How Much Will Each College Cost Your Family?
It is not easy to figure out how much each college will cost your family. The real price your family will pay for each school depends upon the total cost of attending that school less the grants and scholarships you will qualify for at that school..
Colleges refer to your total projected education costs as the sticker price or sometimes as the cost of attendance.
We call your projected total education costs your Sticker Price.
Colleges refer to a discount as either a grant or a scholarship.
We call grants and scholarships discounts because they are the only items that reduce your NET PRICE.
Other common forms of financial aid such as federal student loans and work-study awards will certainly help you pay your share of the NET PRICE – but they are NOT discounts.
There is a lot of information to absorb when researching and estimating college costs but eventually it all boils down to the basic College Cost Equation
Your Net Price = Sicker Price – Discounts
BECAUSE EACH COLLEGE HAS A DIFFERENT STICKER PRICE AND DISCOUNT PACKAGE – YOUR NET PRICE WILL VARY FOR EACH.
1. What are the direct costs such as Tuition & Fees and Room & Board? How might your actual costs differ from the typical costs that are published by the colleges?
2. What are the other costs such as Books, Personal Expenses & Travel? How might your actual costs differ from the average costs that are published by the colleges?
In the 2014-15 academic year, college students received more than $100 Billion in grants & scholarships. Yes, that’s Billion with a B! Approximately $38 Billion was awarded by the colleges themselves. The rest came from the federal government, state governments and outside organizations.
1. How does need-based aid work and will your family qualify for need-based grants?
2. How do schools award merit-based scholarships?
3. Will you qualify for any federal or state grants and scholarships?