Join us for How They Did It: Early Decision Success Stories on 1/29 at 8 pm EST. Space is limited, register today!
Join us for How They Did It: Early Decision Success Stories on 1/29 at 8 pm EST. Space is limited, register today!
For most families looking at colleges, there’s more to consider than just location, student population and majors offered.
There’s the cost.
Is college affordable? What is financial aid? And how can you get in on the act?
Financial aid programs began in the mid-‘60s; today, financial aid is – for most – the only way to make attending college possible. Private colleges can cost more than $50K when adding up tuition, room and board, transportation and living expenses. Even public colleges average around $15K – $20K for in-state students.
That’s a lot of cash! But the sticker price might not be what you pay, since financial aid can cut the total cost of college. There are two categories of financial aid: need-based aid and merit-based aid. Need-based is just that – colleges will look at what your family needs and provide money to make attending more affordable. But what is financial need? Colleges look at your family income and consider the cost of college; the difference between the two is what your family needs.
Merit-based aid, meanwhile, takes into consideration any of the following: your grades, standardized test scores, athletic ability or artistic talent. If the college feels that you would add a lot to the campus community, it might try to woo you to attend with additional money.
Financial aid generally comes in three forms: grants, loans and work-study. Grants are great because they do not need to be paid back! Loans allow you to attend college, but you have to pay them off after college (or after grad school). Work-study presents an opportunity for you to work in college at an on-campus job – perhaps in an administrative office, or with athletics, or at the library. Besides making some money, work-study also gets you behind the scenes at a university.
You should apply for financial aid when you apply to colleges – it’s important to apply on time, since the money (literally) could run out. But it’s smart to begin thinking about financial aid as you start to visit colleges now. When you’re on campuses, be sure to ask questions about financial aid policies, as they vary. And don’t necessarily limit your search only to colleges with smaller price tags, since the more expensive colleges tend to have better financial aid policies and deeper pockets; you never know, after receiving aid, two colleges with very different price tags could end up costing the same.
Most importantly, do your research now to make sure you stay ahead of the game.
