TASK: The big financial discussion. Once you have some ideas about schools that could fit you, talk to Mom and Dad to figure out what financial limitations you have. If you are seeking financial aid, you will want to make sure that the schools to which you want to apply will offer a good chance of giving you "what you need."
WHY: It is best to know your family's financial situation and financial values so you are heading toward schools that will work out, meaning: if you get in, you should be able to go. Remember that schools can be generous with aid and/or scholarship money, if you qualify, so do not be too quick to only focus on public schools over private schools. Couple the answers to the questions below for your parents with research about your schools' financial aid policies - policies are likely different at each school and can make a difference in potential affordability - to determine how financial aid will impact your college applications and choices.
Questions you need to ask:
• How much can the family afford to contribute?
• Can you take loans and be okay with that? Who will pay them back after you graduate?
• Do you want to only look at public schools where the sticker price is cheaper?
• Should you consider private schools, assuming they could be as cheap as public schools if you qualify for need-based financial aid?
• Are you interested in searching for and applying for scholarships?
Web Resources
FinAid.org has a wealth of Financial Aid calculators: www.finaid.org/calculators
HoH Tips
• Your financial situation will dictate how much colleges can help you overall. If you and your family have little money, schools can be very generous with financial aid and scholarship money, and private schools can be just as affordable as public schools.
• Some private schools will not tie admission to financial aid requirements, but some will. You will find need-blind schools, in which the admissions committees make decisions without seeing financial aid forms and without considering financial situation, and need-aware or need-sensitive schools, in which a portion of their admissions hinges on ability to pay.
• Merit Aid isn't based on financial need. To boost enrollment of the top portion of their applicant pool, some schools will offer merit scholarships on top of need-based aid. Merit scholarships are monies granted - no payback required - as a reward for a strong and interesting academic or extracurricular profile.