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Posted on July 28th, 2011

**It's Back to School Week here on the Credit Karma blog! Each day we'll bring you a post all about getting ready to go back to school and helping your kids learn in the process.**

It's no secret that college tuition is apt an increasing expense for most Americans. For the 2009-2010 school year, the average tuition for a private, nonprofit four-year college was a staggering $27,293. That's an average increase of 5.6% each year over the past ten years according to a trend in college pricing report.

But, there was a bright spot amidst the tuition gloom. In the same year, more than $154 billion in financial aid was awarded to undergraduate students according to College Board. This suggests that now more than ever, plotting ahead and life diligent about applying for financial aid can save you a significant amount.

Here are three tips for navigating the rough road of college financial aid:

1. FAFSA, ASAP!

Fill out your Free Application for Student Aid (FAFSA) as quickly as possible after the forms are unrestricted on Jan. 1 for the later school year. Most students don't get around to filling out their FAFSA until after their taxes have been filed in April. Coming up that long may maybe cost you because most institutions award aid on a first-come, first-serve basis. Instead of putting off your financial aid application, estimate your income using your last pay stub of the year. Revisions and updates can always be filed at a later date.

2. Apply for Multiple Scholarships

Applying for individual scholarships is always a excellent thought, but don't overlook the general scholarship application many universities offer as part of the admission application. In most cases, this application is submitted into a pool that several scholarship committees select from. Applying for a scholarship by wearing Duck Tape to your prom may be a bit more fun, but submitting the standard scholarship form with your admissions makes you eligible for many scholarships that may maybe pay off more in the long run.

3. Look into Community Options

Going to an out-of-state school can be an adventure, but it may not always be the smartest or most affordable financial choice. Public schools on average only charge $7,605 per year for in-state tuition. Considering your community colleges and universities decreases your whole cost of college-related expenses, which provides a greater chance of meeting your tuition needs through financial aid. Two-year colleges are also a viable option for completing classes required for a degree from a four-year institution. On average, tuition for a two-year college is a mere $2,713 per year.

What Does it All Mean?

College is a hefty expense, but still an vital investment to make. By considering all of your options and taking the opportunities provided, a college education is still something that can be obtained without going into serious debt.

Give credit where credit is due,

Danielle Belfatto, Karma Contributor

Filed under College, Personal Finance, Students & Money, back to school week, college cost, college costs, college tuition, community college, education costs, fafsa, financial aid, community college, public college, scholarships, school |

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