College acceptances are in hand. Now comes the hard part: before a May 1 decision deadline, students and their families must figure out how much each school would actually cost them.
net costs, based on income level, at specific schools. But keep in mind, your individual results could vary, so don’t write off applying to a school that suits you academically, based on those tools alone. A wealthy school able to fully meet a lower income family’s financial needs could end up costing less than a cheaper school with a small endowment.
Only one in ten college financial aid letters owns up to the true net cost for a family. Others leave some expenses out, mislabel loans as “aid” or ignore costs completely, while touting a scholarship award. Even colleges that provide a full breakdown of all your costs may lowball expenses in certain areas. Colleges often underestimate textbook prices, says Mark Kantrowitz, a financial aid expert,and author of several books on paying for college. “I’ve seen examples where the college says ‘Oh, your textbooks for the entire year will cost you $250,” Kantrowitz says. “But it depends on the particular field of study. A single chemistry textbook can cost you $250.
Merit aid frequently comes with strings and a gotcha. One common string: a student may have to maintain a certain grade point average to get their merit scholarship renewed each year or semester. That’s understandable. But then there’s this gotcha: some merit aid is front-loaded, meaning that the college will grant the scholarship during the student’s first year, and later will reduce the award or won’t offer it at all, regardless of how well a student does in school.
Parents can borrow the balance needed to pay college costs through federal PLUS loans. They should be wary. These loans carry relatively high interest rates and origination fees and parents who default could have part of their Social Security retirement benefits withheld. Work-study awards require a student to find and keep a job on campus, and work the number of hours required by the program in order to meet the total listed on the award letter. For some students, this can be difficult to maintain as their course load increases. It’s also important to know that in order for the work-study award to match what it says on the letter, the student must put their paychecks entirely towards college expenses.
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