pay the way college costs
What Will College REALLY Cost ?
Let ’ s just assume for the sake of this article that you ’ ve already taken a peek at the cost of a 4-year college and have moved past the initial phase of dollar sign-induced panic .
No ? Okay , prepare yourself : the cost of tuition , room and board at a public university in Alabama will cost you around $ 20,000 per year .
Need a minute ? That ’ s okay , we ’ ll wait …
Okay , now that you ’ ve ( sort of ) recovered , you ’ re ready to tackle the numbers head-on and make a plan … but you ’ re not quite sure how to get an accurate estimate of the exact price tag or how much scholarship and financial aid money you ’ ll receive to bridge the gap . It can be impossible to make a plan without these numbers ! Where to begin ?
You may feel completely in the dark , but here ’ s a little secret : there are a couple of tools that will give you a pretty accurate estimate of what your college will cost , how much money you can expect to receive , and what your out-of-pocket expenses will be . Let ’ s get started !
School Calculators
Here is a little-known fact : Every college with a federal aid program is required by law to have a net cost calculator on their website . This school-specific calculator is an invaluable planning tool , and one that many families don ’ t know exist or simply do not avail themselves of . You enter your financial information , test scores , and GPA and the calculator will give a very good estimate of what aid and scholarships you will qualify for and what your out-of-pocket costs will be- even including room and board expenses ! You can find them by going to the college ’ s website and searching for “ net cost calculator .”
Trust the Estimate
Of course these tools only give an estimate of what you may qualify for , but they tend to be very accurate , so try not to be tempted into wishful thinking and assume that you ’ ll be awarded with more aid or scholarship money than the calculators predict . Just remember , the more accurate the information you provide , the more accurate your estimate will be !
FAFSA4Caster Estimator
If you haven ’ t heard of the FAFSA yet , here ’ s a quick introduction : The Free Application for Federal Student Aid is the form you will fill out in the fall prior to high school graduation and it is the only way to receive financial aid such as grants and federal student loans .
You cannot fill your FAFSA out any earlier than October of your senior year , but you can submit your information into the FAFSA4Caster at any time , which will give you an estimate of how much federal student aid you will qualify for so that you can choose your college wisely and start planning . The FAFSA4Caster also provides a worksheet where you can enter in other contributions , such as outside scholarships and college savings , so you can really see what you ’ re working with .
How Prepared Are You ?
According to Sallie Mae , the average family has saved a total of $ 16,380 for college costs .
A public four-year in-state college costs an average of $ 19,548 … per year ! That ' s $ 78,192 total !
For another great college-planning tool , check out Potential ’ s College Organizer !
16 | Fall 2017 www . potentialmagazine . com