How to Pick the Best College for You (and Your Wallet)

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I also disagree that loans are not financial aid. Loans are subsidized, guaranteed, and have interest rate caps. Without this form of financial aid many students would not be able to attend college at all. Loans also come with many debt relief options available in the form of deferments, forbearance, and loan forgiveness programs. These benefits are not found in many, if any, consumer loans. Going to college should be both a private and public good and it is not free. Sometimes borrowing is needed so a student can attend the right college for them. Of course saving and getting grants and scholarships for college is the best option, but borrowing for others may be the only option. Families should plan for their children to attend college and the federal and state governments must continue to subsidize public institutions. The government should continue to provide financial aid in all forms necessary to fill the gap to ensure access. However, we need to stop thinking college is free and prepare academically and financially so the burden is not put solely on the shoulders of the taxpayers.

Eugene of FL 6:48PM April 04, 2010

i am an over sea student.Can I get benefit from this aid since iam willing to complete my studies and i dont have the chance in my residence.I am a palestenian refugee and i have no right t return to my country and at the same time i am not allowed to study in the universities where iam staying.Your response is highly apeciated.

aida maarouf of NY 1:47AM April 04, 2010

While I recognize what Minors is trying to say, I disagree that "loans aren't really financial aid." How many of us could buy a house if it were not for loans? A college loan helped enable our family to have our three daughters attend the college of their choice. Yes, they're having to pay off the loans, but without them, it would not have been possible. I am a college counselor, and nothing is more important to me than having my students choose a college that's a great fit for them -- a place where they really belong, where they feel at home, and where they will thrive. What a great investment in the rest of their lives!

Dan Crabtree of IL 10:24PM April 03, 2010

While I agree with Mark's comments, I think that determining the cost of a year of college contains additional complexity that families should consider. The "Cost of Attendance" that each school uses to determine a student's financial aid eligibility contains several averaged figures, and include direct (billed) and indirect costs, making it likely that no family will pay exactly that amount. For example, students will spend varying amounts on books, food, and recreation -- and some of those costs can be minimized through comparison shopping and careful budgeting. Also, not all of the Cost of Attendance components will represent new costs to families. During the year before the student enrolls, and of course for the many preceding years, families have dedicated a portion of their budgets to the care and feeding of that student. If families think of that amount as moving to a new location rather than ending, they can deduct it from the Cost of Attendance to help them determine a more realistic figure for the extra costs that they will incur during the student's first year. Considering college costs from those perspectives will likely make any college seem more financially within reach.

Mike Johnson, Director of Financial Aid, Pacific University of OR 11:33AM April 02, 2010