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Calculate the cost of college and chance of financial aid

Calculate the cost of college and chance of financial aid

by Terri Gruca

Bio | Email | Follow: @TerriG_KVUE

kvue.com

Posted on February 22, 2011 at 8:57 AM

The cost of college is growing. According to the College Board “Trends in College Pricing 2010” report the average cost for a year at a four year public in-state college is now about $20,339.

There are a few tools that can help you determine the price of college based on your family’s income for schools that receive federal financial aid. The Department of Education created this web site last July to help families make more informed decisions about college.

This is a terrific tool because it not only breaks down the cost of tuition, but of books, room and board and even how many students qualified for financial aid as well as the amount they were given.

For example at the University of Texas, 4,775 students or 71 percent of the undergraduate population received some kind of financial aid for the first time. At Texas A&M 5,613 students or 75 percent of the undergraduate population did. It even shows the average amount students qualified for whether it was state or federal aid.

Beginning October 29th colleges will be required to post a “net price calculator”. That calculator is designed to help families better estimate how much a college degree will cost them or their student.

Texas already has a calculator to help. You can go through and select up to three colleges, whether your child plans to live on campus or off and general income information. The calculator then determines the cost and helps calculate how much financial aid your family might qualify to receive.

These are terrific tools to help you make more informed decisions about school and how to go about qualifying and applying for financial aid.

                               

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