Paying for College without Going Deep into Debt

As you narrow down your choice of colleges, you may be tempted to follow the biggest scholarship offerings or focus on the schools with the lowest tuition rates. But big dollar scholarships don’t always add up to an affordable college experience and high tuition figures don’t necessarily mean you can’t afford to attend. In order to understand the big financial picture of attending college, there are a number of things to compare and consider.

Start by applying to all colleges that fit your educational needs and plans for the future, regardless whether or not you think you can afford them. Once you’ve got your list of acceptances, wait until all financial aid award letters arrive before making your final decision. In the meantime, make a list of all the expenses you will incur at each college. It is important to base your research on actual numbers from the communities where you would be living. Even within a single state, the cost of living might vary considerably between communities.

When considering the total cost of college, don’t forget:

• tuition
• books
• student fees
• activities fees (be sure to ask about required and optional fees)
• transportation costs (including parking permits, bus passes, and the cost of your own vehicle maintenance and mileage)
• rent or dorm expenses
• meals
• entertainment
• utilities
• cost of travelling back home for summer vacations and holidays

It is also important to understand that Federal Financial Aid offerings are not going to be equivalent for all schools. If one school has told you that you qualify for federal grants or loan programs, don’t assume you will get those same federal awards at another school. Colleges and universities distribute the funds they receive from federal funding to their student population based on need. As well, schools participate in federal funding programs at different levels, so some schools will simply have a larger pile of money to distribute than others.

In short, what is offered to you will vary depending on your financial position compared to other students attending each school.

Once you have a good idea what it will actually cost to attend each school, compared to total financial aid being offered (both private and federal), the affordability of any particular school may begin to look different than you had expected.