The Sisterhood April 2018 | Page 14

For more information visit nefertitissecrets.com or call 866-436-6327 6 other college costs (and opportunities) to consider when the financial aid letter arrives (BPT) - The last year of high school is a whirl of activity, and it’s no different when it comes to the final leg of college selec- tion. Once the acceptance notifications ar- rive, it will soon be time to sit down with a different stack of mail: financial aid letters. understand the net cost of your student’s education. Still, it’s critical to look at other factors and opportunities around higher education costs. Taking a deeper look at these can help you and your student reach the best possible decision. As you undoubtedly know, the cost of col- lege is no small investment. In the 2017-18 academic year, the average tuition and fees for four-year public colleges is $25,620, while for private colleges, the costs are $33,520, and public two-year colleges cost $3,570, according to the College Board. Deciphering free aid vs. other options: Take a close look at each line in the aid column. Key words, such as scholarships, grants and fellowships, signal no-strings money for school. Work-study and student loan packages are options that will need stu- dents to find a job or pay the money back. At the same time, the College Board reports that more than 70 percent of students re- ceive grants to help pay for college. Hope- fully, those financial letters contain some good news. Cost-of-living expenses: Think about those extra costs that come up over the weeks and months of any college year, such as meals, phone, transportation and laundry. Don’t forget entertainment. After all, they’re not going to spend all their time studying in their dorm room. Does the campus and community offer plenty of low-cost and no-cost attractions and entertainment so they can have fun with their friends with- out breaking the bank? For most families, analyzing the letters is a process of uncovering the college that can offer the best education at the best value for your student. One way to get there is to parse the details of the letter itself, so you 14 Local economy: One thing worth consider- ing is the local economy of the first-choice school, especially if your student may want to pick up a part-time job along the way. Even better, look for local employers that are compatible with your child’s career goals. An entry-level job at one of these workplaces can help make ends meet, while making your student more market- able when it’s time to graduate. Student achievement: Do a little digging on the success rate for students and grad- uates, so you have an idea on whether the school has a high job placement rate after graduation. Know the school’s graduation rate, along with the average first-year sala- ry for graduates. Ongoing costs: The financial aid letter de- scribes the student’s first year. As much as you can, do some forecasting for the next three to four years. It’s especially import- ant to understand whether awards are re- newable, or if they’re available only to first- year students. THE SISTER HOOD | A PR IL 2018 Negotiation: If the college isn’t coming through with enough aid to make college affordable for your student and family, don’t give up. You might be able to ne- gotiate more aid. Submit a letter and ask for a follow-up appointment. Be specif- ic about what you are requesting and be sure to explain if you have specific circumstances such as medical costs or a job loss that may have affected your ability to meet the expected family con- tribution. If you find the amount of financial aid provided isn’t enough (including the amount offered in federal loans), fam- ilies may want to research and explore private student loans as an option to cover the additional expenses. Look for competitive interest rates and flexi- ble repayment options that match your budget. College Ave Student Loans also offers a calculator that showcases how much families can save with various loan options at www.collegeavestudentloans. com. ENGAGEMENTS | MATERNITY SHOOTS | FAMILY SESSIONS | SPECIAL EVENTS | GRADUATION SHOOTS Contact me to help put a very aff ordable package together that best suits you and your needs! [email protected] THE SISTER HOOD | A PR IL 2018 15