541788_92834102Are you a high school student with a dream college in mind? The straight A student might be thinking Harvard…A student with a love of science may want to attend MIT while others know certain colleges and universities have frats and sororities and an alumni network that will help them get a job after they graduate, and that is a big factor in choosing their dream school.

But many of these students then have to look at the bottom line cost for their dream schools and wonder how their family is going to be able to pay for the expenses.

Today, the total cost of college is enormous – and it’s not just the tuition, fees, and books. It’s also the housing and food and other expenses. If your chosen school is quite a ways from your family’s home, then you also have the cost of transportation between the school and home during the school year, and then you have to factor in the occasional ‘extras’ – sporting events, a movie, pizza, clothing. It all adds up!

Colleges know that there are expenses beyond tuition – they call this the Total Cost of Attendance and it supposedly covers all of these variables. For Harvard, that TCA is $52,650, MIT, it is $50,100, USC runs $65,000. And yes, these figures are more than most families make in a year.

So, the question is whether you can afford to go to the expensive college you want, or you should choose a less expensive state school that is closer to home.

Surprisingly, many students find that after they complete all the paperwork and really compare the costs – the ‘expensive’ school and the local school may cost their family the same amount. Once you complete the FAFSA, and you get your expected family contribution (EFC)you will find the number is the same whether you are attending a school that costs $15,000 or $50,000.

But – if you qualify for one of the many programs available at major schools – such as Harvard, MIT, and USC – these schools will guarantee to meet demonstrated need. That means, they will find the money in terms of scholarships, grants, work study, and loans, to make sure you can attend.

Harvard goes a step farther and charges no fees (including fees for room and board) for students whose families make less than $80,000 a year.

There are, of course, schools that cannot meet the financial need of their accepted students, but these tend to be private schools with more limited endowments. These colleges may be need-blind in admissions, but meet the full demonstrated need of only a portion of their students. That means that you may have to take out private loans to fill the gap.

The only way you will know whether a dream school is accessable to you financially is to apply for admission and then fill out the FAFSA. These two actions put the financial aid process into motion. After you have been accepted, the school will do the things it can to get you to come to their school. That includes putting together the most attractive financial aid package.

Ironically, you have the best bet of getting a good financial aid package at the big name, expensive schools.

Originally posted 2009-04-10 20:03:12. Republished by Old Post Promoter.

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