Whether you’re purchasing a home, a car, or groceries, there is one common thread—comparing cost. The college process is no different, and no matter your resources, you’ll want to find a college that is financially manageable. By comparing your options, apples to apples, you will be equipped to make the best overall decision for your family. Just follow the steps below.
Find out Each School’s Total Cost
A school’s total cost may be called the “budget” or “Cost of Attendance” and should be listed on your financial aid offer. If it’s not there, look on the school’s website or call the financial aid office. The total cost includes expenses that will appear on your bill as well as estimates of other typical college costs.
Billed Expenses
- Tuition
- Fees
- Meal Plan
- Housing
- Health Insurance (only necessary if you need to purchase it through the college because you’re not covered under a family plan)
Unbilled Expenses
- Books
- Supplies
- Personal items, such as toiletries and dorm needs
- Transportation (such as a plane or train ticket)
Calculate Each School’s Net Cost
Net cost is defined as the total cost of a school minus any grants and scholarships you received. Determining this number allows you to equally compare your college options.
Determine Any Future Year Net Cost Changes
It is important to determine, if possible, how your net cost will change in future years. To do so, ask the financial aid office at each school some questions:
- Will any merit scholarship I’ve received be renewable for four years? What to do I need to do to maintain it (e.g. keep a certain GPA or major)?
- Will the amount of my need-based aid change from year to year?
- Is there any additional aid I could receive in future years?
Have Family Discussions
Once you have gathered the information above for each school, compare your options side by side and determine which one is right for your family. Selecting a college is a choice that will affect your entire family, and while the student may want to drive the process, everyone should understand realistic expectations of what your family can afford, and what everyone can contribute toward the cost. Having continuous, honest communication can help. Students should be open to all types of schools, cast a wide net, and remain flexible throughout the process.
