It is important that parents and students have a conversation on the subject of college choice and costs. I am amazed at the number of students who apply to colleges and do not know the cost of attendance or how their education will be paid. Some have based their choice on how the dorms look, what their friends say about the school or how the web page looks.
It is important for parents and students to have a realistic conversation about how much money is or not available for college. This conversation should be held no later than freshman year of high school. Some parents have not been able to save for a college fund. That is why it is important for students to maintain good grades for eligibility for scholarships.
One of the major factors in determining whether you can afford to attend a private, public, state or out-of-state school, is what you, the student brings to the table academically and what financial options are available. It is important to find the best academic, social and financial fit.
One of my favorite options for students who don’t have a college fund is attending a local community college and transferring your credits to a 4-year college or university. That can literally cut the cost of attendance in half. Generally, the first 2 years of a college education are general education requirements. Why pay $600-$800 per credit hour for an English or Math class when you can take it at a community college for a lot less?
Colleges come with different price tags. Don’t assume that you can’t apply to a college because of cost. Generally speaking, the more expensive, the more money you qualify for. My experience has also shown that if a college really shows interest and wants you, the money will be there, no matter the cost of attendance. So, don’t be afraid to apply to that highly selective private, out-of-state school, or your dream school. My son’s dream school was the University of Southern California. They were the ones to come up with the most money. The University of Illinois Urbana-Champaign his state school could not even come close to the offer USC made.
- Be honest and realistic about what you as a family can and cannot afford and have that discussion before applying to colleges.
- It is to your benefit to research and have an understanding of the cost of attendance associated with the school you plan to attend. Too many students are having to leave college after the first semester, first year or even in their junior or senior year because of finances. The problem stems from a lack of understanding of how the financial aid process works, not knowing the true cost of attendance, and taking out more loans than they need.
- Give more thought to whether or not you can really afford the college you hope to attend. Finding out in your sophomore or junior year of college that you cannot afford the school can be devastating to your career plans. If you leave midyear with an outstanding balance, you may not be able to access your transcripts until the bill is paid. The earlier you can have this important conversation, the better.
- Knowing what your bottom-line costs are will also give you an idea of how much scholarship money you will need from outside organizations to close the gap.