When deciding where to apply to college, the aspect that may sway your decision more toward one institution than another is the cost of attending that school. You may identify schools within your price range by using this three-step procedure to assist you:
- Get a realistic understanding of the expenses associated with attending school.
- Get a handle on your supplementary costs.
- Find out how much financial strain you can take on.
Get an Accurate Picture of School Costs
If you are worried about the cost of college, include at least one public institution on your list of potential schools. They are, on average, more affordable than private alternatives. However, a school's "sticker price" does not always provide the most accurate portrayal of the whole cost. Instead, search the website of the institution you are interested in attending for a net price calculator. This is the most effective method for comparing prices since it reveals the total amount owed to attend the institution after financial assistance is deducted from the total cost of attendance.
After you have determined which schools are within your price range, the next step is to investigate the past performance of the universities you are considering regarding the various financial considerations. Utilize the College Scorecard to compare graduation rates, earnings earned after graduation, and more.
Nail Down Extra Expenses
The requirements of your way of life will also be considered when determining whether a college is affordable. Ask yourself:
- Will you need a car?
- Is there access to public transportation or a campus shuttle in the neighborhood?
- Will you reside in the surrounding area?
- Are there occupations you could do on the side if you're looking for anything part-time?
- Will you be going home regularly?
- Do you have any plans to further your education in another country?
Think about the kinds of internships that are offered to students as well. Obtaining an internship can increase the number of career opportunities available to you and your future salary.
Your capacity to repay the debt will also be affected by the kind of education you choose to pursue. People can only accurately predict how much money you will make in the years to come. However, websites like Payscale and Glassdoor can guide you through the process of researching entry-level earnings in a variety of industries and locales so that you may evaluate your earning potential.
You will get a complete understanding of how much it will cost you to attend each college if you consider all possible variations in costs and expenses. Consider the prices of each choice alongside factors such as the academic quality and programs offered, the campus's culture, and the institutions' general compatibility.
Determine How Much Debt You Can Handle
The amount of financial assistance you are eligible for and the amount you are expected to pay out of pocket via means such as loans, private scholarships, savings, income, and other sources will ultimately determine whether or not college is affordable for you.
Apply for aid
You will surely know how much financial assistance you'll get after submitting your application. According to the Trends in College Pricing and Student Help study published by the College Board, full-time undergraduate students for the academic year 2020-2021 earned an average of $14,800 in financial aid.
Include all the schools you consider attending on your FAFSA, which stands for Free Application for Federal Student Aid. You are permitted to include a maximum of ten institutions on your application and may send your test scores to additional schools once you have received your Student Aid Report.
Your report will include all of the government assistance programs for which you are eligible, as well as the projected contribution from your family. This will give you a clear picture of how much money you will need to come up with. It encompasses financial aid in the form of government grants, scholarships, and work-study programs in addition to student loans.
The schools on your list may also ask you to submit the CSS Profile, a tool that certain universities use to assess institutional and state financial assistance. Check out this list to see if any colleges and universities that interest you need the CSS Profile.
Compare award letters
After submitting your application, you will quickly learn whether or not you have been selected and how much funding you may anticipate receiving. Examine the award letters provided by each institution to determine the amount of money you will need to pay for your education after subtracting any grants and scholarships you may be eligible for.
