9 Tips to Help Your Family Afford College
As your student searches for their perfect college, keep in mind that sticker price shouldn’t be the starting point. After all, the least expensive education today may wind up costing you in future opportunities.
Many of today’s high-paying jobs weren’t around 10 to 15 years ago, and a recent report from the Boston Consulting Group projects that more than half of today’s jobs will be reshaped by AI within three years. That’s why it’s critical to invest in a future-proof education that doesn’t just prepare your student for their first job out of school, but also prepares them for a lifetime of learning and leadership.
Propel the college investment into a lifetime dividend by ensuring that your student's goals align with the college’s mission, vision, and values, as well as the outcomes of its graduates. Here are some tips to help pay for the cost of education at the school your student chooses.
Meet Your Expert
Steve Booker is the assistant vice president of enrollment management and director of financial aid at Rollins College. Booker has led Rollins’ Office of Financial Aid for nearly 20 years and has more than 30 years of experience in college financial aid advising.
1. Don’t be discouraged by price
Many students at most colleges don’t pay the stated cost of tuition, fees, room, and board. In a lot of cases, academic scholarships and financial aid are available to assist. At Rollins, for example, 94 percent of students receive some form of financial aid, and each year our students receive more than $100 million in state, federal, and institutional resources.
2. Utilize a college’s net price calculator
Most colleges have a net price calculator online to help gauge what to expect as a first-year student. This tool also provides an early estimate of what types and amounts of financial aid you might receive. Think of it as a barometer of a college’s net price (or what you’ll actually pay) versus its sticker price.
3. Start saving now
If you or your student doesn't already have a college fund, you may want to consider opening one sooner rather than later. You’ll be in a better financial position if you start saving today rather than waiting until tomorrow. Human nature finds excuses not to save, so make a plan and begin now.
4. Graduate on time
Would your student enjoy big classes with professors who lecture and leave the one-on-one work to graduate assistants? Or would they thrive in smaller classes where professors lead discussions and personally connect with every student? Finding a college that suits their learning style will increase their chances of academic success and of graduating on time (or even early). This, of course, reduces cost and enables them to begin earning a salary sooner. Rollins’ Finish in Four guarantee provides a concrete plan for each student to complete a degree in four years.
5. Consider taking standardized tests
Encourage your student to take both the SAT and ACT. However, know that many colleges, including Rollins, are Test Optional, meaning you do not have to submit test scores to be considered for admission. At many institutions, you can also be considered for the full range of scholarships and financial aid even without scores.
6. Consider dual-enrollment courses
Your student's successful completion of dual-enrollment courses will not only reduce their time to graduation (thereby lowering costs), but it also allows more flexibility for study-abroad options or pursuing a double major.
7. File the FAFSA promptly
Help your student file the Free Application for Federal Student Aid (FAFSA) during their senior year in high school shortly after it opens on October 1. This form enables each college they list to provide the maximum amount of financial aid for your family.
8. Seek outside scholarships
Many free sites can help with this process, but it will take time and effort on your student's part. Keep in mind that lots of students are seeking these scholarships. Have them ensure their application is error-free and their essay is engaging and interesting, and encourage them to seek help from a teacher or counselor. Check out a few of our favorite sources to find outside scholarships.
9. Reach out
Finally, encourage your student to contact the financial aid office at the colleges they are considering. These professionals are the experts in aid options and can provide important guidance around deadlines, forms, and other options. Feel free to schedule time with our financial aid team to address any Rollins-specific questions you may have.
See For Yourself
There’s no better way to experience Rollins’ personalized learning environment and tight-knit community than to visit our lakeside campus. From daily campus tours to deep-dive open-house events, the Office of Admission offers a range of tour options to help every future Tar and their family get a firsthand feel for what it’s like to live and learn at Rollins.
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