College Decisions: Making Your Final Choice

April can be stressful for high school seniors with several acceptance letters from the schools they wanted to attend.  Now it is time to take all those what if’s and dreams and decide what is the best route to pursue for the next four years.  It can weigh heavy on some students, others just go with that gut feeling and it all works out.  Cost and student needs should be considered.

If you are not sure what the best option may be and want to compare all the numbers side-by-side, we have created a College Decision Worksheet for you. Because the cost to attend and the amount of aid can vary from school to school, having a net price worksheet can help you sort it all out and you will end up knowing how much each school will cost you.  Many financial advisors will tell you to consider the return on the investment.  Does the amount of debt-incurred balance out with the expected income to pay off the debt in four years?

It can be confusing!  Don’t let it get the best of you.  Let’s use CNNMoney.com, Oct., 2012 figures to straighten it out.  The numbers below are averages for Public, In-State, four-year programs and Private, four-year programs.  These may be very similar to the figures you are considering.

                               Public, In-State                      Private

Tuition & fees             $ 8,655                                   $29,056

Room & Board            $13,606                                  $14,233

Total Cost                  $22,261                                  $43,289

It would appear the public, in-state would be the better value.  But that may not be the case.  It’s time to figure out the amount the student/family are expected to actually pay  towards this cost.  For each school, determine the Cost to Attend.  Each college/university is required to provide that information.  Deduct the amount of scholarships/grants being offered by that institution to reduce the cost.  Next determine which independent scholarship can be applied to that program.  Also, consider work-study amounts, and finally, subsidized and unsubsidized student loans.  Be sure you note which scholarships are renewable and which ones are not. This is after all a four+ year commitment. Check out the College Decision Worksheet at www.csorganizer.com for a great way to sort out all the costs and compare them side by side.

Total Cost – Scholarships – Grants - Loans = Cost to attend

Choosing the right school involves more than the bottom line.  For most families, costs are the number one consideration.  For the student, cost is one consideration.  It would be unrealistic not to factor in the student’s best interest.  Evaluate these by highlighting the advantages and disadvantages of each school.  If you need more information for this consider visiting/revisiting the campuses or ask the admissions office if you can speak to an enrolled student to ask questions.

Balancing costs and desire often mean accepting sacrifices.  If the school of choice is still more costly than the second or third choice, how can you make that work?  Some things to consider are the costs of getting set up for school.  If you are taking on more of the cost personally, then perhaps agreeing to spend less on dorm/apartment set up can offset the cost.  Does going to the more expensive school mean the student is willing to select a less expensive dorm option or do with less new stuff for their room? Are they willing to forgo a new computer or printer? How about saving by not purchasing a TV, microwave or refrigerator?  If studying abroad is important, will there be enough money left over to pay for that semester? How much will it cost to come home? If you are paying more to go to college, is it practical for the student to only come home on major breaks to save on travel costs?  If the school is a major climate change, such as moving from Alabama to Rochester, NY keep in mind there will be added clothing expense.  How much is the student able and willing to work during the summer and during the school year?

Also, keep in mind, contacting the admissions office to determine if additional assistance is available, may also be an option, if financial costs are the only difference between school #1 and school #2.  It can’t hurt to ask.

Each student’s situation will be unique.  For some, it will be an easy decision.  For others it will be a struggle to balance the excitement with the reality.  Take your time, in the end, make the choice that will mean the best education, the best environment for the student to grow as a independent adult, and provide the most opportunities for their future. The College Decision worksheet provides a place to identify the personal strengths and weaknesses for each school under consideration.  It can be helpful to identify those and use those to focus your discussion around.

Once you have decided, be sure to send acceptance and rejection forms to each school that the student was accepted.  Also be sure all scholarship, grant, and loan forms are completed on time.  Follow-up with thank you notes to scholarship providers, admissions counselors, and the people that provided letters of recommendation.  Then enjoy the final weeks of your senior year.