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Some of my daughter’s financial aid award came in the form of work-study.  She would need to work all semester in order to earn the full amount, which was payable as she worked. Here’s the rub: tuition and fees deadlines hit well before the end of the semester.  If she paid late, she’d also owe hefty late fees, not to mention that she couldn’t register for the next semester classes until the full tuition was paid.

So she accepted a federal, no-payment-no-interest until graduation loan in the amount we expected she’d be able to earn during the semester.  The idea is that she would pay off the loan as she worked instead of directly paying the school. No late fees, no registration penalties and no long-term debt.

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Countdown to College part 1: 5! Assess Your Starting Point

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First, you should know that many private schools won’t accept federal funds of any kind, including grants and loans awarded to students.  Their reasoning is that with federal funds comes federal regulation of school policies and curriculum.  Their fears are increasingly likely to be realized as the Obama administration begins to tie college funding to service in federally-run community service organizations like AmeriCorps – a move that will also negatively impact private charity as true volunteers are replaced by paid government workers on the AmeriCorps payroll.  So as you put together your college funding basket, be sure to check with the colleges you want to attend to see whether they accept federal funds.

Federal funds can include both grants (gift money which does not have to be repaid) and loans (which do have to be repaid).  Most of these are need-based options. Let’s specifically look at federal loans, because these are the instruments which could get you in the most hot water.

Stafford Loans

These are the most common federal loans, and they come in two flavors:

• Subsidized Stafford Loans: need-based, no interest accrues while the student in enrolled at least half-time in college. Well actually, the government pays the interest until the student leaves college.
• Unsubsidized Stafford Loans: not need-based, low interest accrues while the student is in college, but payment can be deferred until after the student is no longer enrolled half time.

Perkins Loans

The money for theses loans comes jointly from the college and from the feds.  The government gives a lump sum to targeted schools for the college to administer as it sees fit.  They accrue no interest during college and repayment begins after the student leaves college.  Eligibility for these loans includes a provision that young men register with Selective Service. Perkins loans are available to graduate students as well as undergrads at 5% interest.

Parent PLUS Loans

Parents who are trying to finance a dependent child’s college costs may be eligible for these 8.5% loans regardless of financial “need”.  A credit check is required, and several repayment plans apply.  Some allow payments to be deferred until after the student leaves college, but interest accrues from the time the loan is given.

You can see all these loans compared in a very helpful chart at SallieMae College Answer.  Better yet, discover how to get private scholarships that won’t leave you burdened with debt and will be welcomed by every college.  Check out Countdown to College: the Homeschoolers’ Guide to Winning Scholarships and its companion, Countdown to College e-Forms Disk, which includes a newly updated list of dozens of links to scholarship search engines and websites.

This begins the edgy season when many major scholarships notify successful candidates and colleges begin to send out acceptance letters. It’s easy to get trapped on an emotional rollercoaster.

We do our best work on applications, essays and resumes, but ultimately the result is in the hand of a sovereign God. He will close some doors and open others powerfully by the practical provision He makes for your student.

One of my students, Alene (not her real name), had applied for one of the richest, most prestigious academic scholarships in her state, Colorado’s Boettcher Scholarship. Her older sister had earned it a couple of years previously, and Alene had an even more impressive academic record than her sister. So expectations were high that Alene would also become a Boettcher scholar. However, the Boettcher also has a public service requirement, and Alene’s public service resume was a little on the light side. When Alene was passed over in favor of candidates with more public service and less brilliant academics, her family was devastated. Their hopes that Alene could study in Colorado on a full ride scholarship were dashed.

A few weeks later, Alene received notice of her designation as a National Merit Scholar. Although the National Merit Scholarship itself is a small monetary award, colleges which want to increase the academic quality of their student bodies aggressively recruit Merit Scholars with offers of full rides plus expenses and a plethora of perks. With this accolade, Alene won access to challenging and respected academic programs across the nation – not just inside her own state. She chose a program in a neighboring state, which still allowed her to come home often, and which paid for tuition, fees, room and board, study abroad, textbooks, even travel back home. Her university actively groomed her for scholarships for post-graduate study, and this year, she is studying for her Masters in England on a Rhodes Scholarship.

So when your scholarship notices begin to arrive, breathe deeply and remember Who it is who holds your future.