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College Funding 101
You have a child who is approaching college age and now you have
to face what you've been trying to avoid for years: how to pay
for that college education! Most parents remember when college
tuition, room and board could be had for under $5,000 per year.
Now, the price of many private institutions hovers at (or above)
$30,000 per year. Multiply that times four years and we're
talking about a home mortgage rather than an education! Before
you are tempted to send your son or daughter straight to the
work world, there are some basics of financing a college
education that you need to understand.
According to the Higher Education Act of 1965, which is the law
that governs student aid, it is the parents responsibility to
educate their children beyond the 12th grade. Most importantly,
the law also states that if a family can demonstrate need, then
the government will assist in paying for such an education. How
is need determined? The basic formula is simple:
Cost of Attendance - Family Contribution = Financial Need
Cost of Attendance The first component of determining your
financial need is to determine the cost of attendance. The
financial aid administrator at each college develops an average
cost of attendance for different categories of students. This
will include tuition & fees, room & board, books, transportation
and miscellaneous expenses. Bear in mind, this cost can vary
somewhat for students in different situations. For example, the
New Jersey student attending college in California will
obviously have higher transportation expenses than the
California student attending the same college.
Family Contribution The next part of the formula is the Expected
Family Contribution, or EFC. It is determined by the need
analysis methodology as prescribed by federal law. The EFC is
the amount you will be expected to contribute towards your
student's educational expenses during the academic year. It must
be recalculated every year. The Free Application for Federal
Student Aid (FAFSA) is the method used by most colleges for
gathering the personal and financial information necessary to
calculate your EFC. This method takes into account your income
and
liquid assets which, theoretically, could all be available
to pay for college. One point to be aware of is that your
family's EFC does not vary with the number of students in school
at one time. There was a time where I thought it was a good
thing that my kids were spaced four years apart. Now, I realize
that did not work to my advantage in the college funding game!
So, for the parents who will have multiple students in school at
the same time, this is very good news. Many colleges have
financial aid calculators on their web sites which can give you
an idea of what your EFC will be.
Financial Need So, let's do the math. If your daughter applies
to a school with a $30,000 cost of attendance and your EFC is
$16,000 per year, your financial need is $14,000. This need can
be met by a variety of federal, state and institutional grants,
federal work-study monies and low interest student loans. Of
course, you will want to look for colleges which have a history
of giving good financial aid packages which may even be above
your calculated need.
Other Items to Consider * Avoid the scholarship search game. Of
the $117 billion in financial aid available in 2004-2005, less
than 1% came from private scholarships (most aid comes in the
form of the aforementioned grants, work-study programs and
loans). Many families waste a lot of time and effort going after
that small slice. * Always apply to at least four to six schools
that are rated equally. This way, if your child gets accepted to
them all, you may be able to negotiate for a better financial
aid package. Don't be afraid to appeal for a better financial
aid package! * Increase your income! Obviously, even with the
financial aid that is available, college will still be a stretch
for most families. You may want to consider starting an on-line
business. There are many people supplementing their incomes on
the internet. Stay away from get-rich-quick schemes and do your
research first!
About the author:
Dave Keegan works full-time as a systems analyst for a large
corporation and has quality ideas for helping people get started
in internet marketing. For more information, visit:
www.dkeeganonline.com
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