Seems like a stupid question, but I was just wanting to make sure. Please help.
One year. And it will go up each year usually between 3-6%.
One year.
Run the NPC on EVERY college (since each college has its own formula).
But note that sometimes the scholarships are quoted for all four years in one figure. If tuition is $60k and you see a scholarship for $60k, that scholarship is probably all 4 years.
^yes, somes colleges are tricky like that.
Also, some colleges indicate tuition, room, and board for just a semester!
Also, be careful: loans aren’t financial aid.
Direct costs = tuition, fees, room, board X2 semesters.
Subtract scholarships and grants: that’s your net cost.
Always compare net costs to each other.
Don’t be swayed by the scholarship amount, since its “value” is only relative to
the total of direct costs.
For instance, College A gives you a 10K scholarship and College B gives you a 20K scholarship.
If direct costs for College A are 27K, College B is 56K, then your net costs are 17K at college A and 36K at college B.
Finally, stay away from for-profit colleges: there are no shortcuts and their offerings aren’t typically recognized, so that your for profit degree is seen as having zero value (ie., you bought your diploma.)
For the vast majority of colleges…the cost you see is for ONE year only.
BUT there are a few that guarantee costs for the full four years when you enroll as a freshman.
There are a couple of others that freeze your costs if you pay in full for subsequent years.
But most…it’s for one year only.
ETA…Texas AM, VA Tech and Mary Washington…costs are for one year only.
Thank you so much everyone. I suspected it to be for one year, but I wanted to confirm. You all are great people! Thanks!