Recently I was talking with Elizabeth Vanderweide, Program Manager of the Harold Alfond College Challenge. She joined me on my interview program "Perspectives." You may have heard that all babies born in Maine this year and in the future are eligible for $500 to start saving for a college education. The money will be put into a NextGen(529 plan) account in the child's name. There are very few limitations, but the account must be opened within the first year of the child's life. Details at
http://www.500forbaby.org/I wish this program had been around 22 years ago when our first son was born. But, somehow he made it through college with a comparitively small amount of debt. I know there are many with college debt in the tens of thousands of dollars. Some of the things that I have learned over the years by talking to financial aid professionals and personal experience is to apply early for financial aid. Get your FAFSA filed during that first week of January. First come, first served. Have your student consider colleges' endowments when looking at schools. The larger the endowment, the better the chances of more financial aid. Of course, many universities have lost significent portions of their endowments with the economic downturn. Have your student work with their high school guidance counselor. The guidance counselors at South Portland High School helped both my sons get scholarships. Also, look around you. Does your business offer scholarships to employee's children? What about your hobbies? One of my hobbies is genealogy. Both my sons have received scholarships through the Rich Family Association:
http://www.richfamilyassociation.org/#ScholarshipsSo, whether your child is a newborn or a senior on the college search trail read, research, attend workshops and talk to school officials to find the best financial path to a college education.