College is an investment. It’s an investment in ourselves and our futures. There’s no doubt that colleges have big sticker prices attached to them. However, you most likely will not pay the full cost listed on the website. Let’s discuss.
The Cost of Attendance (COA) is the estimated cost to attend a school each year. It’s comprised of tuition and fees, room and board, supplies and books, transportation, and personal expenses. Schools will only charge you for direct costs: tuition, fees, and room and board (if living on campus). Keep in mind that tuition and fees may depend on the number of credits you are enrolled in and the major you are pursuing. Room and board rates also vary depending on the type of on-campus housing you choose and the meal plan you select. There are options for every budget.
Indirect costs such as transportation, supplies, books, and personal expenses are not charged by the school and are completely in your control. It’s important to be mindful of your spending, so creating a budget would be very useful. Books can be a huge expense in college. However, if your course textbooks are available to rent, borrow, or buy used, you may consider one of these options versus purchasing brand new books. If you and your friends bring cars to school, your group may opt to carpool or utilize the school’s bus system to run errands. There are a variety of ways to keep save money in college!
How does the COA factor into financial aid? Every October 1st, the Free Application for Federal Student Aid (FAFSA) becomes available for the upcoming school year. The information provided on your FAFSA calculates the Expected Family Contribution (EFC). The financial aid office takes your EFC and subtracts it from the school’s COA to calculate your financial need, which is used to determine how much federal student aid you are eligible to receive.
What exactly is financial aid? Financial aid is money that helps you pay for college. There are two types of aid: need-based and merit-based. Need-based aid is dependent on financial need whereas merit-based aid is based on academic achievement, talents, and interests. Furthermore, financial aid is typically awarded in the form of scholarships, grants, loans, and work-study. Scholarships and grants are known as gift aid, money that does not have to be paid back. Work-study and loans are considered as self-help aid, because you are either working to earn the money or borrowing money that will need to be repaid.
Be advised that schools may utilize additional applications for institutional aid. For instance, the CSS Profile is a financial aid application used by over 400 institutions and scholarship programs to award financial aid outside of the federal government. For students who are not eligible to complete the FAFSA, check to see if you can apply for state aid where you reside (example: TASFA for Texas Residents).
There are an abundance of financial resources available to help make college more affordable. You just have to do your research and apply! Below are a few resources to explore to get you started. If you need help, please be sure to advocate for yourself. Reach out to your high school counselor and teachers, talk to financial aid counselors at your prospective schools, and be sure to talk to your parents. Having an open conversation will help everyone understand what options are available.
Scholarship and Financial Aid Resources:
Paying for College: Learn about Financial Aid, Scholarships and FAFSA (collegeboard.org)
Find Scholarships for College for FREE | Fastweb
QuestBridge | National College Match
Providing Access to College Scholarships | Scholarship America
Find College Scholarships – Niche
State Financial Aid Programs (nasfaa.org)
* Be sure to apply for scholarships at your prospective colleges.
* Foundations, corporations, and professional organizations in your area may also scholarship opportunities available to high school students!
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