College is an exciting time where you begin to break free from the teenage mold and start becoming a young adult. A young adult that is responsible, independent, cool, and unique. BRING IT ON! You are ready and the world better get ready, because your best self is about to be BORN. It all sounds fantastic and 99% of students feel this high when the talk of “college” approaches. This high is usually followed by a crashing low when forms and documents and charts and statistics start being shoved in your face.

Why is the allure of college always ruined by the financial process of getting into college?

Isn’t it so true?! Even parents of students are pulling their hair out because the process of getting into college for them was NOTHING compared to the crazy Alice in Wonderland maze set before you. And you know that if you don’t do it right it’s “OFF WITH YOUR HEAD…and your little dog too!” (you know, because your little dog could be considered an “asset”)

Good News! Knowing your own stats makes navigating this financial maze possible.

Here are the first of many financial “things” you need to know and consider when deciding on which college to go to:

• COA (Cost of Attendance): No brainer. This number is very important, but it’s not the only thing you’ll need to afford. Gah!
• FAFSA (Free Application for Federal Student Aid) Results: Don’t skip this! This is your gateway to receiving Financial Aid.
• EFC (Expected Family Contribution): This is a SNEAKY number. Based on your FAFSA results, the EFC is the MINIMUM colleges will expect your family to pay. A lot goes into deciding this number, so you need to be aware.
  • Side note: the EFC will be replaced by the SAI (Student Aid Index) starting in the 2024-25 school year. FUN!
• GAP: When all is figured out, your Gap is the additional number you need to cover the COA.
  • An equation for you:
    • COA – EFC – Scholarships & Grants – Loans – Work-Study = Gap (the number remaining that needs to be paid…by you!)
• Your NET PRICE: the number that includes everything YOU will have to pay to attend a college today…and tomorrow (loan payments and interest).
  • Another equation for you:
    • COA – scholarships and grants (free money, awards) = Net Price (everything that your money will need to cover at some point)

Know your Net Price before you apply for college!

Knowing your Net Price can help you set up a strategy that eliminates schools that are financially out of reach as well as guides you to achieve your dream college situation! What’s a dream college situation? Attending a college that is affordable to you, the college offers you the classes you need for your dream job, and graduating with little to no debt. YESSSS!!!!

Is your head spinning yet? The college financial maze is no joke and many parents and students just throw-up their hands and say “Whatever, just show me where to sign.” When that happens, colleges just look at you and say, “Checkmate.” NO! You can do this. Knowledge about your net price and some strategy on your part can eliminate a lot of the Jacob Marley chains of debt that could get wrapped around your legs…for years. College is an investment. You get out of it what effort you put into it. If you need a little help clarifying this maze, reach out for a consultation. My goal is to help YOU say “checkmate” as you walk off stage, with a diploma in hand, and with little to no debt waiting for you.

Schedule a Consultation!

You’ve got this! The world needs what you’re going to bring, so let’s get this going!