Everyone knows that college can be expensive. But how expensive is it? It can often be hard for students and families to determine exactly how much it will cost to attend any particular college or university and whether the most appealing institutions fit their budgets.
The following steps can help you decide whether a college or university is within the range you are willing or able to pay.
Know your overall budget. Different factors determine what amount you may realistically spend. These can include the savings you and your family have earmarked for education, current and future earnings that can be used to pay tuition costs, your ability to work while attending college, and your eligibility for financial aid. It's important to have a clear and honest understanding of who is able to pay how much toward obtaining a degree.
Determine actual cost of attendance. You can find up–to–date costs for tuition, fees, housing, meals and other expenses on colleges' websites. Some expenses are set and are the same for everyone; others are estimates or dependent on the choices a student makes, including the number of class hours and the preferred meal plan. Carefully analyze the numbers to understand how they are determined and whether your circumstances place you on the low or high side of any estimates.
Consider scholarships you may qualify for. Check the website for school and department scholarships. Be sure to understand the eligibility criteria, whether you qualify, and how to apply. Some scholarships offered by colleges may be automatically granted to eligible students based on admission information or ongoing achievement; others are competitive and require an application.
Understand other aid offered to similar students. Check the Common Data Set for each school you are considering for data on the number of students who received aid and how much total aid was offered. Generally, a search for "Common Data Set" and the institution name will help you find this informative data.
Calculate your expected cost. While you're looking at the data for a specific school, also search for a net cost calculator for that institution. You may be able to enter your family's financial and other information to see how much financial aid, including available scholarships, you might expect. Even if the result is only an estimate of net cost, you will have some idea of what you or students like you could pay to attend.
Plan for extensions. Use the Common Data Set to see how long it takes the average student to reach graduation. While you may take more or less time than the average, it helps to know if most students are not able to graduate in four years. This could indicate a difficulty in obtaining specific classes or other factors that will mean more years in school — and need for more funds to pay.
Do some math. Once you have a good idea of a yearly cost of attendance, multiply that number by a realistic estimate of the number of years it will take you to graduate. Be wary of a large difference between available funds and actual cost of attendance. Reduce the number of loans you need to take out to help ensure you can afford to repay the debt after you leave school.