The process of choosing the right colleges to apply to can take time. Beyond figuring out the right academic and social fit, families also need to understand the cost of the educational experience. The costs of a college education typically include tuition and fees, along with optional services like room, board, health insurance, tuition insurance, and more.
As a college counselor, I encourage families to understand the cost of the college education for each school they are considering. If they have expressed a need for financial aid (whether it be merit-based or need-based aid), students and families should utilize the “Net Price Calculator”. This is a tool that many colleges provide prospective students to estimate the total out-of-pocket costs associated with paying for their education.
Throughout the process, it is important to be familiar with and understand the different forms of financial aid available to students and how to seek out the various aid options.
Merit-based Aid: Typically comes in the form of grants and scholarships (commonly referred to as “free money”) that students can earn through their academic achievement, talents, or particular area of study.
Need-based Aid: This form of financial assistance is based on a student’s or family’s ability to pay for the college education. Aid is provided in the form of grants, scholarship, work-study, and loans. Determination for need-based aid, it usually gathered in two ways:
Work-Study: The Federal Work-Study Program includes part-time jobs for undergraduate and graduate students with demonstrated financial need. Students earn money to pay education expenses typically through on-campus jobs including community service work and work related to the student’s course of study.
Private Scholarships: Each year, hundreds of millions of dollars are available through private business, corporations, foundations, and organizations to support students as they pay for their education. Scholarships are often provided to students with demonstrated need, for merit purposes,or both. The amounts can range from a $100 to full-tuition scholarships. To learn more about different opportunities visit:
- www.fastweb.com
- www.scholarships.com
- www.cappex.com
- www.goingmerry.com
- Visit your school’s scholarships database or speak to your school counselor to learn about local scholarship opportunities
To learn more about how to find and navigate the financial aid process or how to develop a well-rounded college list, please do not hesitate to connect with me at info@consultwithdana.com to schedule a complimentary initial call.