by Tom O'Hare | Oct 1, 2021 | Before, College Planning, Financial Aid
Determining how to pay for college, all post-high school education programs is critical. Savings, scholarships, need-based aid, and other tuition assistance all play a role in determining how to meet educational costs. Financial aid is available to help supplement a family’s ability to meet the cost of attending a four-year, two-year community college, trade and professional school, full-time or part-time.
October marks the start of the application filing period and the completion of the Free Application for Student Aid (FAFSA). This vital process is part of determining a family’s eligibility for need-based financial aid, including grants, loans, work-study, and many private scholarships.
Financial Need
Complete the form, hit submit, and the FAFSA® process calculates the Expected Family Contribution (EFC). The Expected Family Contribution (EFC) is an amount of money estimated that a family could contribute to the cost of college.
Cost of Education minus Expected Family Contribution = Demonstrated Financial Need
Many families may feel that the EFC does not represent their ability to finance the cost of college, financial resources available. For many, it does help illustrate the initial cost to a family and is an essential step in finding an affordable educational path after high school.
Affordable College Choice
As illustrated below, three schools with different or similar costs offer varying tuition assistance packages, including scholarships and need-based financial aid. The EFC remains the same; however, the final net price may be different.
It’s essential to consider a range of college options. Each will evaluate a student’s interest and potential compared to their enrollment needs. If interested will offer their investment of tuition assistance in the hopes, a family will select them. The broader the range, the greater the options.
Determining affordability begins with filing the FAFSA
Download the FAFSA Checklist
by Tom O'Hare | Oct 1, 2021 | Before, College Admissions, College Planning
FINDING THE RIGHT EDUCATION TO CAREER CHOICE
The Fall has arrived, school is in full gear, and student activities are filling up the house calendar. It is the time for college planning. Parents of high school juniors and seniors begin the countless hours of managing their student’s journey of selecting the education to career path after high school. Stressful and overwhelming for many, especially for first-time families. Here are some thoughts that might help with the experience:
Create a college plan – dream location, academic, and personal fit, cost, budget, and affordability are just a few of the many areas of the plan. Financing, expectations, goals, and capabilities are fundamental to finding the right college choice.
Turn to resources – schedule and meet with your School Counselor – their role, expertise, and knowledge are valuable parts in determining options and how they will assist through ongoing one-to-one counseling and coaching meetings.
What’s expected – understand the rules, deadlines, admissions requirements, financial aid eligibility, and everything in between. How does a 4-year school differ from a 2-year, community college, or technical school? Be a sponge asking questions and inquiring why.
Learn about college cost – education after high school should be considered an investment. It is critical to understand how college costs differ, private ($56,000) versus public ($29,000), in-state, out-of-state, and what it means to a graduating student’s ROI.
Cast a broad search of potential schools that match a student’s profile and aspirations. Draw on academic strengths, talent (athletic and performing arts), and personal desires to create a list of schools that challenge your student. Use online resources to build a list of college options that can be evaluated by visiting campuses, speaking with admission representatives, and learning about possibilities.
Seek out financial aid – should I apply, make too much money, I’ll never qualify are myths and misunderstandings—everyone tuition assistance, including the possibility of need-based financial aid. Designed to help supplement a family’s ability to meet college costs, need-based financial aid, when added to savings, scholarships, and other resources can lessen the financial burden. But one will never know until they complete and file the FAFSA – Free Application for Student Aid
Finally, communication is vital – as the parent of four and worked with countless other parents; communication is the key to finding the right education to career choice. Everyone involved needs to be on the same page, understanding expectations, deadlines, tasks, and the PLAN.
Download your free College Planning Overview and get a start on finding the right education match after high school!
