| I heard someone accurately explain college costs with | | | | run in with frostbite, but the parallel to college financing |
| this anecdote: | | | | is undeniable. All too often, students and parents visit a |
| You live in the Northeast quadrant of the United | | | | college and ask, "How much does it cost to go to |
| States. The temperature outside could be displayed on | | | | school here?" This, however, is really the wrong |
| one hand on any given day in January, and your little | | | | question if money matters in your college decision. |
| brother dumped a quart of yellow paint on your winter | | | | Cost, as described in the previous issue, is the total |
| coat necessitating the purchase of a new one | | | | sum of tuition, fees, room, board and miscellaneous |
| immediately. You go out shopping, and find a stylish, | | | | expenses. The real question is, "What will this school |
| warm and comfortable jacket that fits like a dream. | | | | cost me?" And, of course, the only way to arrive at a |
| Ready to take it to the register, you wisely ask, "How | | | | specific answer is to persevere through the financial |
| much does this little beauty cost?" You're mid-stride | | | | aid application process. A good question to ask as a |
| when the salesperson takes a deep breath and says, | | | | follow up to the cost question is, "What percentage of |
| "Well, that depends. First you'll have to fill out | | | | your student body receives financial aid?" If the |
| paperwork that asks you to detail your family's | | | | percentage is fairly low, don't rule the school out as an |
| financial situation. We'll send that information off to the | | | | option. Instead, just ensure that you have a good mix |
| government, and they will tell you what THEY think | | | | of schools so that odds are some place will be |
| you can contribute to the cost of this coat. This | | | | affordable to you either through low tuition (like |
| information will then go to our manager who will | | | | community colleges or state schools) or will offer a |
| determine whether or not he can offer you enough | | | | suitable financial aid package. |
| financial assistance to make this coat affordable for | | | | Remember that the government uses the Free |
| you. You may also be asked to submit supporting | | | | Application for Federal Student Aid (FAFSA) to |
| documentation, like your taxes and a paystub. All of | | | | calculate what they think you can pay (that amount |
| this will take about a month, at which point we can | | | | may well make you break out in hives), and while it is |
| provide a definitive answer to your question regarding | | | | each school's job to prepare a financial aid package |
| the cost of that coat." | | | | for you based on that amount, the school is under no |
| Luckily, this fallacious example will not doom you to a | | | | obligation to fill all of your financial need. |