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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
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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.
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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]
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