Post date: Nov 6, 2015 12:37:15 AM
One of the themes I hear often is, "How can we reduce the cost of college?"
The best answer I have is to go where they really, really want you.
College is expensive. If you are not worried about cost as a factor in your child's decision, bless you and congratulations.
For the rest of us, cost has to be part of the process. As parents, we don't want to have to tell our dear, hard-working student that they cannot attend the dream school to which they were just admitted because we cannot afford it. However, the days have passed where we could take out huge loans with the expectation that they will pay them back with that first big pay check. These issues can easily be resolved with good planning at the forefront.
Before you finalize the application list, use tools to calculate the real cost of attending different schools. Net Price Calculators are mandatory on every college's website. Other sites, like College Abacus or FAFSA's 4caster (links below) will let you put in estimated financial information to get an idea of what you might actually be expected to pay. If the numbers give you heart palpitations, look for some new criteria to revamp the list.
A really important, and often overlooked factor is the percentage of need that a school meets. If you know that you will need a lot of help, either apply to schools that meet 100% of need or plan to stay in-state and take advantage of those lower-cost institutions.
If your student is a high-achiever, (or a moderately high-achiever) look at schools where they would be in the top tier of applicants. Many schools will use whatever incentives they have to get top students to attend. Maybe there can be a little more merit-aid, maybe increased credit for AP test scores, maybe something that only they know they have that they pull out just for students they really want. There are many possibilities. If a school wants you, they will do everything they can to make it possible for you to attend.
College is an investment. Plan for it. Talk with your student about the family budget and involve them in the process and discussions of how much the family really can afford to pay. Many kids have no idea how much their parents make, nor how much real life actually costs. Once they understand better, they will be more connected to the financial component and hopefully, temper their expectations. "Dream schools" can come in many forms and one that does not tie you to several thousands of dollars of debt is a dream come true.