During These Harsh Economic Times Can You Really Afford College?
October 30, 2009
College Funding is Possible for Anyone!
Guest Blogger: Whitney McGinnis, OrgSync Campus Liaison
Many young people are probably asking themselves, “How am I going to afford to go to college in this global financial crisis that we are in?” The more important question to ask is, “How can I NOT afford to go to college?” When the economy settles it will be more important than ever to have a college degree.
Lots of students think that college is too expensive and out of reach, but that’s where things such as scholarships, grants, and financial aid loans come into the picture. I have a lot of friends who are paying for college without any assistance from their parents, and say that it took a bit more effort to find the grants and scholarships, but that it is totally worth it.
It is important to compare cost of attendance (COA) when choosing which college you can afford to attend:
- Look for the school’s total COA—which includes tuition, fees, room, board, books, travel, and miscellaneous living expenses. This information will be located on the institution’s website or at their financial aid office.
- Make sure you are not given the total “direct costs,” which only accounts for tuition, fees, room, and board. Federal law requires schools to make their official total cost of attendance available to students.
- You may want to subtract your grants and scholarships from the COA to see how much money you will contribute to your COA either out-of-pocket or with student loans and if this amount is feasible. Your prospective college’s financial aid office will help you with the math if you have any problems.
So, how can you pay for college? According to a study by US News, almost 87% of college students have some sort of Aid (scholarships, grants, or financial aid) to help them pay for school, with the largest majority of aid coming from federal financial aid.
How does a student choose which type of aid is right for them? Start by:
- Filling out a FAFSA form (Free Application for Federal Student Aid; http://www.fafsa.ed.gov/ ), to gain access to many unknown scholarships and grants.
- Check with your school or University’s financial aid office to gain information about scholarships and grants that may be available to you by the school.
- Talk with your school guidance counselor about scholarships they might know about. Many times community groups will have a scholarship set up that students are not aware of and the money goes unused.
- Search the Internet for possible scholarships or grants.
Remember that there are people and institutions who want to give money away, you just have to be willing to put in the time to do the research, fill out the application, and write a few essays, (essays you can possibly utilize for multiple applications.)
Almost anyone will tell you that the expense of college is worth the benefits. This is my Cost of Attendance per semester:
Tuition :$2,000
Books: $500
Room & Board: $3,000
Lab Fees: $125
Miscellaneous: $500
Lessons learned, friends made, & experiences gained : PRICELESS
