by Katherine O'Brien, ThD Candidate, Certified College Planning Specialist
A college list, ideally, is a list of 6-10 colleges that have the academic major(s) and/or program(s) your teen is looking for, that will prepare him or her for the kind of work s/he is interested in and have determined is a good academic, social, and spiritual fit for him or her. Another key factor is financial fit. Here are guidelines to help you include colleges and universities that will be affordable, and keep those with too high a net cost off your list.
First, some definitions:
Net price: the price you will actually pay, based on your grades, scores, major, and financial resources.
Sticker price (also known as the COA or Cost of Attendance): the official price for a year of college, including tuition, fees, room, board, books, transportation, and miscellaneous expenses.
Public in state universities: Public colleges and universities located in the same state as the student. If the student’s parents are divorced and live in different states, s/he might be considered an in-state student in both states. Check with the states for their residency requirements as they differ from state to state.
Public colleges and universities receive funding from their state government. Therefore, they have TWO prices for tuition: for in-state students and for out-of-state students. The out of state tuition rate is typically MUCH, MUCH higher than in state tuition. Typically, in state public colleges have lower sticker prices (COAs) than private colleges. For out of state students, however, some private colleges will have lower prices while others have higher prices.
Because their in-state prices are already fairly low, public colleges don’t tend to offer as many, or as generous, scholarships. Residency is nearly always determined by where you life. Do a quick internet search to learn your state’s residency requirements. Residency will impact your tuition at public colleges and universities as well as eligibility for state aid programs. (Use the NASFAA website to check your state’s aid programs.)
Public out of state universities: Public colleges and universities located in a state that the student does not live in.
Private colleges and universities: Colleges and universities not run by state governments.
Private colleges are FAR more likely to offer tuition discounts and scholarships. Some offer ALL students a scholarship. For students who are high academic achievers in their student body, generous scholarships tend to be available. Keep in mind, private colleges charge the same tuition, no matter where you live.
Two year/Community Colleges Typically these are public colleges. This can be a good place to study, especially if you will only need an associate’s degree or a certificate for your chosen profession. As a step into a four year college, the chances of spending two years at community college and finishing in two more at a four year are low. (Most take 3-4 years at the 4-year to finish their degree.) DO keep that in mind if this is a path to a four year degree you want to seriously consider.
International Universities Colleges and universities located in a different country from the student’s home country. Bachelor’s degrees in non-American universities typically take 3 years. Germany, Iceland, and Norway offer tuition free college. Tuition in Austria, France, Luxembourg, Spain, Italy, Slovenia, the Czech Republic, and Malaysia is very low. If you speak Spanish or Portuguese, Argentina and Brazil offer very low tuition rates.
Vocational Schools These post-secondary schools train students in various vocations, from hair dressing to auto mechanics to chefs to dental assistants. The length of the program varies.
Service Academies These four year colleges are free for everyone who gets in, but extraordinarily selective and require military service of their graduates.
For Profit Colleges Most of these private colleges result in students with significant debt and poor outcomes. Many have extremely low graduation rates.. I can’t encourage families to consider them.
ONE WAY TO PUT TOGETHER A LIST OF AFFORDABLE COLLEGES
You can get a general idea of the kind of college best to focus on in this way:
(affluent here indicates ineligible for need based aid, or having an SAI above $30,000 (SAI is the amount you can afford, per the FAFSA form.)
Top students from non-affluent families typically find good financial affordability at:
1. Private colleges, especially those with generous merit scholarships. Less selective colleges tend to give out more scholarships. You may also be able to get in state grants or scholarships for private colleges in your state of residence. Highly selective (accept <25%) often offer significant need based aid. Some meet full need without asking you to take any loans.
2. Public in state universities
3. Two year colleges
4. Public out of state colleges when they are in the top 10% of the student body and win an elite scholarship or the college participates in an undergraduate exchange tuition reduction program with your state
5. If your parent works at a college, or a college with an agreement with your parent’s college.
6. If your parent is a veteran, there may be institutional scholarships and the Yellow Ribbon program available to match or supplement the GI Bill benefits.
Public out of state colleges and international colleges tend to be least affordable to these students.
Top students from affluent families
Scholarships and low sticker priced schools are your best financial fit.
1. Private colleges are the most likely to reward your talents
2. Public in state colleges are the most likely to be affordable. Look for honors colleges and programs.
3. International colleges – because a bachelor’s degree only takes 3 years to complete.
4. Two year college, if you aren’t seeking a four year degree
Not a top student AND not from a wealthy family? Here are your best financial fit college categories:
There are still some great options.
1. Public in state universities
2. Two year colleges
3. Private colleges, maybe
4. Public out of state colleges, if your state and the school’s state participate in an undergraduate exchange program that offers lower tuition rates.
Not a top student yet from a wealthy family – best financial fits:
1. Public in state universities
2. Two year colleges – having the opportunity to further mature as a person, clarify your life and college goals, and hone your study skills might be very helpful
3. Private colleges
For a private college financial consultation, please schedule with Katherine by email: KOB@CelticCollegeConsultants.
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