Parents, are you concerned about college tuition, room and board and other fees? INvestEd, a not-for-profit company geared to help provide Hoosier families with responsible options for literacy and lending in education, will be presenting solutions to the college payment conundrum on Tuesday, September 26 in the Scholarship and Financial Aid presentation at 7:00 p.m. in the Lecture Hall. Parents from all grade levels, especially grades 9-12, can learn more about applying for scholarships and financial aid and saving for college.
Families find that paying for college is one of the major financial investments. Statistics show that it costs nearly $200,000 to send two children to a four-year in-state public university. Private colleges and universities may cost much more, depending on where they are located and whether they offer scholarships and grants. This investment in continuing education is one that requires careful planning and saving options to minimize debt after graduation.
There are a number of resources to help families manage the college application and matriculation process. First, families need to be up front about how much they are willing/able to spend on college. Many students have no idea what the family income is, let alone the budget and debt load parents are managing. A sincere heart-to-heart discussion on finances prior to applying to college can head off great disappointment later. If this conversation is postponed, a student may get into the school of their dreams only to find that the family is unable to afford the tuition.
Next, families need to explore all financial options, from academic, merit or talent-based scholarships to need-based financial aid. Beware that not all colleges or universities are able to cover a family's financial "need" and there may be "gaps" between the financial aid offered and the total cost of attending the university. In this case, families need to decide if taking out loans to pay for college is an option and whether the student or parent or both will be taking out these loans.
Researching the true costs of attending a college or university is essential and students can start that research now. Each university is required to post a "Net Price Calculator" that allows families to enter their personal income information and get an "Estimated Family Contribution" or the amount that a family may be expected to pay to attend.
The college search and application process is a special time for students and their families. Make the most of this journey by planning for and talking about paying for college early in the process.
Here is a list of resources to help you prepare and pay for college, which can also be found on the Park Tudor College Counseling page:
Scholarship Searches
Need-based Aid
Federal Student Aid
FAFSA
FinAid