How to Decide on a College Based on Budget

How to Decide on a College Based on Budget

attending college

Education is becoming increasingly expensive. You may now have to shell out as much as $100,000 to $200,000 per child going to college. 123 schools across the country are charging $50,000 a year total for tuition as well as expenses such as room and board. The state is also providing smaller budgets to public universities and colleges. So what should you do?

Know the tuition and other expenses.

This is pretty obvious. You have to compare and contrast the tuition and expenses that you might have to incur in your target colleges. Make a list of these colleges with their corresponding tuition and expenses.

Be aware of the financial aid packages.

If you cannot afford to pay the whole tuition, you might have to check out the colleges’ financial aid packages. Subtract the amount that the colleges could provide to the tuition and other expenses they charge. See which ones would have smaller balances.

Get ready for the worst.

For some reason, however, your child may not even be accepted to the colleges that you were eyeing. If this is the case, you only have a few options to consider such as large public universities and private liberal arts colleges. These schools still accept late applicants. You might want to be ready for their tuition, as well.

It is getting a lot tougher to send your kids to college, with tuition up and financial backing down. You might have to eye more colleges to find one that you can afford.

With hard times now here with us, tuitions are soaring but state support are on the decline. It is getting more difficult to get into the college of your choice because of all the expense to consider. How do you make sure that you get into a college at all? Here are some ways to increase your college chances:

Apply for a grant or scholarship.

If you know where to look, you will find several grants and scholarships that won’t even require you to pay back. You could start hunting for loans after you have exhausted several of these scholarship or educationand grant options. Find offers that are especially targeted to you (for minorities, academic excellence, gender and so on) to have better chances.

Widen your options.

What if your dream college is one of those worth $200,000 a year and you could not get enough financial aid? You may have to think of some backup colleges that also offer the courses that you have been choosing from. Focus on getting in or you may end up with no chance of getting any degree at all.

With more than a hundred colleges charging $50,000 a year per student and top private schools charging four times or so, education is very expensive.

Alex

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