If you have high school juniors and seniors in the house, college planning is probably at the top of your mind, which also means you’re planning school visits! While your child will undoubtedly become enamored with dorms, dining halls, and academic programs, it’s crucial to step back and ask the right financial questions. Knowing the answers upfront can significantly impact your college decision and costs!
Before You Go: Set Your Financial Compass
Before you even step foot on a campus, do some homework. We recommend a college criteria checklist that will help you objectively compare schools. If you want to save yourself some time, we’ve created a College Visit Scorecard to help you keep track. Knowing a potential major or career interest beforehand can also help you engage more deeply with specific departments, moving beyond just the “cool campus” vibe.
Essential Financial Questions to Ask
Here are the critical financial questions to address during your college visits:
What’s the Real Cost of Attendance?
Beyond tuition, room, board, and books, what other expenses should you anticipate? Think about:
- Transportation: Will your student have a car? Factor in parking fees, gas, and maintenance. Consider travel costs if the campus is far from home.
- Major-Specific Fees: Are there additional lab, computer, or program fees depending on your student’s chosen major?
- Off-Campus Housing: What’s the typical cost of off-campus housing for junior and senior years? This allows you to compare the full four-year housing cost across different schools.
How Much Debt Do Students Typically Accumulate?
When you’re on your visit, ask about the average student loan debt upon graduation. This gives you a good snapshot of how much financial aid students receive to cover costs and the typical borrowing habits at that institution.
How Does the School Handle Merit Aid?
Merit aid, based on academic performance, can significantly reduce costs. Find out:
- Is merit aid offered? Some colleges offer only need-based aid.
- Is there a clear structure? Many schools use a grid-style chart that ties specific GPAs and test scores to set award amounts. Knowing this can motivate your student to boost their scores – a small increase might mean substantial savings over four years!
- Is it competitive or guaranteed? Some merit scholarships are competitive (e.g., full-ride scholarships for 1,000 applicants), making them less certain. Others are more predictable based on academic metrics.
- How long does it last? Confirm if merit scholarships are renewable for all four years, as some may end sooner, leading to unexpected out-of-pocket costs in later years.
How Much Need-Based Aid Does the School Meet, and How?
Before your visit, estimate your Student Aid Index (SAI) using a reliable calculator, like our FREE College Money Report Then, ask:
- What percentage of demonstrated financial need does the school meet? If your SAI is $35,000 and the school costs $40,000, and they meet 100% of need, they should cover the $5,000 difference.
- How do they meet that need? It’s critical to understand if they provide “gift aid” (grants and scholarships, which don’t need to be repaid) or “self-help” (loans and work-study, which do).
What’s the Four-Year (and Five-Year) Graduation Rate?
This is a crucial question often overlooked. Ask about the percentage of students who graduate in four years versus five years.
An extra year of college means at least 25% more in costs and a year of lost income. Just as you wouldn’t pay 25% more for an identical car, you should factor this into your college comparison, especially since many scholarships may not extend beyond four years.
The Bottom Line: Know Before You Go!
Gathering answers to these financial questions will not only empower you to make the most informed decision about your student’s college journey, but also save you time on college visits. Setting expectations ahead of time will also help alleviate any arguments down the road about schools are and aren’t doable. A great way to understand your projected out of pocket cost along with admissions information before you even step on campus is to get your FREE College Money Report.
Have any other questions about college visits and what you should look out for? Schedule time with me and I’ll tell you what I know.
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