How will you pay for college?
WE WILL FIGURE OUT HOW TO PAY FOR IT LATER!
That is a statement I hear from many parents when they begin the college planning process.
But, paying for college should be one of the FIRST things to consider. At $30-75K per year (yikes!) the expense of a college education can be life changing.
When beginning the college admissions journey, start by understanding what a four-year education will cost. Go to each college’s website and look for its COA or Cost of Attendance. That will provide an overview of tuition, room and board, books, travel and other expenses. Then multiply by 4. That yearly $30-$75K just became $120-$300K! And that’s only for one child.
Colleges also provide a Net Price Calculator (NPC) that will give an APPROXIMATION of what your child’s first year cost will be, including any potential scholarships.
Understanding the cost of college is a critical component – and maybe the most important component – of the college admissions process. Go in with your eyes wide open.