Planning for College Costs

UniversityAre you a parent of a teenager planning to attend college in the next year or so?   If so, you may want to check out the website of the U.S. Department of Education which shows the affordability of college.  There are tabs for public and private schools, for and not for profit, 2 and 4 years, most expensive and least expensive.  It also includes highest net prices (after aid) and lists the highest prices of tuition.  This is important to review when determining if you can afford a particular school.  Many times scholarships and financial aid can bring the costs of college down to a reasonable level even if the tuition looks to be significantly higher.

The website also shows how fast costs are rising.  You are able to generate a report by choosing type of school and what figure you would like to see.  Review the list of highest increase rates as a percentage compared to a few years ago.  It also has a function that allows you to search for colleges and apply for financial aid.

If you need help deciding what option is best for you, there are financial planners who specialize in college planning.  They can help you see what your expected family contribution will be based on your financial situation (a key factor in financial aid) and what your options are for paying that college bill when it comes due.

Take the time to investigate now.  The total cost of school shouldn’t be the only factor when determining where to go, but it is an important factor in the final decision process.  Take the time now to see what you should expect for your child’s college tuition.

The link to the site is http://collegecost.ed.gov/catc/Default.aspx.