The real cost of college: don't let a schools sticker price shock you into not applying

Careers and Colleges, Nov-Dec, 2003 by Tracey Randinelli

PERSONAL EXPENSES. This covers laundry, toothpaste, soap, movies, latenight pizza, ski trips, parties, and everything else you're going to spend to take care of and entertain yourself. And that's not cheap.

MISCELLANEOUS. This accounts for those expenses not necessarily incurred by every student. Joining a fraternity or sorority? Plan on spending several hundred dollars for membership fees, T-shirts and events. Headed to Florida for spring break? Keep travel and housing costs in mind.

NEGOTIATE YOUR AID PACKAGE

Once you have a clear picture of your costs and the amount of aid you're receiving, you will then know if you and your family have enough to pay the difference, If you're going to have great difficulty paying the balance, think about contacting the school's financial aid office. Your college may not have taken into account financial hardships like sick family members or a parent who's recently lost a job.

"For a school that is relying only on the FAFSA," says the College Board's Joyce, "it's very important that the student take an extra step to explain his or her family situation. Show that the most recent tax return doesn't reflect the current situation of the household."

If you do approach a school's financial aid office with a request for more money, be specific about your needs. "Don't say, 'I need lots more,'" explains Kramer. "Say 'I need an additional $3,000 of aid to make this a reality,' so that when the financial aid officer goes hack to the department, he or she has specific points to make."

Bear in mind, though, that it's not likely the financial aid office will throw another $10,000 your way just for the asking. Often, the funds simply aren't available. "Resources are finite to a certain point," reminds Bodofsky.

THINK ABOUT LESS PRICEY OPTIONS

If you think you can swing the amount the school will cost you, great--sign the acceptance and start packing your bags. But don't feel disappointed if you decide the final figure is just not something your family can handle. Just because you can't afford one school doesn't mean you can't get a quality education somewhere less expensive. Bodofsky points out that many state schools are comparable in quality to the Ivy Leagues.

"You can get a quality education anywhere," says Michael Hendricks, dean of admission at Widener University in Chester, Pennsylvania. "It's what you put into it."

What Will College Cost Me?

As you receive financial aid offers, you will want to easily compare
how much each school will actually cost you. This chart will help you
see if you're receiving sufficient financial aid to meet your need.
Note: To fill In your EFC in number 7, you will need your Student Aid
Report (See the FAFSA article on page 25.)

SCHOOL

COSTS

1. Tuition/fees
2. Books/supplies
3. Room/board
4. Transportation
5. Personal/miscellaneous expenses
6. TOTAL EXPENSES (Add 1-5)
7. Expected Family Contribution (EFC)
8. TOTAL NEED (Subtract 7 from 6)

FINANCIAL AID

9. Scholarships
10. Grants
11. Work-Study
12. Tax Credits
13. Students Loans
14. TOTAL FINANCIAL AID
(Add 9-13; should equal NEED)

15. TOTAL COST OF COLLEGE AFTER
AID (Subtract 14 to 6)

Tracey Randinelli lowered her costs at the
University of Delaware by earning AP credits
and graduating in three years instead of four.