Financial Aid Advice
Having trouble figuring out just how much college is going to cost? Worried about raising the money you'll need? We've gathered some of the most frequently asked questions and condensed the advice of dozens of experts into a few simple steps.
Can't figure out how much the school is really going to cost you?
• Look for the school's total cost of attendance (COA)—which includes tuition, fees, room, board, books, travel, and miscellaneous living expenses—in the papers the school sent, or on its website.
• If you can't find the total COA, you can estimate it yourself by adding tuition, fees, room, board, and about $3,500 or so.
• If you can't find the COA, you can also call and ask the college financial aid office for the COA. Make sure they don't just give you the total "direct costs," which accounts for only tuition, fees, room, and board. Federal law requires schools to make available to students their official total cost of attendance.
• Subtract the total of your free money (grants and scholarships) from the COA. If you have trouble with the math, ask the financial aid office for help calculating your out-of-pocket costs. Explain that you want your cost only after grants and scholarships have been subtracted from your total cost of attendance.
Having trouble estimating your true cost of a degree?
• Enter the school's name in this federal government web tool. After you've clicked on the school's name, click on "Retention/Graduation rates" on the left. The second chart on the right gives the percentage of students who graduate in four, five, and six years.
• Calculate next year's true cost of attendance by adding up tuition, fees, room, board, books, travel, and miscellaneous expenses. Then subtract out your free money (grants and scholarships).
• Multiply your net cost by four if the federal statistics indicate most students at your school graduate in four years. If most students take longer, then multiply by five, or even six, depending on the school's statistics. Increase the total by about 10 percent to account for probable inflation.
Haven't received enough aid?
• Figure out your total cost of attendance by adding up ALL the costs: tuition, fees, room, board, books, travel, and miscellaneous living expenses. Then subtract out only the free money (grants and scholarships).
• If your true cost seems unaffordable, BEFORE YOU SEND IN YOUR DEPOSIT BY THE MAY 1 DEADLINE, gather your family's financial information to see if there is any cost that was not accounted for by the FAFSA or PROFILE, such as medical bills, funerals, support of a relative, etc.
• Gather any evidence of a reduction in the family's income since the FAFSA was filed, such as a job loss.
• Prepare an argument as to why you legitimately cannot afford to pay what the college is asking. Warning: Schools won't be sympathetic if you can't pay because you've just bought a new truck or have vacation plans. Also, if you lowballed your income on the FAFSA or PROFILE, don't appeal. Schools taking a second, harder look at your application might decide to reduce your aid.
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