1. The cost of college is like the price on the sticker of a new car. You don't necessarily have to pay that price. There are rebates and incentives and, in some cases, opportunities for negotiation of the price. The price that you see on the school's admissions page does not reflect what a family might ultimately pay for a college education. There is needs-based and merit-based funding for students which can both reduce the overall cost. Knowing the "real" price can help you determine if you can or cannot afford a particular school.
2. Parents- before you allow your student to apply to a school, use that college's estimated cost calculator. The ESTIMATOR will give you as the parent what the actual cost of college is going to be. These calculators factor in income estimates to determine what needs-based dollars can be applied to your cost of attending a college. www.collegeabacus.com is a singular place to find every college's estimated cost calculator. There is also a really good financial aid calculator on Collegboard's website: https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/expected-family-contribution-calculator
3. Many colleges will subtract local or private scholarships from your needs based award. For example, if you are awarded $7,500 of needs-based financial aid, and then you receive the Titan Club scholarship ($1000) that goes directly to the college, many schools will then reduce the 7,500 to 6,500, making the net realized benefit of that scholarship $0 to the student and the parents. Not all schools will do this, so a quick question to the financial aid office will provide you with information as to how this is handled before your student goes through the process of applying for scholarships. Cash awards (which is what many of our local scholarships are) are monies that go directly to the student and not to the college. These do not bring about this reduction of financial aid.
4. Expected Family Contribution is a net amount that is determined after income and other factors have been taken into account. It is important to note that this figure is after federal loans that a family is eligible to receive have been subtracted from the net price. When comparing financial aid offers that a student receives in the spring of their senior year, it will be important to compare the EFC and the loan amounts to see what college will cost you that first year.
5. It is probably a good idea to look at small, less popular private colleges and universities for college bargains. Large publics do not have to be generous, as their price is lower, and the demand is high. Financial aid is a lure to entice students to attend a university. Smaller schools, off the beaten path, will need to offer these incentives. Also, the better qualified a student is, the more likely it is that they will be offered more luring from the college. A website that will walk you through these considerations and help you to be an even more educate consumer of education is www.collegerealitycheck.com.
This is only a small part of what w presented on financial aid today. Though much was learned, it was apparent that there is still much more to learn in this area. Here is to hoping that tomorrow is a great day for the Titan Nation.
