The oohs and aahs you heard this week weren't coming from early fireworks displays--they were coming from school counselors across the land, who cheered the news that next year's Federal financial aid form was going to get shorter--a lot shorter.

Known as the FAFSA (www.fafsa.ed.gov), this is the free form most students have to fill out as part of the process to qualify for financial aid. The form will be streamlined next year in simple ways--there's a good chance it will only ask you once if you're married, instead of something like 5 times--and some of the financial information can be imported from the information you gave the IRS this April, so you won't have to deal with as many numbers. (see http://www.usnews.com/articles/education/2009/06/25/financial-aid-form-gets-a-little-easier.html)

These changes will only be made if you file the FAFSA online. The paper version will have all the old questions and none of the new help, and since many of the people most in need of college cash can't afford a computer...

...got it?

Happily, there's a way to fix this problem--open up the computer labs at high schools on weekends and get volunteer accountants from the Rotary to help families fill out the forms. Now that's community service!

A bigger problem with a more elusive solution is the amount of financial aid colleges may offer students for the Fall of 2010. Many colleges “fixed” this year's financial aid problem by slowing down construction projects, or hiring part-time instructors to replace retiring professors. That works for about a year, but once the bulldozers get cobwebs and too many classes are covered by instructors who teach at three other colleges, the campus culture begins to resemble a blighted bus station, when students are expecting the concierge lounge.

Don't sleep in the subway, darling-- be sure to ask how much money will be available, then ask if the college is going to cut programs and services to make ends meet. Chances are some schools will trim small programs with big price tags, so if Ancient Chinese History is your major, make sure it will still be around when you come to campus.

One scholarship source that's unlikely to dwindle is the pool of funds for students who transfer to a four-year college from a community college. In what may be the best kept secret in higher education, many universities offer cc transfer students significant scholarships to bring their college knowledge to the four-year school's hallowed halls.

Why?

Very often, community college transfer students are more likely to graduate from a four year university than the students who start there as freshmen. This isn't true for every college, and it tends to be more true for public universities than private ones--but since a college's image is impacted by the percentage of students who get a degree, they're putting their money behind the students that are a better bet to help them raise their reputation. If you're thinking of building a college plan around this information, be sure to find out what the four-year college of your dreams does for cc students--as I said, the programs can vary widely.

Keep these tidbits handy for the family barbecue on the Fourth, and be sure to share this last one with Uncle Bob, the community college critic. Since his kids are done with college, I'll bet he'll be seeing red white and blue once you tell him how much money he could have saved, if he'd only bothered to find out what he really didn't know.

This week's news fromReedCollegehas sent next year's high school seniors twirling in their hammocks. Just as school counselors had the Class of 2010 convinced that the summer should be about relaxing and living the life only a high school student can live, along comes word that Reed's admissions office accepted two different classes--and here's why.

This year Reed admitted students without knowing anything about the financial status of any of the students who applied--this is what's called the “need blind” approach to college admissions, and Reed has always done this. Before they notified the students, the admissions office sent that group off to the financial aid office, so needy students could get the money they needed to come to Reed in the fall.

The financial aid office responded by sending Class A back to the admissions office, saying the students in that group had more financial need than Reed could afford--in order to help the admitted students pay for college, Reed would put itself at financial peril, and they couldn't do that. The admissions office was told to replace over 100 students who needed aid with students who didn't. This led to the creation of Class B, the group that was offered admission to Reed for the Fall of 2009. (The full story can be found at http://www.nytimes.com/2009/06/10/business/economy/10reed.html?emc=eta1)

No one at Reed is thrilled this happened, but they had to do it anyway-- and if it happened at a school that really values diversity,there's a good chance many more colleges will have to do the same next year, unless the economy turns around quickly, or the next 20 Power Ball jackpots end up going to higher education.

News like this either gets students and parents running for their torches and pitchforks, or turning to their Barry Manilow CDs for comfort. Instead, let me invoke the college counselor mantra--plan, don't panic:

nAfter you've had a nice, relaxing summer, turn your computer back on in August and visit the Web sites of the colleges of your choice. Somewhere amid the “About Us” section, they'll tell you if they consider financial need as part of the admissions process. If you can't find it, call and ask--this is information you must have.

nIf your counselor hasn't told you to make a list of 6-8 colleges you'd like to apply to, do it anyway.Two of these colleges MUST be schools you can afford with minimal financial aid; this is how everyone got into trouble last year, when they flooded public universities with applications in October, and that's too late to apply.

nIf you were thinking about Reed before you read this column, keep it on your list. Good or bad economy, Reed will give financial aid to someone, and the only way it could be you is if you apply--and the same is true for every other college you're thinking about. With a couple of affordable schools on your list, filling in with other schools you love is absolutely the right thing to do for a number of reasons, and all of them are good.

Finally, with all respect to the author of the theme from American Bandstand, shelve the Barry Manilow, and pull out the REO Speedwagon. Between college costs, testing policies, and a record number of applicants, the key skill for the Class of 2010 will be their ability to roll with the changes. For now, roll back in the hammock--whatever college you go to will need some good dreamers to envision a better tomorrow.

I'll see you in two weeks.

Now that you're all set with college--or at least extremely close to it--there are a few other things to think about. In no particular order, here they are for your consideration, along with some links of some great articles to help you with a few of these ideas:

Roommates Sometime soon, your college will most likely send you some information about housing and roommates- sometimes they send all of this in one package, and sometimes it's separate. Unlike the good old days when your first contact with your roommate was the day you moved in, most colleges have a nice system put together where you can contact each other over the summer, Facebook each other, and talk about who's bringing the fridge for the room.

My brief advice--make the most of this. Some students don't pay a lot of attention to the roommate questionnaire most colleges provide, and if you answer it with an attitude of “I can live with anyone”, don't be surprised if the college takes you up on that offer. You might not feel like filling out one more silly form, or contacting a complete stranger--but in two months, you'll be glad you did, since by then both will be neither. Find the time between prom and senior skip day to get this done.

College and money If you thought the mail from colleges was relentless, sit tight. Now that you've actually decided on a college, you will get deluged with requests for credit cards--in fact, some companies will send you credit cards or things that look like checks, and the minute you use it, you commit to a lifetime of “easy” payments that make a four-minute mile achievable by a garden slug.

These mailings will continue once you're at college--yes, they will know where you are--so the best thing to do is make sure you or your roommate (whom you are contacting this summer, remember?) will also sort out who is bringing the compact paper shredder to campus to deal with these. Why not just throw them out?Because someone may (gasp!) fish these out of campus garbage, forge your name, and stick you with the bill. Sad to say, but not everyone was raised the way you were--so buy the shredder, rent it out to everyone else on the floor for their use, and you make your book money AND the confetti for the homecoming float all at the same time.

There's more to this money thing that's beyond me. Happily, I'm not the only one who cares about your economic well being, and some very nice folks have put together a great piece on money and college. This takes about 3 minutes to read once--and about 4 years to really understand. Take a look, and understand why a $4 cup of coffee has never really been a good idea:

http://money.cnn.com/2008/09/03/pf/college/boom_years.moneymag/index.htm

Grades this semester This is my last attempt to beg you to take the next four weeks seriously. With the many strange turns in college admissions this year, it seems many colleges are poised to look at final senior grades with greater scrutiny--and they have very, VERY long wait lists filled with students who will be happy to take your place, just because you thought the real name of this month was MAYbe I won't turn that work in. Read on, and don't worry- just stay focused.

http://www.usatoday.com/news/education/2009-05-06-senioritis-college_N.htm

There's more to discuss, but that's enough for now--and seriously, look into the shredder (it's a great way to meet people!)

While high school seniors are dashing to the mailbox to pull out admission decisions, another college-bound group is dashing to the mailbox to send in college applications. Even as we speak, transfer applicants are doing the same transcript/essay/letter of recommendation dance high school seniors completed in December, hoping that their second set of college dreams will come true when they hear from admission offices in May.

Since more high school seniors are looking into starting their careers at a college close to home before they head out to School #2, now would be the time to cut and clip this advice on transferring colleges:

- Look far and wide. The search for a transfer college is different than the search for a first college. Online colleges, night and weekend colleges, and colleges with “campuses” in office buildings are designed to help students finish the education they started somewhere else. In addition, many colleges won't even look at your high school transcript once you have a year of college under your belt--so good college grades could open up more college choices as well. Of course, their football games aren't nearly as interesting as the gridiron gigs at the colleges you looked at as a high school senior, but after a year or so of college, these other options may make more sense for your goals.

- Look in the mirror. More than just your college options may have changed when you look to transfer schools. Most students change majors three times once they start college, so the list of best schools you have now may not apply when your love for Archaeology changes to a love for Architecture--or when your interest in pledging a sorority at 18 is overshadowed by an interest in job security at 20.Build your next list on the things that matter to you then, not now--new dreams will require new choices.

-Know what you're giving up. Transfer students have different options, but that doesn't mean they have every option. Many highly competitive colleges don't admit many transfer students, and some don't admit any at all. This may change if the economy continues to drag (“Hey, what's one more junior?”), but now would be the time to see ifUtopiaUniversitytakes transfers, and if so, how many. If getting in as a transfer student seems unlikely, consider deferral for a year.

-Be frugal with your credits. Not every class at College A transfers to College B, and some that do will only transfer as elective classes, not required ones. Keeping an eye on what will transfer is a full-time job, a job that's held by the counselors and advisers at College A. Meet with them every semester to scope out the schedule that will keep your transfer options focused and open--and remember, what matters is how many credits your new school wants to you complete once you're there, not how many credits they'll accept from where you've been.

-Be frugal with your wallet. Many colleges offer scholarships just for transfer students or members of Phi Theta Kappa, the community college honor society. Why?In most cases, there's a better chance you'll finish your degree than the students who entered that college as freshmen. Ask about special grants for transfer students--now is the time to shop around.

The two-college solution is used by more people than you realize, and economic times suggest this group will grow. Keep an eye on your goals and your options, and don't be afraid to look around--observation is the key to a great education.

We're a month away from the real March Madness of admissions decisions, so this is the best time to focus on the other March decision-- financial aid awards. Families are so busy doing the Tiger Woods fist pump about getting in, they're too whipped to focus on the price tag-- and I think we all are experiencing where that kind of irrational financial exuberance can lead.

Award letters can be a little dense, but since paying for a college education is like buying a new car every year for four consecutive years, it's a must to understand what you're getting into. Here's how:

• Read the letter five times. Your heart is racing because your first born will follow your footsteps to East Coast College, you've skimmed the award letter twice, and you think you can afford to pay what you believe the letter says. Skimming is great, but put the letter away, do the Steve Martin dance for five hours, then pick up the letter that night, and read it again--then again the next morning, and again over the weekend. If the letter tells you different things at different times, you do not fully understand it, and that is not good.
• Use the tools. Colleges often send along worksheets on how to read the letter; some have more information on the Web, and others simply say “Call us.” This is no time to not ask for directions--use these financial GPS accessories to learn where you are, and where your bank account is heading.
• Call anyway. Even if you SWEAR you know what the letter says, use the expertise of the financial aid office to your advantage. If you don't know what to say, try this: “We received my daughter's acceptance letter, and we're so thrilled about her getting in, I'm not sure I completely understand her award letter. As I read it, she'll receive five thousand in grant we don't have to pay back, she'll work 8 hours a week at an on-campus job, she needs to get five hundred in a student loan, and we have to take out seven hundred in a PLUS loan. Is that right?”
• Be vewy vewy qwiet. Once you tell the financial aid office what you see, do your best Elmer Fudd imitation, and let them talk. It's not uncommon for aid officers to bring up your child's file and find a different way to package your aid, or new money that's just become available. They are good at their job, and they want to help you-- listen, and let them.
• Update them. Your financial picture may have changed dramatically since you filled out the FAFSA six weeks ago--things like that happen in these times. Be sure the college knows this, and be ready to send documentation to support your claims. Nothing may change, but the only way something good might happen is if you tell them.
• This isn't Let's Make a Deal. Parents often think this means they can call East Coast College and say “West Coast College offered us a better deal--can you match it?” This is not updating your financial situation--this is using need-based money to cut a deal based on something other than financial need. It is utterly inappropriate to do so at any time, but especially when those in genuine need are staying home due to lack of resources. Do not do this.

You made it through the SATs, letters of recommendation, and the Winter of Waiting--surely you can stick the landing here, Nadia. Persist, and ask.

Dudes and dudettes, I get it.

Just last month I wrote about college costs. I told you not to panic, to make sure your list had a couple of colleges you could afford, and life would be good. (If you missed that column, it's farther down the page—scroll down when you're finished.)

Despite this sage counsel, you are freaking, and I understand why—no one can tell you how much college is going to cost you, and the money trees are leafless.

We may have a strong harvest of uncertainty—but it's still time to plan, not panic. Sit down with the ‘rents, bring along heavy snack foods, and do this:

Go directly tohttp://www.fafsa4caster.ed.gov/. This US Government site is free, and provides an estimate of what you would probably have to pay for college next fall. Note that I used the words “estimate” and “probably” in the same sentence—so this isn't a sure thing, but it's as close as it gets for now.

Check out your EFC, or Expected Family Contribution. This is approximately the amount of money you'll pay at most colleges, no matter what their tuition is (did you get “approximately” and “most”?) If your EFC is $15,000, and State U costs $20,000, you'll pay $15,000, and State U will try to put together a financial aid package to cover the rest. If East Coast U costs $45,000, chances are you'll still only pay around $15,000, and they will find more aid to cover the balance. Right—both colleges will most likely cost you about the same amount of money, although you'll need more travel money to get home fromEast Coast College.

Be careful. If you think this may make expensive colleges more affordable to you, you're right—it may. Since East Coast College has to find more money for you, there's a great chance their offer will include more loan, and more money you have to work off by getting an on-campus job (aka “work study”).Just how much loan and work study you get depends on each college—and you'll have to pay or work off those parts of the package. Compare packages closely, and if you have questions, or if you think the college doesn't understand your whole financial picture, CALL THEM—these folks are human, very human e, and will do everything ethically possible to find you college cash.When you visit a college or talk to an admissions representative, ask these questions:

What is the complete cost (room and board, books, travel) of attendance, and what is your average financial aid package? Don't be surprised if private colleges tell you their package is around $25,000—it's not uncommon.

What is the average debt a student graduates with—in other words, how much loan do most students roll up at that college?

Do they meet full financial need—in other words, if you need $30,000, will they find $30,000, or will there be a “gap” you have to come up with?

Take a peek atwww.meritaid.orgMany students look for college that offer financial aid based on grades or test scores. Meritaid.org shows you many of these colleges— but if you find a dream college that offers merit aid, be sure to double check with the college.

Many colleges are changing financial aid policies, including eliminating loans—and others may do so soon. Keep an eye on the financial aid Web sites of your schools, and keep dreaming with one eye, while you watch your wallet with the other. You can do this.