College Affordability and Scholarships

College Affordability and Scholarships

This is quite the hot topic in college admission—and not without reason. Every family who has a son or daughter going through the college selection process faces many of the same issues. How are we going to pay for this? What resources are available to support my son/daughter as he/she attends college?

I sincerely hope parents are including their children in this discussion. The earlier this begins, the better. The junior year in high school is a good time for students to begin developing a list of prospective schools while also beginning to gather cost and financing information.

Here are a few starter questions parents and prospective students should be asking early on:

  • What does it cost?
  • What is the difference in public school tuition for in-state students vs. out-of-state students?
  • What fees are charged?
  • What about living expenses?
  • Are scholarships available? If so, how do you qualify for/maintain them?
  • What are the potential deadlines?
  • What type of financial aid is available?

Many parents and students wait until the senior year of high school to consider financing options. On the surface, this makes sense because of the wait time needed to see about admission, scholarship opportunities, and financial aid. But even with that in mind, it’s always a good idea to know early on what resources may be available to make college a reality.

Occasionally, I hear about students who aren’t fully aware of their family’s financial picture when it comes to paying for college. They assume that everything is going to be taken care of because their parents haven’t talked to them about cost. Meanwhile, the parents are struggling and stressed about how they are going to pay for school. Obviously, this isn’t ideal.

When parents and students make assumptions about how to pay for college without talking about the larger issue, they may be surprised to find later in the college selection process that the student’s dream school may be out of reach. So I want to reiterate how important it is for both parents and students to take part in the paying for college discussion. Knowing their family’s situation not only helps students see the big picture when looking at colleges, but also it equips them to explore opportunities (i.e. Federal Work-Study) for attending their dream school.

As you look forward to the college selection process, here are a few tips to keep in mind:

    • Plan ahead. Examine your own family financial situation. Parents: you’ll want to start doing this early in your son/daughter’s junior year of high school so that there aren’t any surprises during crunch time. Include your son/daughter in the conversations about paying for college.
    • Do your research. College Web sites and general college search Web sites are filled with information. This is something you can do as a family or independently and then share notes.
    • Use the Net Price Calculator (NPC). Each college or university has an NPC, and it can be a great tool for families looking to get an approximation of what the first year of attendance might cost at a particular school. NOTE: These are likely being updated by colleges at this time with the new Fall 2013 award amounts for scholarships, etc. so your estimate might change slightly in the coming months.
    • Investigate scholarship opportunities early. Every student wants to be recognized with a scholarship. But while many are available, most are only partial awards. Start with individual college Web sites to get an idea of what they may offer (the NPC can assist with this too). Tap into your high school’s college counseling office to see what you might be able to apply for via your school or community. Parents: make sure you check in with your employer to see if they offer any scholarships.
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