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How do I know if a college is a good financial fit?

Hey guys! I'm a junior, and I'm starting to research colleges. I want to make sure I choose a college that's a good financial fit for me and my family. What factors should I consider when evaluating the affordability of a school? Thanks in advance!

10 months ago

Hey there! It's great that you're thinking about the financial aspect of college early on. There are several factors to consider when evaluating the affordability of a school, and I'm happy to share what I learned when my child was going through the process. Here are a few key factors to keep in mind:

1. Tuition and fees: Look at the sticker price, but remember that the net price (what you actually pay after financial aid and scholarships) may be lower. Public universities typically have lower tuition for in-state students, while private schools can be more expensive. Some schools also offer merit-based scholarships, which can help reduce the cost.

2. Financial aid: Research the average financial aid package offered by the college, as well as the percentage of students who receive aid. This can give you an idea of how generous the school is with financial support. Don't forget to submit the FAFSA and any other required financial aid forms on time.

3. Living expenses: Consider the cost of living in the area where the college is located, including housing, food, transportation, and other miscellaneous expenses. Some schools have higher living costs than others, so it's essential to factor this into your decision.

4. Graduation and retention rates: A school with a high graduation rate may be a better investment since it shows that students are more likely to finish their degrees on time, avoiding extra years of tuition costs.

5. Post-graduation outcomes: Look at the average starting salary for graduates, as well as job placement rates. This can help you determine if attending a particular school is likely to result in a good return on your investment.

Hope this helps! Best of luck with your college search!

10 months ago

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