Can your teenager’s high school counselor help you shrink the cost of college?
I have my doubts. In my last post, I explained that many well-meaning counselors don’t have the financial acumen to pull this off. Before putting too much faith in a counselor’s advice, ask these four questions:
1. What is a Common Data Set?
It’s a very bad sign if your counselor doesn’t know what a Common Data Set is. This document, which every college or university produces yearly, contains invaluable information on a school’s financial aid practices, the academic profiles of its freshmen and much more.
2. How can I determine if my family will qualify for financial aid?
High school counselors should really know the answer to this one. As early as your child’s freshman year, you should complete an online financial calculator to obtain your expected family contribution (EFC). Try the FAFSA4Caster to determine eligibility for federal aid and the PROFILE calculator for about 200 selective private schools. Each calculator will give you a figure called the expected family contribution, which is what you will be expected to kick in for a single year of college. If your EFC is high, look for schools that give large merit awards to affluent students.
What schools are the most generous with financial aid?
The most elite institutions are typically the most generous. If you need aid, a school like Princeton, Swarthmore or Georgetown will be incredibly giving. Some state institutions, however, are also generous. See a list of colleges with the best financial aid policies at ProjectonStudentDebt.org.
My family won’t qualify for need-based financial aid. How can I determine if a school will give my child merit aid?
Believe it or not many schools give aid to just about all its students both rich and poor and everybody in between. Check the federal College Navigator to see what percentage of students receive aid and what the average institutional grant is. You can learn a ton about evaluating college financial aid policies by reading this package of stories on how to get the best financial aid packages for affluent families.
