What You Will Learn
One of the biggest questions people often face is, “How much will college cost?” Most people consider cost when deciding which college is “worth it.” This is particularly important for managing expectations. PLEASE do not be that parent who promises, “if you get in, we will find a way to pay for it,” without doing the math first. Managing expectations is WAY easier than managing disappointment when you realize the “dream school” that costs $80,000/year is impossible.
I will share a series of posts about financial aid and managing the costs of college. Topics will include:
- Free Application for Federal Student Aid (FAFSA) estimator
- CSS Profile – what is it, and who needs to fill it out?
- Western University Exchange – BIG tuition savings opportunities
- Net Price Calculators
- Private Scholarship opportunities and “stacking” black holes
- Student and parent loans and long-term implications
In the meantime, read this blog post explaining why private colleges with $80K price tags may be less expensive in the long run than a University of California school.
Parent homework:
Review your finances and decide what you can afford. Share that number with your student. Then have this discussion:
Cost of college
– Financial aid TBD by each college
actual cost for our family
– family contribution
$ we don’t have budgeted and will require another funding source or a different choice for college.
Note: Students can only qualify for up to $5500 of loans as first-year students. Parent loans take credit scores into consideration, and amounts vary.
Next up: FAFSA and CSS Profile