How do I know if I can afford a college?

When looking at colleges, I'm not sure how to figure out if I can really afford them. What should I consider beyond tuition costs? How do financial aid, scholarships, and living expenses factor into this decision?

Figuring out whether a college is within your budget can indeed be tricky, but there are a few steps you can take to make the process easier.

First and foremost, go beyond just looking at the sticker price—tuition is indeed a big expense, but it’s not the only one. There are additional costs such as room and board, books, transportation, health insurance, and personal expenses such as laundry or eating out. These are collectively referred to as the Cost of Attendance (COA).

Once you have the COA, look at the financial aid offered by the college. This includes both need-based aid, which is based on your family's income, and merit-based scholarships, which are based on your accomplishments. Keep in mind that need-based aid can greatly lower the cost of a college, especially for lower-income families. For instance, at Harvard, families who earn less than $85k per year pay nothing towards the cost of attendance.

Next, check whether the college is need-blind or need-aware during admissions. Need-blind schools don't consider your financial need during the admissions process, meaning financial constraints won't affect your chances of acceptance.

Also, see if the school meets 100% demonstrated need. If a college commits to this, it means the college will strive to bridge the gap between your family's expected contribution and the total COA.

Lastly, consider using each school's Net Price Calculator. Available on most college websites, these calculators provide a personalized estimate of what you might pay after financial aid is factored in. By inputting your financial data, they can give a fairly accurate estimate of the amount your family will be expected to contribute.

And remember, you are not locked into a decision if you find out you cannot afford the school. In the case of Early Decision applications, which are binding, you can break the contract if the financial aid package is insufficient.

By considering these factors, you'll have a clearer picture of whether a specific college can fit into your budget!