Paying for college is one of the biggest financial decisions people make in a lifetime. The cost of higher education can be equated to buying a house. While many parents see higher education as an investment, students may see it as a very expensive social right of passage to adulthood. A college degree is not an entitled privilege nor is it a requirement to achieve future success. Studying a subject that leads to a professional career path is the most simplistic approach to determining if college is worth the price. When surveyed most Catholic Central students indicate that affordability of an institution is one of the primary criteria for deciding to matriculate. To discern the pros and cons of how much to pay for a college education a family can communicate with financial advisors, read books with helpful data as well as review all financial aid (merit and need-based) options with actual college financial aid offices.

Assuming a family applies for financial aid (FAFSA and/or institutional), here are some basic action steps to take at this point in your student’s high school senior year:

Carefully read the financial aid award letters you receive from the colleges where your senior has sought admission. Determine if you fully understand the terminology and mathematics of this net price.

Worksheets or web links provided by the colleges can be useful in determining how realistic your family contribution will be for your budget.

Do not hesitate to contact any of those financial aid offices (or start with your specific college admissions reps) to verify you understand every item listed in the award letter AND what you will be expected to pay directly from your family finances.

Update the college financial aid offices if anything has changed in your family’s financial picture. Be prepared to provide documentation of those financial circumstances that were not reflected or considered in your FAFSA. 

Keep encouraging your senior to apply for local scholarships listed in our daily school announcements or get a part-time job. It’s not too late for them to earn money for college.

Of course, reach out to your senior’s Catholic Central counselor with questions. The Counseling Office has the following books available to loan for families seeking perspective on financing higher education: Never Pay Retail For College (Walker), Beating the College Debt Trap (Chediak), College, Quicker (Stephens), Right College, Right Price (Palmasani), It’s The Student Not The College (White), Where You Go Is Not Who You’ll Be (Bruni), The College Solution (O’Shaughnessy)