After the funding of your home, the cost of your student’s college experience is probably the largest outlay your family will make. That’s why it’s important to start early (the sweet spot is your child’s sophomore year of high school) and be smart about amassing your list of potential schools. There are four factors that […]
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After the funding of your home, the cost of your student’s college experience is probably the largest outlay your family will make. That’s why it’s important to start early (the sweet spot is your child’s sophomore year of high school) and be smart about amassing your list of potential schools.
There are four factors that go into helping you identify the best deal and best price for this all-important decision and we’ll examine them here.
- First off is price. A word to the wise: Price is never the “published” cost of a year at a school and varies by every family. To find your price, take advantage of net price calculators which spell out the net cost of one year at a school after your child’s likely scholarships and grants (free money) are subtracted.
Schools must publish on-line net price calculators and you can find them by Googling the name of a school and “net price calculator.” Arm yourself with your latest tax return and your current nonretirement and bank account statements along with your child’s GPA and test scores, if applicable.
- The next thing to know is your Expected Family Contribution. This is a number that calculates what a financial aid formula would expect your family to pay based on income, assets, family size and other factors. It can tell you if you can expect financial aid or if you need to seek out schools that will offer you generous merit aid.
It’s a tricky number to calculate and filling out the FAFSA financial aid form during your child’s senior year will accomplish it, but you can find out early with the help of a professional to start your college search early.
- Next up – find out about schools’ graduation rates. The percentage of freshman who actually graduate and how long it takes them. If you Google “College Completion,” you will be taken to the College Results Online site and find graduation rates for all schools. Most parents assume they will be paying for four years of college, but, less and less, that isn’t the case and being armed with this information is important to your college search.
- Lastly, families need to research salaries that can be expected after graduation. Knowing the expected “Return on Investment” is powerful and often surprising. Go to the site “Educate to Career” to receive average salaries by major at all colleges and universities ten years after graduation.
Three of the four factors above are easily do-it-yourself. I would love to be a resource and assist you with your complimentary Expected Family Contribution. Please call (563) 949-4705 or email [email protected].
Happy hunting!
Heidi Huiskamp Collins is the CEO of Huiskamp Collins Educational Planning LLC, Bettendorf. She can be reached at [email protected].
