by Jim J Jones

Created on: August 02, 2009

Every year, almost 1.5 million American high school students will take the SAT, hoping to score high enough to get into the college of their choice. The following fall, admissions officers will review those scores, as well as high school grades, extracurriculars, family background and dozens of other factors to see if the student is appropriate for the college. But even those students lucky enough to receive a thick envelope come April will have to face the cold, hard reality that they might not be able to pay the tuition for their institution of choice.

As part of an effort to encourage students to go to college, and to ensure that everyone has a fair shot at a top-notch education, the federal and state governments collaborate with various educational institutions to make college affordable for everyone who wants to attend. However, the safety net is imperfect, ant it is all to easy to fall through the cracks by making one various mistakes.

*Transfer from a 2-year college*

The fastest way to save money is to start out at a 2-year college, and then apply for transfer to your 4-year college of choice. If your high school and college grades are solid, you will have a good chance of getting in, and you will not have to pay for 2 years of (very expensive) 4-year institution tuition. This can save you tens of thousands of dollars, especially if you live at home for those first two years.

*Start saving early*

The easiest and least painful way to save money is to have it automatically deducted from your paycheck, the way that FICA and income taxes are. By doing this, you avoid the temptation to spend money that belongs in your child's tax-deductible 529 college savings account. It also prevents the feeling of entitlement to the extra things you could have bought with the money. You can arrange this easily by talking to your employer or your bank.

It is important to start this early, so that you do not find yourself having to save half of your paycheck every month when your child turns 16. If one spouse is unemployed, it can make sense for him or her to take up a part-time job once the kids are tweens. Depositing most of the income in the savings account will lead to shockingly fast growth in the savings account, as well as fewer worries for you and your children.

*Apply for student aid*

For those students fortunate enough to attend universities with massive endowments (specifically the Ivies, and similar schools), there are built-in procedures that eventually

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