Upper middle class families are in a financial aid bind. On paper, they look as if they're making plenty of money to support their child through four years of school, but in reality, they are struggling to afford the staggering costs of college tuition. For example, private universities are now charging upwards of $50,000 a year. This figure includes tuition, fees and room and board, but does not include major expenses such as books and the personal expenses of the student.
How does the upper middle class afford college?
Student Loans and Grants
Most of the time upper middle class students qualify for federal student loans such as Stafford subsidized and unsubsidized loans. However, this is a let down for parents hoping for grants and scholarships instead of loans.
If loans are the only option, remember to choose the subsidized option because the student is not charged interest on the loan while s/he is in school. The government pays for or subsidizes the interest on the loan while the student attends university. It is only after the grace period after the student graduates that s/he must start paying back the loan. For an unsubsidized loan, the student will be charged interest as soon as they receive the money. However, s/he does not have to start paying back the loan until after the graduation grace period.
Grants are harder to come by for the upper middle class. It is difficult to prove that parents cannot pay for a child's college education when on paper they make a household income of $100,000 or more. However, there are grants out there for the upper middle class, it's just a matter of where to look.
Websites for Financial Aid for Students
There are great resources on the web to find various grants and other types of scholarships for the upper middle class student. Three in particular help are great resources for the upper middle class.
- White Picket College is a fairly new website dedicated solely to upper middle class college financial aid. Categories include a weekly updated list of scholarships and grants and informative articles with tips and advice geared toward upper middle class families struggling to pay for school.
- FinAid is one the most reputable sources for college financial aid on the web. It is run by Mark Kantrowitz, a financial expert is who often interviewed by CNN, The New York Times, CNBC, etc.
- FastWeb (fastweb.com) is also run by Mark Kantrowitz and provides the same information about college finances. FastWeb is an easy-to-use resource for parents and students who like searching by categories and topics (such as college scholarships by year).
However, remember to explore any resource that relates to college financial aid - scholarship opportunities are everywhere. Millions of scholarship dollars go wasted every year because families do not explore all the scholarship outlets. Even the upper middle class can benefit from these opportunities.
This article, Affording College for the Upper Middle Class, discusses ways in which families can find scholarships and grants.
This article, Upper Middle Class Paying for College Tuition, discusses the possibility of receiving grants and more resources on where to find free college money.
Jennifer Ciotta - Jennifer Ciotta is the author of I, Putin (Vladimir Putin novel): http://vladimirputinnovel.com.
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