The cost of a college education in the United States is rising. According to the College Board, it can cost your family $23,890 to send your student to an in-state public school, and $32,410 for a private school. To help American families with college costs, federal and state governments and colleges give more than $200 billion annually in financial aid. Your student can apply for financial aid to receive support to help meet the costs of obtaining a college education.
You may remember months ago you completed the Free Application for Financial Student Aid (FAFSA). The FAFSA form, sponsored by the U.S. State Department of Education provided your family with an index called the Expected Family Contribution (EFC). This amount told colleges how much you could afford to pay for the cost of attendance, including tuition, room, board, and fees. With this information, colleges formulated a financial aid package comprised of scholarships, grants, work-study, and loans. If the college does not provide your family with a competitive package, read this article to learn tips on negotiating a better financial aid package. Also, download a free sample template letter.
Getting accepted to college will be the first of many great accomplishments in your life. After crafting the perfect application – taking SAT exams, preparing for interviews, and writing essays that best captures you — the hard work paid off. But what comes next?
High college costs are commonly a pain point families are tormented by when planning their student’s future. Start a 529 Plan. A 529 Plan is an investment account that you can use to save for higher education expenses.
The costs of higher education are rising. According to a recent College Board survey, today’s college education costs approximately $24,061 for an in-state public college and $47,831 for a private college, up 3% since last year.Inadequate planning through the college financial aid process can bring the burden of unnecessary debt in the form of unsubsidized federal loans, private bank loans, or home equity lines of credit. In our years of working with middle- and upper-income families, we have learned that you can save as much as 50% off of tuition costs with proper planning.