What Cost, College?
Factored into what colleges you should apply to, and, ultimately,
which college to attend, must be the cost of four or more years of higher
education. [How's that money tree doing?]
So, how does one cut through that seemingly bottomless pit of
calculating the true cost of college, let alone comparing the bottom line of
one college to another? And, once the cost of college is revealed, where does
one find the funds to foot the bill?
First Step, College Cost Calculators. All colleges are required to post what
is commonly known as a Net Price Calculator on their websites. Often conspicuously
displayed on the Financial Aid page (though sometimes buried under last
Thursday's dining hall menu. Are you going to finish that taco?), these
calculators, with some basic input by student and/or parent, will give you a
pretty good guesstimate of what your wallet is in for.
In addition to individual college Net Price Calculators (find many just a mouse click away,
courtesy of the links provided by U.S. News & World Report),
the feds provide a means of determining net price via the Net Price Calculator Center. CollegeData.com also
has a nifty college price calculator.
Why, even our good friends and yours, College Board (the folks who
charge you just for thinking about your SAT scores) offer their own Student
Net Price Calculator --
and it's FREE! [Don't worry. They'll get their hands
on your money, somehow!]
Okay. So you have a decent idea how much college is going to cost
(somebody get the smelling salts). Once you've recovered from the sticker
shock, how are you going to pay for tuition, room and board, transportation,
and those all-important fraternity dues?
Show me the money! A good place to start is to know what
you are likely to get in terms of federal aid. This includes grants,
work-study, and, of course, those infamous student loans.
While you cannot submit your FAFSA (and you should submit your FAFSA,
which, for almost every college, is your basic application for financial aid of
any kind, including internal scholarships) until January of the year you are
starting college (2015 for current high school seniors; 2016 for juniors), you
can get an estimate of how much aid you are likely to receive by using the FAFSA4caster. [Where's Al Roker when you need him?]
Nothing etched in stone, mind you, each college having it's own
bizarre and undisclosed formula for determining your financial aid award, your EFC (Expected Family Contribution) notwithstanding, but at least a
starting point for putting the pieces of the financial aid puzzle together.
Choose Scholarships, Not Loans! Most colleges will offer you a
financial aid "package" (the so called Award) consisting of a
combination of one or more of the following: Scholarships, grants, tuition
discounts, work-study, and loans. Always go for the financial freedom of free
money (money you never have to pay back) before you load up on student loan
debt.
That means scholarships, grants, and work-study move to the head
of the line. Find such sources of funding your college education on the
websites of the colleges you are interested in. Note the requirements for
college-specific scholarships. Be mindful of deadlines. And APPLY, APPLY, APPLY. [Note: Many schools have their own financial
aid forms that must be completed and submitted before you will even be
considered for aid, this in addition to FAFSA and, where required, the dreaded CSS Profile. DO
NOT LEAVE MONEY ON THE TABLE by
neglecting the paperwork!]
Beyond Fastweb. Aside from money that may come from
colleges themselves, the feds, or your late great Uncle Money Bags who remembered you in his Will,
there's those pesky little things that can add up to big bucks known as outside
scholarships. From Fastweb to Zinch, Cappex to Scholarships.com,
there's a wealth (literally) of free money out there, available for the
taking.
Of course, you actually have to search for the scholarships that
you may qualify for, and, yes, APPLY,
APPLY, APPLY! [It's not as if Ed
McMahon is going to appear at your door with a giant check for
$10,000,000 in hand! (We know. Who's Ed McMahon?).]
And remember, scholarships
are not just something high school seniors should be looking for! In college already? As long as there
is a tuition bill on the horizon, APPLY,
APPLY, APPLY! High school
junior, sophomore, or even freshman? There are college scholarships you can
apply for, right now. [And with fewer students applying, your chances of
getting your hands on that money is greatly improved.] APPLY, APPLY, APPLY!
Save and invest! I am often astonished at just how many
parents have not even heard of college savings plans (529 plans), let alone
chosen to invest in them. OMG!
529 Plans are fantastic vehicles for saving for college, and they
provide valuable tax benefits as well. Easy to set up and contribute to. A no
brainer. Check out New York's Direct College
Savings Plan at www.NYsaves.org.
REFER A FRIEND -- ENTER TO WIN $500! Still time to refer a friend,
classmate, colleague to College Connection. [Deadline extended
to November 28th.] For each referral, you will not only receive my gratitude,
but a chance to win $500 in cold, hard cash! It doesn't get
any easier than that!!!
Look. When it comes to paying for college, you could take the
advice of that Mitt Romney fella and "borrow money from your parents, if
you have to," or, you can be a savvy consumer, do your homework, and with
just a bit of guidance, foresight, planning and diligence, get the money you
need to pay for the college that is the "best" fit for you!
Finding the college financial aid process daunting? Confused and
frustrated by the college scholarship search? Need some sage advice and a
helping hand? [We thought you'd never ask!]
Have no fear. The College Whisperer™ is
here! [That would be me.] Call. Email. Text. Smoke Signal (smoke signal rates
may apply). Let's line up the ducks (or turduckens,
if you prefer) and lay those fears of college financing to rest!
Gee, it's almost Thanksgiving. Cue the cranberry mold! Leftover stuffing and
pumpkin pie? You know where to find me...
- - -
Call COLLEGE CONNECTION today at 516-345-8766 and let us help you successfully navigate the road to college!
- - -
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In : Paying for College
Tags: "student debt" ""student loans" "college scholarships" "paying for college" fafsa "css profile" efc "net price calculator" "college connection" "the college whisperer" "college connection" "seth bykofsky"