Students are in the full swing of the college application, decision process and the college financial aid reality. College Affordability, LLC wanted to give a few other viewpoints to help families through this process. We often talk about the financial outcome of a college education and how important college affordability is in this discussion.
This article is for parents and prospective college students to read during the college selection process. Jillian Berman wrote a Wall Street Journal article titled, “Questions Families need to ask about paying for College”. This article reviews the common criteria that go into the college selection process. The article addresses how paying for college is often minimized when parents discuss college with their children. Many families embrace the marketing ideas of the college stating that there is plenty of financial aid. Families need to take a reasonable approach to this decision and open up the cost factor of college with their children.
Included in the article is a 2014 freshmen survey conducted by UCLA titled, “Decisions, Decisions”. Prospective students and families can review the top criteria for picking a college and see if any of these ideas should also be included on their own list. On this survey the number one reason for picking a specific institution was the reputation of the school. The cost of the institution was listed as the fourth reason.
Many times students and parents get emotionally tied to a certain college for a variety of reasons. Each year Accenture does a survey of college graduates and compares it to recent graduates. I find this to be a useful tool in bringing some of the financial aid reality into the conversation. Here is our link to our blog post regarding the Accenture Survey.
College Affordability, LLC believes discussing the outcome of college should not only be addressed during the selection process but also revisited each year the student is in college. The college outcome and debt could affect the student for the rest of his or her life. It is exactly why EFC PLUS, the college financial software was developed. We want families to know the four-year cost of college and the graduation debt at the beginning of the process. It is extremely difficult for prospective students to visualize their post graduate life but we hope that by sharing this information, a better discussion will occur. The result will help your child understand their post graduate reality.