FINDING COLLEGES THAT MEET YOUR BUDGET

When considering the right colleges for your application list, students focus on three main types of "fit": academic, social, and financial. Academic fit means strong and challenging programs in the disciplines your child is interested in. Social fit feels right when students believe they'll find people they will enjoy learning beside, and where they will be supported for who they are as they grow over four years. The third fit is financial. Here are some key things to keep in mind when searching for schools that fit your family's budget.

am i likely to pay the sticker price of a college?

No. Most families do not pay the full published cost of attendance. Discounts (we call these grants and scholarships) are typically awarded for two main purposes:

• Need-based aid: grants and loans provided from the college and/or the federal government for families that qualify.

• Merit aid: scholarships awarded for academic achievement or talent.

  
  

Knowing your budget range helps narrow your options and prevents you from wasting time on schools that are financially out of reach.

do all colleges offer the same need-based aid?

No. These amounts can vary widely. About 75 colleges can offer a financial package that meets a family's full financial need, and about 30 of them do not include loans. Approximately 100 schools meet at least 90% of demonstrated need. You can learn what your demonstrated need is by completing the FAFSA or by using a quick student aid index calculator.

do all colleges offer the same merit aid?

They do not. Many of the most selective schools, like the Ivies, offer no merit aid at all. But many schools nearly as selective are generous with merit aid because they want to entice students to apply and enroll. Each year, our students are offered generous merit awards from top institutions ranging from $10,000 to $35,000. These are four-year awards, provided the student maintains a 3.0 GPA throughout college.

use college search tools with cost filters

Many websites allow you to filter colleges by tuition and fees. Some popular tools include:

• College Board’s Big Future: Offers detailed cost breakdowns and net price calculators.

• Niche: Provides user reviews and cost estimates.

• College Navigator: A government resource with comprehensive data on tuition, fees, and financial aid.

• Financial aid eligibility: Fill out the Free Application for Federal Student Aid (FAFSA) early to estimate grants, loans, and work-study options.

• Net Price Calculators: Every college must have a net price calculator on their website. By entering the requested information, you will receive a good-faith estimate of the cost of attendance at each school.

When using these tools, look beyond sticker price. Consider the net price, the actual amount students pay after grants and scholarships. Some colleges with higher tuition may offer generous aid packages that make them affordable.

factor in living expenses and other costs

Tuition is only part of the total cost. Consider:

• Housing and meal plans

• Books and supplies

• Transportation

• Personal expenses

Living in a college town with a lower cost of living can reduce expenses. For instance, schools in rural or suburban areas often have cheaper housing than those in major cities.