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Personal Financial Planning
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There’s no avoiding it: College is expensive. But if you plan ahead,
it may be more affordable than it looks at first.
The US government has made college extremely attractive by offering tax
credits and deductions for educational expenses. And most colleges and
universities are dedicated to building a diverse student body that represents
people from all backgrounds and economic levels by providing the necessary
financial aid. Most accept students on a need-blind basis, and every student
is considered for financial aid and student loans.
FINANCIAL AID
According to the College Board, in 2005, over $129 billion in financial
aid was available — more than ever before.
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But there are limits to aid and loans. To make sure you can afford the
education you want for yourself, your child, or your grandchild, you need
to be prepared to pay at least part of the cost on your own.
The effort is worth it. College is more than just a passport to a land
of higher salary ranges. A higher education can give students the opportunity
to fulfill their potential, to think bigger thoughts and do bigger things
for themselves and for the community.
If you hope to secure the benefits of higher education for yourself,
your ambition is a worthy one — and with dedication and planning,
it can be a practical one.
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 WHAT
YOU’LL PAY FOR
Here’s a look at what a college student needs to pay for.
Tuition: The charge for instruction, including salaries,
facilities, and the general operations of the institution. Public,
tax-supported schools generally cost less than private ones.
Room: Housing in the dorms. Other housing options, like
apartments, fraternities, and sororities, aren’t billed through
the college, but the costs are comparable.
Board: Dining hall meals. Most schools offer different plans
at different costs. Students who don’t live in college housing
may pay for their own food outside of the school’s dining plan.
Fees: Extra money for clubs, the yearbook, school newspaper,
and graduation. Everyone pays a standard fee, though it varies from
college to college.
Other: Transportation, books, and other costs can add up.
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WHERE WILL YOU GO?
One of the biggest expenses you’ll have to face is the cost
of tuition. Private colleges generally charge much more than public
colleges, and many people automatically assume that a high-quality
education comes at a high price. Yet over half the nation’s
colleges offer tuition at less than $6,000 a year.
Obviously, the school you choose makes a big difference in what
your education costs. Some schools make it easier for adults to
work their way through school by offering flexible programs that
accommodate your schedule. Others give credit for life experience
or let you fulfill certain requirements by passing exams.
Choosing a school in your state university system can mean significant
savings, since tuition is usually much lower for in-state students.
To cut costs even more, consider spending the first two years of
your undergraduate education at a local community college and transferring
to finish your bachelor’s degree.
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 COLLEGE
COSTS
Price tags for expensive, private universities make good magazine
headlines, but you can get an excellent education for much less.
Average college costs, including tuition and fees, for the
2005-2006 school year:
| 4-year private: |
$21,235 |
| 4-year public: |
$5,491 |
| 2-year private: |
$10,400 |
| 2-year public: |
$2,191 |
*Source: Collegeboard.com
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CLOSE TO HOME
Choosing an in-state college could save big bucks. 4-year state
colleges charged out-of-state students an average of $7,673 more
than in-state residents in 2005.
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OUTSIDE LINKS
www.ed.gov
Read "College for my Child" in the "Parents" section at the Department of Education website.
www.fafsa.ed.gov
Find everything you ever wanted to know about the Free Application for
Federal Student Aid.
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