One often overlooked resource when attempting to determine affordability is the Net Price Calculator now included by law on college websites. This feature will let you enter information and it will give you an idea of what the net price of the college after aid is given will be. It isn't a guarantee, but it gives a ballpark figure for comparison. And it can be surprising. With the reduction in state money given to the state universities, and the increased competition for a smaller applicant pool causing smaller private schools to offer more aid, the difference between a state university's cost and a private school's cost may be considerably less than you think, and may even, in some cases, be reversed, with the private school being cheaper than the state school.
This is also the time that scholarship applications are being filled out and sent in, in hopes of making the way easier for affording the college of your dreams. However, it is important to recognize that scholarship money can often reduce the amount of aid you are offered by the same amount. Colleges have only so much aid money, and a lot of students who are in need of some help, so if you can get scholarship money, they are inclined to spread that money a little farther. It all has to do with the FAFSA calculation of need, and college financial aid offices use the information in a variety of ways. It might be a good idea to talk with the financial aid office of your school and find out what their policy is on external sources of aid, so you aren't surprised when the bill comes due.
Another way to prepare for the financial decisions is to take a very close look at what you can afford to take on in the way of debt. There are a variety of loan types available, from the very affordable federal subsidized loans to the very expensive parent loans from private banks. It is important to remember that, while many of them don't require payment during your college days, they will require it after you graduate, and the repayment can take a pretty significant chunk of your paycheck. It helps to think about what is a realistic estimate of post graduate income, and see what should be your borrowing limit in light of that probable amount. It is recommended that the amount of your monthly repayment should be around 10% of your income, which really limits the amount that you should borrow to fund your education. Most of us don't make nearly what we would like to make in the first few years out of college. To get an idea of what the numbers are, google college loan calculator; you will find a variety of websites that provide information on the topic.
And a reminder--get your FAFSA done before March 1 to qualify for Virginia or Maryland state aid. Wor Wic is providing FAFSA help on Tuesday and Thursday evenings in February (hours and location can be found by calling the financial aid office there).
