debt loads than public school students. Student loans are also given at very low interest rates with long repayment terms. Many programs don't start accumulating interest until after the student graduates.

Employment: Part-time jobs funded by state, federal or the college you attend where the pay goes largely to pay for your tuition or fees. "Work-study," a term near to private school students' hearts, is a part-time job working for the college that's funded by federal sources. Work-study jobs are based on needs and all the cash you make goes to pay your tuition and fees. Many students get part-time jobs doing tasks for the college that fit with their career goals. For example, communications majors may score work helping the colleges' PR department. Ka-ching. Almost like a paid internship.

Many students will have a combination of aid from all those sources. Federal aid, called Student Financial Assistance Programs, offer $40 billion a year in grants, loans and work-study assistance to students nationwide. Iowa offers the Iowa Tuition Grant of $3,875 per student per year for four years. State and federal grants are based on family financial need.