Understanding College Costs, Merit Aid and Financial Aid
College Costs
The total cost of college over four years is staggering. The "total cost of attendance" is the term used to describe tuition + fees + room & board + books + transportation + personal expenses for one academic year. If your student is planning on attending a California State University, expect the annual cost of attendance to be approximately $25,00 / year. At the University of California campuses, the annual cost of attendance ranges from $30,000 - $36,000 per year.
Do you have a child who wants to go to a private college? The estimated cost of attendance at many private schools for the 2017-2018 year is almost $70,000 per year, or $280,000 for four years. Luckily, many private colleges offer merit scholarships to students in the top of the admissions pool. Julie can help identify those colleges which offer merit aid. If you do not have a 529 plan, consider setting one up. You can contribute on a monthly basis to help save money for college!
Merit Aid
If you have a student who has a strong academic record and test scores, is accomplished in his or her extracurricular activity, and has demonstrated leadership and substantial community involvement, he/she may qualify for merit aid. Often merit aid is offered in amounts ranging from $10,000-$20,000+ per year, but some colleges give half tuition, full tuition and full ride scholarships to students in the top 15% of the academic pool.
Applying for merit scholarships often require that students submit additional scholarship essays AND submit their applications early. Meet with Julie to take advantage of our research and discover which colleges would be a good match for your student.
Financial Aid
The key to determining if you qualify for financial aid is understanding the term "Expected Family Contribution," or EFC for short. The EFC is your family's minimum expected family contribution towards college costs. Your EFC will be subtracted from the colleges "Total Cost of Attendance," resulting in the family's "Demonstrated Financial Need".
Some college pay 100% of need, but many colleges offer loans to cover this gap. Check the website of the colleges you are interested in, and use the EFC Calculator on their website, or you can use the one on the College Board website, to determine how much Financial Aid you might qualify for. Click here to see which colleges DO meet 100% of Demonstrated Financial Need.