Every winter, as seniors start to hear back from colleges, we spend time with families agonizing over how to make a college affordable. Our students get into amazing colleges, but families often seem surprised at the final cost to attend. And the amount of student loans offered is daunting.

In an effort to alleviate those painful conversations, I strongly encourage juniors and their parents to talk NOW about the family budget. I admire seniors who, knowing that their family has limited financial resources, build a college list that fits them not only academically and extracurricularly, but fits their wallet, as well.

There are many ways to make college affordable. But students and parents should first educate themselves about how the process works.

Here are some tips.

1. Determine the "cost of attendance" (or COA) for every college you are considering. This figure will include tuition, room & board, books, and student fees. Tuition and Room/Board are considered "fixed costs," whereas books, fees, and personal expenses may vary. The College Affordability and Transparency Center's website offers a direct link to every college's Net Price Calculator. This calculator will give you an accurate picture of the college's COA, and what financial assistance you may be eligible for, from scholarships to loans.

2. Educate yourself about how financial aid works, EVEN if you think your family may not be eligible. Watch a video presentation our favorite financial aid presenter, Jerry Cebrzynski, Associate VP for Financial Aid at Lake Forest College, to teach you how the financial aid process works.

In a nutshell, financial aid makes up the difference between what college costs and what a family can afford to pay. Approximately two-thirds of full-time undergraduate college students receive some sort of financial aid.

There are three main types of financial aid:

• Loans that have to be repaid

• Grants and Scholarships that don't have to be repaid

• On-campus jobs, called "work-study", that allow students to earn money and gain job experience while in college

Families should be aware that financial aid rarely meets 100% of the difference between the cost of a college and what the family can pay. The colleges who can afford to meet 100% are typically highly selective schools. Check out this website for more information on which schools are most generous in meeting need.

3. The most expensive private college in the country right now is Harvey Mudd College in California, where tuition (just tuition!) is $58,660. One of the most expensive public colleges is University of Michigan where tuition is almost $50,000. That makes the annual tuition of approximately $4,000 at College of Lake County look pretty amazing. Our LHS graduates who start at CLC find the professors smart and supportive, class sizes small, and the cost of their college degree much more manageable. Sure, they didn't experience life in a college residence hall right away, but they got to enjoy the amenities of home.

4. Do not limit your choices based on the college's sticker price. Colleges have the ability to "discount" (offer scholarships) to attract students to their school. Know that our in-state public universities are limited in the amount of merit aid they can offer students -- University of Illinois-UC, for example, typically offers scholarships only to underrepresented students or students with artistic talent. Out-of-state public universities may be able to offer merit scholarships and are savvy at discounting their price to be comparable with an Illinois public school. But buyer beware--know that highly selective out-of-state flagship schools (like U Michigan or U Wisconsin-Madison) rarely offer scholarships.

Private schools, on the other hand, have more flexibility to discount their costs to attract students they deem worthy. We have seen strong academic students earn scholarships of $20,000 or more at some colleges! But again, be aware that the most selective private schools in the country do not offer merit-based financial assistance, only need-based.

Many colleges offer scholarship estimates on their websites, through their Net Price Calculator or a separate Scholarship Calculator. Augustana College, for example, will estimate scholarships if a student completes an online form.

5. Learn more about the Midwest Student Exchange Program (MSEP). Through the MSEP, participating public institutions in Indiana, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, and Wisconsin agree to charge students no more than 150% of the in-state resident tuition rate for specific programs; private institutions offer a 10% reduction on their tuition rates. Check out their website for more information and participating schools, and be sure to click on "View Details" next to a college of interest, as only certain majors may be eligible for the MSEP discount.

6. Here are some additional websites to explore:

Kiplinger's Best College Values ranks US colleges and universities in three separate lists: public, private, and liberal arts colleges. Users can query, view, and sort the schools on each list by various financial and quality measures.

Bankrate.com's Student Loan Calculator is an excellent resource to help high school students understand how much interest they will accrue on a typical student loan debt, and how long they may need to pay it off

7. Finally, we encourage parents to meet with a financial aid counselor when visiting colleges of interest with their junior, ESPECIALLY if you know cost will be a factor. Find out more about how they award financial aid and scholarships, what resources they offer, and what might be available to your student as an upperclassman.