Some questions about affording college.

<p>I am really hoping to be able to attend school out-of-state, but the tuition rates for most schools are horrendous haha.</p>

<p>If a school tells you that their tuition cost is $40,000, does that mean you have to pay $40,000 for each year you attend? (so 2 years = $80,000, 3 years = $120,000, etc.)</p>

<p>Pretending that you take advantage of financial aid, grants, and scholarships, what is the lowest reasonable amount (in your opinion and experience) that you could lower the cost to?</p>

<p>Thank you.</p>

<p>Yes, 40K each year. Check if that is total COA (Cost of Attendance) which includes your living expenses such as dorm, food and books or if it is only the cost of the tuition! There are many colleges that charge 40K tuition and the room, board and books bring the total <em>yearly</em> COA up to 55k!!</p>

<p>So now that sticker shock has likely set in, realize that very few people pay full sticker price. It would help if you listed the state you live in as well as some colleges you are looking at in order to give feedback on how your particular initial choices stack up.</p>

<p>Student Loans: Almost everyone can get a Subsidized Student Loan. Freshman year the number $3500. Unsub is also available, I forget the number but it is something like another $2500. These numbers go up slightly each year. Total SUBSIDIZED Student Loans for all your undergrad years is approximately 23K. Again, these numbers are published all over the place so go search for them.</p>

<p>I rarely advise anyone to take out more than 40K <em>total</em> in all kinds of loans (Sub, Unsub, private) for their undergrad. If you can’t swing it under 40K in loans, find a different college. A better figure is the 23K quoted from before - that is still a lot of loans!</p>

<p>You have no control over the amount of grant money or scholarship money you get. Certainly do your best, apply for them, get great scores, write great essays, have stellar ECs, and just be a great personal overall (which is its own reward!). But to “plan” on grants and scholarships is somewhat nuts. Not to mention that each college has its own profile of how much money it tosses out to students… some colleges give out a lot of grants/scholarships (sorta like a discount off their sticker price) and other colleges give out very very little.</p>

<p>If you are a big fish in a little pond, you may net more grants/scholarships. I have a friend who got a full ride to a private college - it is a small, 3rd tier at best, bible-college, rather newly accredited. But he LOVES the school, he wanted to be at an evangelical based school anyhow, and the full ride just sealed the deal. He’s such a great person, he’ll do great in life even though his degree is “just” from a 3rd tier unknown school.</p>

<p>Also, realize at privates many “grants” are based on financial need - to bridge the gap after Federal Loans (Sub and Unsub) and EFC contribution has been kicked in by the student/family. So if your family has a low EFC there might be big grants from some colleges. But if your EFC is very high, even if the college really likes you they may want you (your parents) to cough up the cash (and loans) and give you zero in grants.</p>

<p>What is your EFC? That can help us create a better estimate of what you can expect or to go hunt for in terms of a reasonable deal.</p>