How to Make College Affordable
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Should you apply to a college you cannot afford to attend?
The college or university you should apply to is: any one you want! There is absolutely no reason to make cost a primary consideration in choosing where to receive your degree!
Many people shy away from applying to expensive schools. However, the irony is that attending a prestigious, expensive private university can cost the same or even less than your local college.
Actually, in an effort to keep your college expenses down, you really should consider attending a wealthy private university. Check this out.
First, you need to file your FAFSA (Free Application for Federal Student Aid). When you receive a reply, you’ll be given a number that represents your EFC or Estimated Family Contribution.
The EFC is the amount that you are expected to pay. For example, say that your EFC is $15,000.00 and the cost of your local college’s tuition is $20,000.00. The college’s student aid program could cover about $5,000.00 of that cost.
If you attend a state school where the tuition and fees amount to $15,000, then you would still have to pay $10,000. If the state school awards 100% of your financial need, you and your family will still have to pay $10,000, while you will receive $5,00 in financial aid.
If you attend a small liberal arts college that costs $30,000 to attend, your family still pays your EFC of $10,000. If the small liberal arts college meets 100% of your financial need, you and your family will still have to pay $10,000, while you will receive $20,00 in financial aid.
If you attend an ivy league institution that costs $50,000 to attend, your family still pays your EFC of $10,000. If the ivy league institution meets 100% of your financial need, you and your family will still have to pay $10,000, while you will receive $40,00 in financial aid.
However, most state schools do not award 100% of your demonstrated financial need, so you will probably end up paying more than your EFC says you can afford, or you will have to take out additional loans. So, you may actually end up paying more to attend a state university than you do to attend an ivy-league college or university. Plus at some of the ivies you won’t have to take out student loans.
Don’t look at what the college or university charges: look at how much of it you will have to pay. Know what your options are so that you don’t settle for your second choice for financial reasons. You may be able to afford the education of your dreams!
I learned this from personal experience in consulting with high-achieving college-bound students and their families. Because of the way student aid works, students are many times able to receive their degrees from some of the most exclusive and expensive institutions in the United States for less than they would have paid at a state school.
Angela Arnold, a college consultant who has helped many students get into college, has prepared 7 free videos about the college application process Grab yours today.
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