Understanding Affordability in the College Search
While you may not often say “college” and “affordable” in the same sentence, it is possible for your student to find a great college match AND have it be one that your student and family feel comfortable paying for. When building a college list, finalizing that college list (determining which schools to apply to), and making final decisions on which school to attend, affordability and value are factors that must be considered. It is possible to find colleges that are a great fit for your student, meaning it meets most or all of their criteria, and also have an affordable price tag; you and your student just may need to be open to learning about new opportunities!
Capitalize on Merit Aid
By finding colleges that fit your student’s academic profile and provide merit aid, you’re opening yourself up to options that allow you to really take advantage of a type of aid you may not have previously focused on. Merit aid can be used in addition to need-based aid, and some schools offer more than others. Be sure to know which schools do NOT offer merit scholarships so you aren’t caught off guard. In order to ensure the most possible merit aid, your student needs a strong academic profile. Focus on strong academics (and an upward trend if possible) throughout high school to enhance your options. Typically, SAT and ACT scores are also included in merit aid decisions. I’m writing this during a time of COVID when colleges are waiving these requirements, but it’s important to consider if you are able to test safely.
Be Open to Options
There’s probably a few name-brand colleges you’ve heard of that often make their way across the chest of a sweatshirt. But on top of these household names, there are literally thousands of other options. By opening yourself up to colleges you or your student have never heard of, and even colleges in other states or geographic regions, you can maximize your student’s choices of finding schools that meet their criteria AND offer a substantial merit aid package. Those pricey private schools may not seem so pricey when you consider the merit aid available to your student compared to that available at the state school down the road. This isn’t always the case, as every student and every college is different, which is why it’s important to...
Do Your Research
Having a specific budget in mind doesn’t necessarily make the college admissions process harder for you, but it may require some additional time to hone in on those choices that make the most sense for your family in all aspects: academically, socially, and financially. This includes finding colleges with an academic profile close to your student, a price tag you can afford (after all aid is said and done) and one that your student is excited to attend and can thrive at. A college consultant can take the time to find affordable best-fit colleges for your student, and your student’s guidance counselor may also be able to assist if given adequate notice. Also, consider building time into your timeline for your student to research and apply for local scholarships (your best bet for private money!)
Things to Consider
Some families who have a little financial give, but don’t want to spend their money carelessly, may also want to consider college as an investment and researching the value of your student’s degree. Does the school have a career center available for your student to meet with career counselors? Do companies visit the school in hopes of hiring their students? Maybe the specific academic department also has career counselors available to help your student find field-specific jobs after graduation? Are there connections made with alumni? Will your student be happy and thrive in this field? Specific to availability, you can also determine how much you can afford to spend on college for the next four years and consider if you have more children who will be attending college in the next few years. Are you willing to take out parent loans, and is that the best choice for your family? Is there any amount of money you will be saving by your child not living at home? Think about all options and make a sound decision that is best for your family.
Debt is not necessary to find your student’s best match college with a best match price tag. While it may require a bit more research, there are thousands of options available with at least a handful of them being best-fit choices academically, financially, and socially for your student.