"For Students Only"

We hear the stories every day.  You (the student), Mom and/or Dad make some college visits.  It’s lovely. Everyone smiles and waves hello…so you fall in love with the school.  After you’re accepted, your parents discover too late what it will cost them.

The Results?

Either total devastation as you realize that you can’t go to your dream school that you’ve worked so hard to get into.

OR
Massive student loans borrowed by you (the student) and your parents to make it happen.
Either total devastation as you realize that you can’t go to your dream school that you’ve worked so hard to get into.
OR
Massive student loans borrowed by you (the student) and your parents to make it happen.

Too many families only look at the academic and social fit.  The financial fit is a bigger part of the decision. Over one trillion dollars of student debt in the USA did not come from “best fit” universities.  It came from making uninformed decisions.

Taking Emotion Out of the Decision

In the fictional video to your right you will meet Michael, a college-hopeful who seems to be stuck with his decision to attend his local “state school”. As you journey with him through his freshman year experiences you will see that there are always other options out there.

The decision is never straightforward. Making the college decision, for most people, is a confusing, nerve-racking, and frustrating experience.

Start Talking – the 3 step process

When it’s time to look for a car, you don’t go shopping without a budget in mind.  You don’t test drive your dream car only to discover what it will cost afterwards. In the same way, having the college money talk with your parents before you start going for the test drives (college visits) keeps everybody on the same page (at least in the same book). Schedule a time to have “The Talk” with your parents.  Put it on the calendar or it won’t happen!

Sit down with your parents, seriously look at the facts, and answer these questions.

  • How much have you saved “for my college (and your siblings)”? Sadly, many parents have NO money set aside for college.
  • How much can we add to the college savings account before school starts?
  • How much will you be responsible for? Would you have to borrow for that?
  • Understand how much you can borrow each year as a student. It’s probably much less than you think. $5,000 for most freshman at a 4-year college or university…$7,500 as a senior.
  • Do you qualify for Need-based aid? Start with the FAFSA4caster to figure out your family’s Expected Family Contribution (EFC) at FAFSA.ed.gov
  • How much will college cost? It’s not difficult to get the figures for your in-state options. Just go to the website of the college and search for Cost of Attendance.
  • Will you qualify for significant Merit-Based Scholarships (at least half tuition) based on your hard work (GPA, SAT or ACT)?
  • How much will college cost…really?
  • What is your 4 to 6 year plan? Most students take more than 4 years to graduate from college. According to The National Student Clearinghouse Research Center Signature Report, the current projection for in-state universities is 5.1 years for an undergraduate degree.
After you gather this information, request an appointment to meet with us and get started on the Know Your Score Process.
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