10 Steps to Applying for Financial Aid in RI

1. Enroll at a community college for the first two years

Enrolling at the local

community college will cost

your family a fraction of

enrolling elsewhere. This

can be a particularly

effective strategy for

students who are undecided

on their major. Students can

use the time to explore

different subjects before

transferring. Just make sure

that credits earned will be

transferrable to the schools

the student might want to

attend afterward.

2. Earn college credit in high school.

If the student’s high school

offers a program that allows

them to earn college credit

while earning their diplomas,

go for it! It may be nerve-

wracking for some students to

take college courses while in

high school, but it can save

your family lots of money!

Another great way to earn

college credit in high school is

to take AP classes and then

submit AP test scores to

colleges. Many colleges will

give credit for these. If your

student took AP tests and didn’t

submit scores to the college,

look into it!

3. Live like a college student now.

Have you ever heard of the saying, “live like a college student

now so you don’t have to after you graduate?” When borrowing

for college, really think about needs vs. wants. Do you need to

borrow to buy a new computer? Why not just use the computer

labs at school? Do you need to live off campus where it is

pricier? Borrow for only what you need and not a penny more

and your family will be happier after graduation.

4. Apply for local scholarships.

So many students decide

not to apply for scholarships

because they think it will be

a waste of their time. Sure,

it may turn out that way –

but it could be very fruitful

as well. Local scholarships,

although typically small in

amounts, can help you

cover small costs like books

and living expenses that can

reduce your borrowing

needs.

5. Be wise with credit cards.

College students and credit cards don’t always mix

well. Before ever buying anything on credit, review the

tips at http://www.risla.com/financial-literacy/credit-

card-smarts so you don’t graduate with high interest

rate credit card debt.

6. Make student loan payments while in school.

As tempting as it is, students should not use earnings from their college job

to buy new clothes, pig out on restaurant food, and party. Students can

make payments on their loans while in school even if they aren’t required to.

If the loans are subsidized, payments will go directly towards the principal

meaning the loan will accrue less interest after graduation. If the loans are

accruing interest, it will reduce the amount that gets added to the balance

after graduation and help to keep payments manageable.

7. Learn to budget.

Before entering college, it is wise for students to learn how to

properly manage their finances. Budgeting can help students

reduce their everyday living expenses and ultimately reduce the

amount that needs to be borrowed for school. Students can

start creating their monthly budget at

http://www.risla.com/budgeting-calculator.

Budgeting also teaches students important life lessons, like the

impact of small purchases on annual savings, such as those

below. See more tips for managing finances at

http://www.risla.com/financial-literacy/managing-finances.