Financial Aid Fact Sheet
WHAT YOU NEED TO KNOW
Financial aid is a big topic. This overview covers the most important points, but all serious aid seekers should utilize additional references. Don’t get upset if at first you feel confused by the financial aid terminology and procedures involved in attaining it. Keep at it, and your diligence in the mastery of the subject will pay big dividends in the long run.
First, what does college cost? There are many variables that go into figuring the cost of college — who you are, what your family finances look like, what your high school record and test scores are, which college you wish to attend, and so on. Regardless of these differences, however, every school has two types of costs: direct and indirect.
Direct costs include payments made to the college for tuition, room, and board in student housing, and any special fees (such as student health services). While direct costs for room and board are somewhat comparable for students at both public and private schools and annually run somewhere between $11,140–$12,680 (if not living at home), tuition and fees for full-time attendance varies greatly—the published averages range from $3,660 at a community college to $10,230 at a state public school or an averge of $35,830 annually at private schools. (2018 CollegeBoard.org survey)
Indirect costs are those not directly paid to the college and can, to some extent, be controlled by the student. Books, transportation, entertainment, and other personal expenses are examples of indirect costs.
While in-state, public school tuitions are definitely a bargain, do not assume that if you select a private school or one located out of state, you will automatically pay more. Good financial aid packages can level the playing field. Apply to a variety of colleges you are interested in, and evaluate the financial aid packages you receive from those who offer you acceptance. Then you will be able to make the smartest, most financially-savvy choice.
Action Steps:
- Download and review the Financial Aid fact sheet.
- Download and share with your parent or guardian the Understanding Your Options parent article.
- Upload the fact sheet, worksheet, and parent article to your Unit 7 folder.
