There are other ways to acquire money for college. Make sure you have a game plan.

Yesterday I had the opportunity to appear on WEAA 88.9 FM’s Wealthy Lifestyle Radio with financial coach Deborah Owens. Though the segment was based on a story I’d written about microloans, Owens and I got into an interesting discussion about developing a college aid strategy. Often, many of us go online, subscribe to Fastweb, Princeton Review, and a couple of other sites as a source for scholarships, but it pays to be strategic with how you look for financing. Check out these key tips:

Geo-target funding: Look for scholarships based on your county, city, and state. This helps to weed out prospective applicants, potentially leaving a smaller pool than you’d have with national scholarships. Check with your high school’s career center and guidance counselors (go to more than one) for information about local funding. Also, check out county alumni groups for black Greek organizations that might be offering scholarships. A simple Google search of your county, state, and/or city and the word “scholarship” should yield fruitful results.

Know the right people: Having a great network of professors, mentors, and administrators can help your chances of getting access to scholarships and aid. This fact was driven home for me when I was an undergraduate. Because a professor was a part of my network, I was able to gain access to a particular scholarship that helped me pay for college during a time of great need. While there’s no need to be a kiss-ass, you should work on establishing organic and genuine relationships with your administrators. Become active in organizations or your department of study. Show them the initiative you’ve taken with school projects–as well as outside of school–related to your area of study.

Say no to refund checks: Aaahhh, there’s nothing like a fat refund check to pay for Spring Break in Miami or a mini shopping spree! Unfortunately, taking out a little more than you need can thrust you into greater debt than necessary. Take the time to calculate exactly how much you owe per semester and how much student loan money you’ll really need. Trips, trinkets and splurges should be funded from your own savings.

Pinpoint school scholarships and grants: Aside from applying for national scholarships, most universities and colleges offer their own scholarships and grants. Some of this funding must be applied for while some is automatically awarded. Most schools have a website that lists these oftentimes little known scholarships. Take the time to dig through your college’s website and your department’s webpages to find the money. This funding is often specific to your major, credit hours achieved, or your community impact since attending the school.

Stay on course: Remember–college is a numbers game. You can have more than enough credits to graduate but still not have the right credits in the right places. Talk to upperclassmen and find a highly recommended counselor. From there, get a printout of all the courses you’ll need to fulfill your university requirements (this is usually in the syllabus you get the first day of class), your requirements for the school within the university you are attending (if applicable), and your actual major (yup, pretty confusing). Figure out which classes count for more than one requirement, too.

Social lenders may represent a new source of affordable student loans.

Yes, even I am haunted by the wretched specter of student loan debt. While I was fortunate enough to ensure my nearly $20,000 in student loans were all from the government, I have many friends who aren’t nearly as fortunate. If you’ve followed my blog you know I’m on a mission to help students recognize the most cost effective way to get through school without becoming saddled with debt. Companies have been springing up offering a micro lending model to student loans which aims to make borrowing easier and more affordable.

On Friday, NPR aired an interview with Noga Leviner, general manager of Lumni Inc. USA, an organization which lends students up to $6,000 a year to help finance their education. In turn, students commit to repay a fixed percentage of their income at the time the contract is signed. The percentage is paid for a set amount of time, which Leviner says is typically 120 months or 10 years after they graduate. Once those 10 years are up, regardless if the loan is repaid or not, your obligation to repay that loan is terminated.

“With the financing that Lumni offers,” said Leviner, “students basically know that they’re always going to be able to make their payments and that the monthly payment that they owe will really just adjust according to their mean at that particular time.”

What happens if a graduate is jobless or quits the workforce to head to graduate school?  “5% of salary of zero dollars of earnings is obviously zero,” says Leviner.

But Lumni is just one of many companies applying a social lending model for college students. I found one article in a Boston University publication focusing on a student who received $30 after making a plea on SponsorMyDegree.com, a site that matches students with businesses and individuals willing to donate.

The piece mentions several other companies adopting their own version of peer-to-peer student lending, including, GreenNote, Fynanz, GradeFund, and Prosper. Even business mogul, Richard Branson is getting in on social lending with his Virgin Money. The program sets up a formalized process for friends and family to borrow from one another. For a $99 setup fee, participants receive a Promissory Note and online loan set up.

On the flipside, People Capital, an online lending platform, matches students with individual, institutions and philanthropic lenders.

With default rates at record highs and tuition rates rising even higher, these new methods of borrowing will hopefully make getting through college less burdensome on students. Additionally, as these options gain traction,major students lenders will be forced to revise their dubious lending practices as competition will now be apart of the game.

This week Michael J. Abel, director for New York’s Housing Preservation and Development department (HPD); Florence Bartholomew from HSBC Bank; and Gita Hecht from the IRS talked about available grants and tax credits for first time homebuyers at the Bedford Central Community Development Corp. homebuyers seminar.

Abel’s program provides first time homebuyers with up to 6% of the purchase price of the home toward the down payment or closing costs on a new home. Most states have a housing and community development department. Check your state’s official website for your local housing office; also search for available homebuyer grants. Another helpful free money resource is Grants.gov and the U.S. Department of Housing and Urban Development (HUD). For resources specific to your state click on “state info” found on HUD’s homepage. HUD also offers the American Dream Down Payment Initiative, which provides up to $10,000 or 6% of the purchase price of the home, whichever is greater.

If you’re a New York resident, HPD should be on your list of programs to tap into. It provides first-time home buyers with a forgivable loan that turns into a grant after 10 years. Don’t be turned off by the loan part. Keep reading. The money only has to be paid back if you don’t stay in the home for 10 years. If you stay, it’s free cash! The program requires you to complete a homebuyer’s education course, and you must have your own savings to contribute to the down payment. Participants must also meet household size and income requirements.

Some banks provide home buying assistance through matched savings programs. The First Home Club at HSBC allows qualified first-time home buyers to earn $4 in grant monies for every $1 saved over a 10- to 24-month period. Bartholomew said potential homeowners can obtain a maximum grant of $7,500 by opening an account at HSBC Bank and making regular monthly deposits. At the conclusion of the program the funds can go towards the down payment or closing costs. This program is available to residents in New York and New Jersey.

If you’re not in these areas, an IDA (Individual Development Account) might be an option for you. I called Rochelle Watson, senior program manager for CFED (Corporation for Enterprise Development) to find out about the benefits of IDAs.

“They’re a good way for low and moderate income families to save towards the purchase of a home, post-secondary education, or to start or expand a small business,” said Watson.

IDAs are set up through nonprofit agencies. The government provides these agencies with grant money each year and the agency fundraises for additional monies. To apply and find out more information about IDAs contact your local office by using CFED’s directory. The program limits the number of applicants it can enroll each year. Call and ask if they are currently accepting account holders. Unlike HSBC’s program, there is no grant at the end but depending on the IDA you apply for, you can get as much as $4 matched for every $1 you save.

These funds can be used in combination with other programs and funding sources, like the first time homebuyer tax credit, which has recently been extended. Under the new legislation, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010, and close on the home by June 30, 2010. Taxpayers can claim the credit by filling out a 5405 form on either their 2009 or 2010 return.

The tax credit is a great reward for buying a home, but you can also get repaid for being energy conscious. Hecht explained that new and existing homeowners can file for the Nonbusiness Energy Property Credit by filling out Form 5695 . This tax credit is for making energy efficient improvements to homes, such as adding insulation materials, energy-efficient exterior windows, high efficiency heat pumps, and air conditioning systems.

There is also a second tax credit designed to spur investment in alternative energy equipment. The Residential Efficiency Property Credit applies to improvements such as solar electric systems, solar hot water heaters, geothermal heat pumps, wind turbines, and fuel cell property. Generally, labor costs are included when calculating this credit. Check the manufacturer’s tax credit certification statement to make sure it qualifies before purchasing or installing any of these improvements. These services must be installed after December 31, 2008 and before January 1, 2011. You must claim the credit on the tax return of the year that the improvements are made. You can also use Form 5695 to receive these credits.

You should plan to spend a few hours each day researching how many grants and tax incentives you qualify for. As you can see, there is plenty out there. Your hard research will pay off in the end.

Next week we’ll move into the second half of the class: Repairing and Building Your Credit with a focus on money attitudes and budgeting. Follow me at www.twitter.com/LaToyaReports for daily updates.

Other posts in The Homebuyers Toolkit series:

Getting Started

Qualifying For A Mortgage

Key Players

Money Attitudes and Budgeting

Building Financial Security

How Your Credit Score Adds Up

Renting vs. Buying

LaToya M. Smith is an editorial assistant at Black Enterprise