Applying to Schools: Financial Aid

Educational Expenses: A Parent’s Guide to School Funding and Financial Aid

Educational investments are not easily made, nor are they lightly considered. The expense of an education should be an important factor in your school selection process. It should not, however, be the focal point of your decision. Your child’s academic and personal interests should be primary among concerns when choosing a school.

You’ll find that expenses are not the same at every institution. For example, some schools may not charge additionally for such items as food service or special lessons such as music and driver training. Again, review school material carefully and ask questions.

Gaining a fairly accurate picture of prospective costs early in the application process will give you time to explore various ways of closing the gap between costs and available funds. Schools will expect that you have done your homework and are ready to contribute what you can from your own resources and from outside sources prior to applying for any financial aid.

Schools do, however, provide families with as much information as possible about the various ways in which tuition can be paid. Among some of the available options are:

• Tuition payment plans
• Financial Aid based on need
• Merit scholarships
• Loans

Tuition Payment Plans
Many schools provide families with an option to spread out the educational expenses over a period of months for a relatively small service charge. This allows parents to meet their obligation to the school without overburdening the family budget at the start of a school year or semester. These monthly plans can be arranged through a bank or with the school directly and often are available to families regardless of income level. Other schools ask that tuition be paid in two or three installments throughout the school year with the first payment usually due in August. Financial aid officers welcome the opportunity to talk about ways to make the cost of attending school more manageable.

Go to next topic: Financial Aid (part 2).