Ways to make college costs more affordable

Can you afford college?

If you've lost your job or watched your college savings vanish, you may be among the countless people lying awake at night, wondering how to say yes to college for next fall.

Many families are stunned by annual costs of $20,000 or more cited in the acceptance letters students have received recently.

But what families have to pay is not set in stone.

Parents and students can make college more affordable if they think of themselves as shoppers rather than college applicants.

They can ask for financial help from colleges that have offered little or none. And they can cobble together financial aid from colleges, tuition payment plans and student loans that won't need to be paid off for 10 years or more.

Virtually anyone can afford to go to college if they shop. In fact, the more desperate your situation, the more likely you are to receive help if you hunt for aid.

"Just don't let your child fall in love with a particular school," said Kalman Chany, a New York financial aid consultant and author of "Paying for College Without Going Broke." Here's what to do:

Remember colleges are nervous. As you look for financial aid, realize that your income and savings factor heavily into the offer you receive, but that offers will differ. Chany said they vary more this year than he has seen during years of financial aid consulting.

"Private colleges are very concerned about the ability of people to afford college," said Jim Scannell, president of Scannell & Kurz Inc., a firm that helps colleges with enrollment. They realize that families began applying for the coming freshman class before the "dark clouds started looming."

Consequently, they are afraid students will back out at the last minute and spots won't be filled. They are planning to provide more money for tuition discounts.

If money is an issue, students can apply even now to small private colleges they may not have considered, Scannell said. He expects that as families weigh their financial conditions, seats in small, lesser-known colleges will be opening up until the first day of classes.

See whether it's a good value. As families search for aid, they must be careful about comparing information, said Joyce Smith, executive director of the National Assn. for College Admission Counseling.