What You Need To Know About Paying For College

Net Price: Your Actual Cost

Sticker price - financial aid = net price. Understanding your actual cost of attendance can take some time, and it will require some patience and persistence.

An example for calculating your net price: $45,000 (sticker price listed on the school’s website) - $20,000 (financial aid like scholarships, grants, and loans) = $25,000 per year (net price, your actual cost to attend).

How to Find Your Actual Cost of Attendance?

To find your net price, you will need to file the FAFSA (Free Application for Federal Student Aid) if you can or file an alternative application if you or your parents do not have status in the United States. When you file the FAFSA, add the colleges and universities on your list, and your FAFSA information will be shared with each school. Those schools will put together financial aid offers, including scholarships, grants, and federal loans, for which you qualify based on your family’s financial need and estimated family contribution.

Use Your Resources

Once the financial aid offer is shared with you, look through it carefully and compile your questions. Take time to talk with someone at the college or university who can walk you through the financial aid offer. No questions are stupid. Talking through the financial aid offer will help you and your family understand your aid best. Ask your questions, and use your resources.

Advice: When you talk with someone at the college or university about your financial aid offer, ask about fees. Ask if all fees are included or what fees can be expected to be added before you receive your first tuition bill.

Compare Your Financial Aid Offers

Each college or university has different ways to meet demonstrated financial need (based on FAFSA or alternative applications). Gather your financial aid offers and compare the costs. Take some time to catch up with your family about your plans for paying for college. Add these details to your list of schools.

Advice: Use a Google Sheet to note each school’s financial aid offer so you can see the net price amounts side by side. This will help you stay organized and avoid confusing the costs between the schools on your list.

Focusing on Value: The Visit and More

There is a myth that your college search must be a logical and pragmatic process that should not be swayed by emotion or feelings. While certain parts of the search should be very logical and pragmatic, like paying for college, it is important to visit schools so you can determine the value.

Value refers to what your college experience will be worth when you graduate. The college or university should let you know what experiences and opportunities you will receive when you attend. When you visit, the value should be clear. If not, ask about opportunities for students outside of the classroom that enhance their experience. Take note of everything on your visit, especially how you feel when you are on campus.

Advice: Use your Admission Counselors as a resource. They can help you find information about anything at their college or university. As an Admission Counselor, it is my job to help you through your college search process. We are excellent resources; please ask your questions and take us up on our offers to help.

Paying Your Bill

Before making your decision about where to go to college your cost of attendance should be very close to what you and your family can afford. Once you know what that number is it is time to decide how you and your family will pay. Will you use savings, loans, or college payment plans, or other sources? Make sure you are part of the decision and you know your family’s financial situation.

Advice: If you are very interested in a school but the cost of attendance is out of reach there are often requests that you can make from the school for additional aid. Check with your Admission Counselor to find out more. The school may be able to offer additional financial aid.

Figuring out how to pay for college and understanding all the elements of paying for college is very difficult. Stay organized, keep gathering information, use your resources, and find the value in the schools on your list. It’s time to get started!