FINANCIAL AID
Does the price of your child’s favorite college cause you to do a double take?
Don’t be fooled by a college’s sticker price—that number doesn’t tell the whole story. At College By Design, I will help you navigate the application process to find colleges that match your child’s needs while fitting your budget. I offer a comprehensive explanation of the true “Cost of Attendance” (COA), walk you through the hidden costs of college (lab fees, art supplies, health care, travel, activities fees), and give you the tools you need to determine the difference between the sticker price and what those who qualify for need may actually pay. I will discuss merit aid, need-based aid, how to find scholarships, and help you determine if you should fill out the FAFSA (the Free Application for Federal Student aid), the CSS Profile (College Scholarship Service), or both.
Apart from purchasing a home, college is the biggest investment you will ever make.
In today’s economic environment, it is essential that you be upfront with your children about what you can afford, what you are willing to spend, whether you are willing to take out a loan (or allow your child take out a loan), and discuss what repayment will look like for these loans. I am here to help you facilitate these delicate conversations, and please know that there are great match schools at all different price points. When thinking about affordability and budget, ask yourself this question: Would you allow your teen to try on a $2,000 designer prom dress when her budget was $200? I think most of you will answer, “Of course not!” With that in mind, I want everyone to be on the same page early on in regards to budget; being honest about what your family can afford/is willing to pay is essential to creating a trusting environment for your teen. It is my job to help make the application process more transparent, and I ask that you give that same transparency to your child in regards to budget.
Have a lot of questions?
College By Design is here to guide you, and I will also help you identify what questions to ask. The sticker price of a college does not showcase the true “Cost of Attendance,” and thus you need to know what to look for so you don’t have any surprises later on. For example, do courses with labs cost more money? Will an art class cost more if a student wants studio space? Will certain classes require specific software that students must purchase? Are there different meal-plan options? Does the school require your child to have a specific health care plan? Are things like counseling or physical therapy included in that health plan? Will living in a certain dorm cost more than another dorm? When a college lists travel costs, does that estimation include on-campus transportation, transport within the city or town, or does it solely refer to travel home on breaks? Are there activity fees each year? Does Freshman Orientation cost extra? Do the schools your child is looking at offer merit aid? If your child receives outside scholarships, will that impact his/her financial aid package if you qualify for need-based aid? Many of these questions require digging; some can be found on college websites, others will require speaking to admission reps. I will help you identify what questions to ask, and help you or your child pose these important questions so you have a better grasp on what to expect.
