WWW.QNS.COM RIDGEWOOD TIMES OCTOBER 10, 2019 35
The last year of high school is a
whirl of activity, and it’s no diff erent
when it comes to the fi nal leg of
college selection. Once the acceptance
notifi cations arrive, it will soon be time
to sit down with a diff erent stack of mail:
fi nancial aid letters.
As you undoubtedly know, the cost
of college is no small investment. In
the 2017-18 academic year, the average
tuition and fees for four-year public
colleges is $25,620, while for private colleges,
the costs are $33,520, and public
two-year colleges cost $3,570, according
to the College Board.
At the same time, the College Board
reports that more than 70 percent of
students receive grants to help pay for
college. Hopefully, those fi nancial letters
contain some good news.
For most families, analyzing the letters
is a process of uncovering the college
that can off er the best education at
the best value for your student. One way
to get there is to parse the details of the
letter itself so you understand the net
cost of your student’s education. Still,
it’s critical to look at other factors and
opportunities around higher education
costs. Taking a deeper look at these can
help you and your student reach the
best possible decision.
Deciphering free aid vs. other options:
Take a close look at each line in
the aid column. Key words, such as
scholarships, grants and fellowships,
signal no-strings money for school.
Work-study and student loan packages
are options that will need students to
fi nd a job or pay the money back.
Cost-of-living expenses: Think about
those extra costs that come up over the
weeks and months of any college year,
such as meals, phone, transportation
and laundry. Don’t forget entertainment.
Aft er all, they’re not going to
spend all their time studying in their
dorm room. Does the campus and community
off er plenty of low-cost and
no-cost attractions and entertainment
so they can have fun with their friends
without breaking the bank?
Local economy: One thing worth
considering is the local economy of the
fi rst-choice school, especially if your
student may want to pick up a part-time
job along the way. Even better, look for
local employers that are compatible
with your child’s career goals. An entrylevel
job at one of these workplaces can
help make ends meet, while making
your student more marketable when
it’s time to graduate.
Student achievement: Do a little digging
on the success rate for students
and graduates, so you have an idea
on whether the school has a high job
placement rate aft er graduation. Know
the school’s graduation rate, along
with the average fi rst-year salary for
graduates.
Ongoing costs: The fi nancial aid letter
describes the student’s fi rst year. As
much as you can, do some forecasting
for the next three to four years. It’s especially
important to understand whether
awards are renewable, or if they’re
available only to fi rst-year students.
Negotiation: If the college isn’t coming
through with enough aid to make
college aff ordable for your student and
family, don’t give up. You might be able
to negotiate more aid. Submit a letter
and ask for a follow-up appointment.
Be specifi c about what you are requesting,
and be sure to explain if you have
specifi c circumstances such as medical
costs or a job loss that may have aff ected
your ability to meet the expected family
contribution.
If you fi nd the amount of fi nancial
aid provided isn’t enough (including
the amount off ered in federal loans),
families may want to research and
explore private student loans as an
option to cover the additional expenses.
Look for competitive interest
rates and fl exible repayment options
that match your budget. College Ave
Student Loans also off ers a calculator
that showcases how much families can
save with various loan options at www.
collegeavestudentloans.com.
— BPT
EDUCATION
What to consider when the
financial aid letter arrives
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