Published March 2011. Financial aid and student loan rules change often, so some details may be out of date. Ask us about your situation.
As high school seniors begin to whittle down their college list and ultimately decide on the college of their choice, many parents are feeling increasingly stressed at the ultimate price tag! What is this going to cost over four years? Are we willing to borrow whatever it takes to satisfy our student’s college choice? Is this a good investment for our student? What can families reasonably afford?
These questions and more are being contemplated by each and every parent that has limited resources to pay for a college education. The emotions involved in paying for college are unique compared to the emotions for most adults making an expensive purchase. Typically, when parents “shop” for an item that costs thousands of dollars, they manage the process and understand how much they can afford to spend or borrow. Usually after a short evaluation period comparing the pros and cons, parents decide with limited emotions that a major purchase is worth the perceived value of the item. In making the expensive purchase, most parents are interested in the positive return they will receive over time.
With limited parental input, high school students manage the college admissions process and as time passes, students learn more and more about certain colleges without evaluating the costs of these colleges. Over the course of 6 to 9 months, students increasingly grow emotionally attached to certain colleges to the point where once the acceptance arrives; THE college choice is made in the minds of many students without a true understanding of the costs.
For many families, at this time saying NO to the student is very difficult because of the significant emotional capital that has been built over time between the student and the colleges. Instead, families attempt to stretch their money by paying more for college than they can afford, borrowing more than they can repay and not evaluating the real costs compared to the positive return they will receive over time.
There are over 6,000 colleges in this country with a price range and flexible educational options to fit every family’s budget. With limited resources to pay for college, evaluating college costs like any other major purchase can save families thousands of dollars and a financially responsible decision will reward families with a positive return over time on their investment….their student’s college experience and degree!