As we roll into the winter months, many high school students are preparing their college applications and asking the inevitable question: “How will I pay for college?” Many students and their families may balk at the high cost of a college education and put off enrollment.
These days, the cost of a college education seems to be skyrocketing. Today, the average college student is graduating with more than $25,000 in student loan debt. That’s quite a bill for the average adult to be carrying around. With that said, there are many ways to offset the high cost of a college education.
First, good planning can pay big dividends. Once your student has located his or her college of choice, it is time to start talking to the financial aid office. Make sure you know the total cost of attending college. Most colleges will post tuition and room and board, however, there will be other fees. These fees can quickly add up to thousands of dollars. Know what the total cost of attending will be before you enroll.
Once you know the total cost you’ll incur, let the college know what you can afford and ask what aid it has available to you. Have the financial aid office calculate your expected family contribution or EFC. The best way to do this is in person.
Provided you can produce your most recent tax information, you should be able to get a good estimate. Next, ask how the college arrived at this number. Did it use the FAFSA – the free application for student aid or the CSS – the College Scholarship Service? Make sure it calculated your EFC based on the formula it will actually use after your student is admitted. Some colleges have been known to give out an estimated cost based on the FAFSA, which will always be less to you, rather than the CSS, which will always cost the family more. Know which formula the college will use after your student has been admitted.
Next, ask the college what, if any, scholarships or grants it has available to help cover your expenses. Find out what steps you need to take to obtain these grants and scholarships and begin the process before you apply to the college. Most colleges offer millions of dollars in financial aid to new students each year. This money comes in the form of scholarships and grants, which translates into money that you do not have to pay back.
The savvy consumer is the consumer who takes the time to search out financial opportunities. The most important thing you can do is plan ahead.
Finally, use a variety of search engines to locate nationally offered scholarships and grants. My top four favorites are collegeincolorado.org, fastweb.com, collegeboard.com and collegenet.com. Keep in mind, if an organization is asking you for money to get money, it is more than likely a scam.
So, as your kids near the time for filling out college applications, understand that for you and them, knowing more will reduce the emotional and financial toll the process can take on your family.
Deborah Medenwaldt is the college and career coordinator and a senior counselor at Durango High School. Reach her at dmedenwaldt@durango.k12.co.us.
