Q: How much does college cost, on average?
When considering price, it is important to consider total cost. The “total cost of attendance” includes tuition and fees, as well as room, board, and miscellaneous expenses. How much an individual pays can therefore vary from student to student based upon the price of his dormitory or meal plan (for example). According to the website Education Data Initiative, the average cost of college in the U.S. is $36,436 but the total cost of attendance at NYU is $90,222. The cost of in-state tuition and fees for a first year College of Arts and Sciences student at UVA is about $18,816 (Virginian) and $56,428 (Non-Virginian), but the total cost of attendance at UVA is about $37,828 (Virginian), and $75,440 to $76,720 (Non-Virginian).
Q: How do we know if we qualify for financial aid?
Financial aid is based on family income and assets; your family must complete the FAFSA (and depending on the school, the CSS Profile or another institutional form), to see if you qualify for financial assistance. Each college will have a Net Price Calculator on its website that will enable you to calculate an estimate of your eligibility for financial aid. Completing the FAFSA will enable you to see your SAI (Student Aid Index) and assess if you will receive financial aid. When you are ready, the FAFSA website gives a good overview of what you will need to complete the FAFSA. Financial aid is typically offered for the total cost of attendance (and not just for tuition and fees).
Q: What is a Net Price Calculator?
Each college will have a Net Price Calculator on its website. The calculator is a tool to estimate how much your family will need to contribute for one year at the designated school. You will be asked to provide personal information about your family and finances. Colleges do not save this information; it is only used within the calculator. Keep in mind that there are many factors that go into assessing the estimated price you receive, and each school assesses financial aid eligibility differently. The calculator should provide a good estimate, but it is not a guarantee of financial aid.
Q: What are the different sources of need-based financial aid?
- Grants: Financial aid dollars that you don’t have to pay bacK
- Work-study: A federal program that funds part-time jobs for undergraduate students with financial need. If you qualify for work-study, you’ll need to find an eligible work-study job on your campus to work to earn those dollars.
- Federal students loans: Fixed-interest student loans from the federal government. The direct loan program is the main federal loan program. Undergraduate students can borrow direct subsidized or unsubsidized loans, and parents can borrow direct PLUS loans.
- Private student loans: Fixed or variable rate loans from a bank or credit union. To qualify, you’ll need a good credit score or a co-signer who has good credit. Your rate will vary depending on your credit score.
Q: What’s an FSA ID?
The FSA ID is a username and password you use to log in to the U.S. Department of Education online systems. The FSA ID is your legal signature and shouldn’t be created or used by anyone other than you. You’ll use your FSA ID every year you fill out a Free Application for Federal Student Aid (FAFSA) form and for the lifetime of your federal student loans. Both a parent and student must create a FSA ID in order to complete the FAFSA.
Q: How do I get an FSA ID?
Visit StudentAid.gov to create an FSA ID. You’ll need your Social Security number, full name, and date of birth. You’ll also need to create a memorable username and password, and complete challenge questions and answers so you can retrieve your account information if you forget it. You’ll be required to provide either your email address or your mobile phone number when you make your FSA ID. Providing a mobile phone number and/or email address that you have access to will make it easier to log in to the online systems and allow additional account recovery options. (Important: A Social Security number, email address, and mobile phone number can only be associated with one FSA ID. If you share an email address with someone else, then only one of you will be able to use that email address to create an FSA ID.)
Q: Can we complete the FAFSA before our tax returns for the year have been completed?
Yes, the FAFSA can be completed with estimated information. You may need to make corrections once your tax information for the year has been finalized. Once the FAFSA is submitted, your institution(s) will receive an institutional record of your information and you will receive a Student Aid Report (SAR). If your application is selected for verification by either the Department of Education’s Central Processing Center or by the institution, you may be asked to provide additional documentation, such as household verification, copies of W-2s, or income taxes.
Q: What if my family does not qualify for financial aid? How can my son be considered for scholarships?
Many colleges will automatically consider you for institutional scholarships when you apply for admission; no separate application is necessary. Each college wants to attract students for different reasons, and colleges will often assess students by GPA and/or test scores and reward those highly qualified individuals based solely on academic merit. Scholarships can also be awarded to students for leadership, athletics, service, extracurriculars, and/or major. Other colleges have competitive scholarship programs that require students to meet certain deadlines and/or require an additional application. Students can also apply for outside scholarship programs, funded by various organizations. The College Counseling Office will send a monthly scholarship newsletter beginning in the senior year to share some of these scholarships with families.
Q: How can I assess if my child will receive merit scholarships at a school?
Keep in mind that the more selective a college, the less likely they will be to award merit scholarships. Though there is no guarantee that you will receive a merit scholarship, the college counselors can tailor your college list to include schools that will be likely to reward strong grades and test scores. Some schools do publish merit scholarship qualifiers on their website (for example, a scholarship might indicate that a student must have an SAT score of a 1300 and have at least a 90 GPA); others will be more vague. If the school seems to be in the “reach” category in the Application Decision Forecast, they will probably offer limited scholarship opportunities, if any.
Q: If we can’t afford to pay for a private university, should we only consider public colleges and state universities?
Many private institutions have higher price tags, but do not dismiss private colleges because of cost, especially if you think you may qualify for financial aid or merit money from the schools on your list. Oftentimes, students receive enough money to make the cost of private colleges comparable (or in some instances, even less expensive than public schools). Private schools typically have more money to award. Our advice: cast a wide net, and listen to our suggestions; we know of many schools that are often generous with scholarships.
Q: Are there financial aid opportunities available based on where we live?
- For families who reside in DC, review the information regarding the DC Tuition Assistance Program (TAG) and its application process. Note: DC TAG is subject to annual budget approval, therefore, it can never be guaranteed for a student’s full college experience.
- If you’re a Maryland resident, visit the Maryland Higher Education Commission to subscribe to an email list and to search for specific state funding opportunities.
- If you’re a Virginia resident, visit the State Council of Higher Education for Virginia for specific state funding opportunities.
Q: What is the Academic Common Market? Can that save money?
The Academic Common Market (LINK) is a tuition-savings program for college students in Maryland and Virginia, who want to pursue degrees that are not offered by their in-state institutions. Students can enroll in out-of-state institutions that offer their degree program and pay the institution’s in-state tuition rates. More than 1,900 undergraduate and graduate programs are available. You search for participating colleges and majors through their website.
Q: We don’t think we’ll qualify for financial aid. Should we still complete and send the FAFSA?
Most colleges will say that you should complete it anyway, just in case you might qualify for something—a loan, grant, or work-study. (Please note, there are a small number of colleges that are “need aware” or “need sensitive” in their admission processes, in which not applying for financial aid might help a student’s chance of admission. Please consult your counselor if you find yourself in this category.)
