EXPLORING THE COST OF COLLEGE
There are two key terms to know as you start exploring the cost of college. The first is Cost of Attendance (COA). By law, colleges are required to have an official COA, which is the estimate of what it costs to attend their institution for one academic school year. It usually includes average tuition and fees, room and board, transportation, and supplies. It’s just an estimate and is not what will appear on your actual tuition bill. As with most things, some schools are liberal with their COAs and some schools are conservative. Regardless, it’s a good point of reference to begin your exploration. The easiest way to find any school’s COA is to simply Google: ‘School Name’ Cost of Attendance, and it should pop right up.
The second term to know is Net Price Calculator. Net price is a college’s sticker price for tuition and fees minus the grants, scholarships, and education tax benefits you may receive. The net price you pay for a particular college is specific to you because it’s based on your personal circumstances and the college’s financial aid policies. A college’s net price calculator asks you questions about your family’s finances and may also ask you questions about your GPA, test scores, activities, and other things that may qualify you for financial aid. It uses your answers to figure out how much money in grants and scholarships the college is likely to award you. It then subtracts that number from the full cost of attendance to estimate how much the college might really cost you. Colleges participating in federal financial aid programs are required to supply families with a net price calculator on their website. The easiest way to find your chosen school is to use the search bar on the U.S. Government website, found HERE.
Time and time again, I find myself pointing out that the college admissions process requires information. And cultivating information pertinent to your situation is what Scout College Consulting does best. Let me use my expertise to help you navigate the college admissions process and provide all the details you need regarding the financial aspects. Take a peek at the SCOUT website to learn more about my approach.
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