Can I Afford An Expensive College?

Nearly every high school student has a ‘dream’ college in mind – but then reality sinks in  - like the high price of those well known schools! Whether your goal is Harvard or UCLA – chances are that you need to look at your budget before you make the final choice – even if you have already been accepted!

Here’s some ‘bottom line’ considerations that need to be added to your list of reasons to select one school over another…..

College costs are more than just fees, tuition and books. There’s housing, food, transportation, medical insurance and those little extras that make college the fun experience that it should be: sporting events, concerts, pizzas and other types of local entertainment.

And, if you attend a school that is more than a short drive from home, you need to factor in the cost of travel to and from home for holidays and breaks.

This total breakdown of all these possible expense variables is referred to as the Total Cost of Attendance, or TCA. Believe it or not, the TCA for Harvard is and for  $52,650, MIT, the cost is  $50,100. USC’s TCA is a staggering $65,000.

For many families – this potential attendance cost is more than their annual income.

This is why many students – and more now with the economic crises in full swing – are opting for the less expensive state and local colleges rather than attending a higher priced, albeit perhaps more desirable, ‘dream college’ out of state.

BUT – before you make that final decision….be sure that you complete all of the paperwork so that you have a hard cost ‘bottom line’ comparison between the schools you are considering. You may be shocked to discover that the ‘expensive’ school may be very close to the cost of the local school.

Once you complete the FAFSA, and you get your expected family contribution (EFC)you will find the number is the same whether you are attending a school that costs $15,000 or $50,000.

Major schools, such as Harvard, MIT, and USC have programs that are designed to meet ‘demonstrated need’ for qualified applicants, meaning that if you qualify – the school will find the appropriate mix of scholarships, grants, work study, and loans to pay for your tuition and expenses.

Harvard has a very aggressive funding program, and actually waive the fees (including fees for room and board) for qualified and accepted students whose families earn less than $80,000 annually.

So before you make your final decision, fill out the paperwork and start the process – it’s the only way that you will really be able to get a true cost on the schools that you are considering so that you can make an educated selection. Completing your FAFSA and your school application are the two key steps in putting everything in motion!

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Filed under: Scholarships For College

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