What You Don't Know Can Cost You!
Today’s High Cost of College
It's Expensive No Matter Where Your Kids Go!
- It's not just tuition - costs include books, room and board, living expenses, etc.
- 4 years can cost $65,800 to $136,160 ...or even more!
- Multiply by number of kids and you could have a problem!
- Each year, college costs increase faster than inflation rates!
How is a Family supposed to pay for all of that?
- Borrow - many people borrow from their home equity to send their child off to college. This can actually hurt your chances for getting more aid. Some college-bound students have to borrow due to the fact that their parents simply don’t have the money to send them.
- Savings - many people don’t have the money saved for college and if they do, it is not really for college but it has been saved for retirement or other reasons and the parents are willing to sacrifice themselves for their children.
- Scholarships - out of $100 billion dollars worth of aid, private scholarships made up only 3.2 percent. For more info on scholarships go to www.fastweb.com
Financial Aid
How do they determine if I’m eligible?
- COA - EFC = Need
- COA stands for Cost of Attendance.
(Includes tuition, books, room/board, etc.) - EFC stands for Expected Family Contribution.
(Based on parent's and student's income, assets, ages, number of people in school.) - Need is how much aid the family is eligible for.
EFC calculators that are on the internet are not 100 percent accurate. Please don’t let that be the deciding factor in your quest for aid!!