How do I figure out what I can afford for college?

I've been thinking about costs for college and it's kinda stressing me out. How can I determine what I realistically can afford? Are there tools or resources that help with figuring out financial stuff for college?

Great question! Financial planning for college can be overwhelming, but fear not - there are several steps you can take to help determine what you can realistically afford for college.

1. Start With a Family Budget: The first step is a discussion with your family to understand what if any, savings or resources have been set aside for your college education. Keep in mind to also review your family's budget and see how much you can contribute from other financial sources or income and how much can be put toward your college education without significant financial strain.

2. Net Price Calculators: Most colleges and universities offer a Net Price Calculator on their websites. This tool estimates the price of attending a particular college minus any grants and scholarships for which you might be eligible. The resulting amount is the net price, and it can be a good gauge of what you might be expected to pay out of pocket or through loans.

3. FAFSA & Student Aid Index (SAI): Completing the Free Application for Federal Student Aid (FAFSA) can give you a clear picture of your eligibility for federal grants, work-study, and student loans. The resulting Student Aid Index (SAI), which replaced EFC, can give you a ballpark figure of what the government thinks your family can afford for your college education.

4. Scholarship Searches: On platforms like Appily, you can search for a wide range of scholarships you might qualify for based on different criteria like your academic performance, interests, or background.

5. Review Tuition Payment Plans: Some colleges offer payment plans that allow you to spread out your tuition payments over a semester or an academic year, instead of paying a big lump sum at once.

Remember, there is abundant aid available, and there are colleges at all price points. Everyone's financial situation is unique, so understanding your resources, getting an estimate of your aid eligibility and the cost of colleges you’re interested in, and factoring in both the direct costs (tuition, room, and board) and indirect costs (textbooks, travel, personal expenses) will give you a better understanding of what you can afford for college.