College
award letters will begin arriving in March, and high school seniors and
their parents will have to consider finances when making a final
decision.
The e-book version of Right College, Right Price: The New System for Discovering the Best College Fit at the Best Price, written by former college admissions director and current guidance counselor Frank Palmasani, is available for .99 cents through March 8 where all e-books are sold.
Palmasani shares these tips for Selecting the Best College at the Best Price:
1. Determine how much you can afford.
There is more to this equation than savings. Be sure to factor in the
$2,500 tax credit for each child attending college (based on income) and
expenses that will be reduced or eliminated when your child goes to
college.
2. Don’t base your decision on sticker price.
All colleges are required to provide net price calculators which
families can use to get a better idea of what the actual cost will be.
Your student’s profile could result in affordable options at great
schools.
3. When comparing award letters,
subtract only grants and scholarships from the cost of attendance to
determine net price. Exclude Direct Loans and work-study jobs. PLUS
loans should never be included as a financial aid element.
4. Consider appealing directly to the college’s financial aid office
if your family will experience a loss of income compared with 2012,
will incur significant medical expenses, or if you pay private tuition
for other children in your home
5. Negotiate a better price.
Find 3-5 comparable schools with lower prices and show the difference
to the admissions officer. Include official award letters if available.
If the school wants your child to attend, they will often work to find
extra award money. Whatever you do, don’t call it a negotiation!
Frank Palmasani
began delivering seminars on the college financial aid and planning
process, and estimates he has reached more than 200,000 people through
his talks. He is a member of NACAC, IACAC, and the College Board.
Palmasani has been featured in the Boston Herald, Chicago Tribune, and Yahoo! Finance, and previously appeared as a guest on HLN, WGN-TV, and WTTW-TV.
Disclosure: Post contains affiliate or sponsored links, which support this blog at no cost to you. All opinions are my own.
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