Research, hedge your bets, and talk to your child about financial benefits of each school.

How can you help direct your child to the places he will love that may provide financial support?

First, it is always recommended that he apply to a state school—it’s the only guarantee in these days of competitive admissions. Your child may not gain admission to the state campus
he wants, but a state school is a solid, affordable home.

In assessing the cost of private schools, look at financial aid and admissions statistics—how many students receive aid? What is the average award? Is there merit-based aid? If students regularly receive large amounts of aid, remember that the expensive private school can be as
affordable as the state school.

Finally, there are financial aid calculators available on the Web where you can plug in some basic information about your financial status and get an estimate about potential aid that colleges will grant when assessing your financial situation. Preparing for the college’s evaluation process by setting reasonable expectations—what is true, need-based aid, versus what you would really like—will help you manage the financial aid process.