Episode 11: Paying For College Series, Part 1: Understanding the Cost of College

Welcome to our 3-part series on paying for college. In this episode we are talking about the cost of college. In future segments we will review the financial aid (need-based) process and then we will look at what affordability planning means and how to find scholarships and merit aid as you build your college list. 

Do you know what college costs include and what the industry-wide assumptions are around how families approach paying for college?  

We start with some goal setting scenarios. Are you considering not just your saving plan, but what you will pull from your budget in the college years as well as the possibility of borrowing? These are the three legs of the college funding model that colleges and government resources look at. 

We talk about the disconnect that comes between what a parent wants to pay and their ability to pay. Where does your child’s obligation come in as you consider your own family financing strategy? 

College is expensive!  Consumer expectations among other factors have contributed to the rising costs of college, especially at the high end. We go behind the headlines of escalating college price tags and look at the realities of both public and private college options. We look at tuition, fees, room, and board, and how varied these elements can be at the variety of institutions across the U.S. 

In our tips segment we offer suggestions for researching college costs, beginning with the public institutions in your own state and your options for in-state tuition and fees. Then, look at private college options as well and use each school’s Net Price Calculator to estimate your own possible price tag. Did you know that college merit aid, or academic recruitment grants, actually represent approximately 80% of all scholarship money (over athletics and other talent-based awards?). 

On the other end of the spectrum however, we want you to be aware of the number of highly selective schools (70+) that do not provide merit awards or scholarships that are not based on need.

Time Stamps:

0:38 What Are We Learning This Week? Whitney talks about her recent “goal-cation” and  the benefits of goal setting when you are planning for college and trying  to stick to your college saving plans.

4:47 Big Picture: We encourage you to rip off the bandaid and face the realities of college costs and understand the assumptions around a family’s role in paying for college in the U.S.

22:38  “Stump the IEC (Independent Educational Consultant)”: Katelyn is keeping score (and she’s behind after our first ten episodes!). Can Whitney name the only college in the nation that provides a half-tuition scholarship to all students who enroll?

26:39  Tips and Strategies for learning about the range of college price tags and how to use Net Price Calculators to begin understanding your family’s eligibility for either need-based or merit-based awards.

More Than A Transcript © is a production of Whitney Bruce College Consulting and College Options, LLC. It is supported by Susan Lanigan and Katie Bruce, with artwork by Heidi Rehbock and original music by Will Morrow.

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Thanks for listening!