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The Cost of College: Avoid sticker shock by applying for financial aid on time

Dr. R. Fred Zuker is a featured monthly columnist in the Education section of The Jackson Sun

Following is the article which was printed on March 22, 2005

The Cost of College: Avoid Sticker Shock by Applying for Financial Aid on Time

January 1 is an important date for high school seniors bound for college because it is the first day they are allowed to submit their Free Application for Federal Student Aid (FAFSA) applications. This form will determine for the colleges how much the family will be expected to pay to support the college student. This figure is known as the Expected Family Contribution (EFC). It is a key number in the annual race for financial aid dollars because it will be used to determine how much need-based financial aid (determined by prior year family income and assets) the student may expect from federal, state and institutional sources. These dollars may make attending college a reality for many families that might otherwise never consider college for their children. The most important thing to remember in the financial aid process is that you must apply for the money and do it on time.

Every year I hear so many parents dismiss the possibility of college for their students by saying that the price is too high. Or, private colleges are out of the question because they are so expensive. Parents may tell their children not to even think about the private colleges because they are out of our reach. The cost of higher education has increased dramatically over the past twenty years but so has the financial aid available to students. Merit scholarship money (determined by academic achievement) alone has increased from $1.2 billion in 1994 to $7.3 billion in 2004. Other forms of financial aid have also increased but not as quickly. The result is that the actual cost of attendance at many colleges is far less than the sticker price of full tuition and fees for those students receiving financial assistance.

Every college and university in America has a financial aid/scholarship program. But the types of aid and the dollars awarded vary from one institution to the next. There are no uniform policies that govern the awarding of institutional funds and you must contact individual colleges to determine what their financial programs offer. The more elite institutions are less likely to offer merit-based scholarships. Institutions that are actively recruiting students are more generous with their scholarship dollars in order to enroll top students.

The availability of financial aid should not be the overriding consideration in determining where a student will apply for admission. But it makes sense to understand early on how the colleges one is considering will help the family meet the cost of attendance. For most families in America that is a major factor in choosing a college.

Here are some pointers to keep in mind when applying for financial aid:

Be aware of deadlines and make sure that you have filed all the required documents on time. It is strongly recommended that the FAFSA be completed on-line (visit www.fafsa.ed.gov for more information). This will save a great deal of time and avoid errors that will delay processing your file.

Parents of younger students should begin research on financial aid and other scholarships by visiting web sites such as www.fastweb.com for information on scholarships and need-based financial aid and explore savings plans and other strategies to meet the cost of college.

Avoid using fee-for-service companies that guarantee that you will receive scholarship dollars if you enroll in their programs. Parents and students are able to complete this process with help from the colleges or their counselors.

Begin planning for college early in the student’s high school career. The more you know about what your student wants and needs in the college experience the easier it is to plan to pay the bills.

Become an expert. Read the information provided by the federal and state governments on their grant and loan programs and understand what the colleges will offer in need-based (Expected Family Contribution-based) aid and merit aid.

Parents who approach the funding of college education systematically and give themselves plenty of time to complete the required paper work will avoid much of the anxiety associated with this part of the process. College-bound students should be included in the planning in order for them to know what is involved in funding their education. Always feel free to contact the colleges nearest you for information on the process. It may seem daunting at first but understanding the financial aid/scholarship system will open the door to the dream of a college education.

R. Fred Zuker, Ph.D.
Lambuth University
zuker@lambuth.edu
January 3, 2006

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