College application season is a time when prospective students stress out over more than just essays; they must face choices regarding their life for the next four years. The mental strain the process places on them continues even after application deadlines. Students later shift their focus to their financial options, applying for aid, scholarships, and loans.
As student debt becomes a more widespread issue among working world graduates, prospective students tend to worry about paying for college. This worry is more heavily ingrained in those from middle class backgrounds. The common myth is that the upper class can afford the sticker price, while the lower class qualifies for a generous amount of aid. However, for most college options, that is not the case.
The source of the misconception is usually a lack of research in schools. Typically if a school accepts you, it will do its best to meet your needs. Schools that promise full need-based aid receive financial information and provide financial packages accordingly. As long as a student properly fills out their CSS Profile and FAFSA applications, their intended school usually works out for them.
In the other route, students may choose to take loans. Many parents and children jump back at the thought of student debt, but government loans usually have a reasonable rate of interest. A safe advice would be to only take loans considerably less than a prospected starting year salary. This requires career research on possible future jobs and other opportunities.
If the entire topic of aid and loans makes little sense or is too intimidating for you, I recommend contacting Mr. Eggert, AP Economics teacher of FVHS, for sound financial advice. Through his knowledge and experience, paying for college becomes a walk in the park.
Regardless of a prospective student’s financial status, each applicant should keep options open. In some cases, an admitted student sends financial plans to various other schools, in a “bargain” fashion, reducing costs. Sometimes schools pay students to attend. In any situation, education cost is a factor that should not be avoided, nor overestimated, in the choice of school attendance.
