34 THE QUEENS COURIER • COLLEGE GUIDE • APRIL 12, 2018 FOR BREAKING NEWS VISIT WWW.QNS.COM
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6 other college costs (and opportunities) to
consider when the fi nancial aid letter arrives
Th e 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 different
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 twoyear
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: Th ink 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 rstchoice
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 entry-level 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: Th e 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.
Courtesy BPT
/www.collegeavestudentloans.com
/www.collegeavestudentloans.com
