The price of a college education can seem overwhelming, but the sticker price you see advertised is rarely what families actually pay. This guide is designed to help you understand the true cost of attendance, so you can make informed decisions and not let price be a barrier to your dreams.
Sticker Price vs. Net Price
The most important concept to understand when budgeting for college is the difference between these two prices.
- Sticker Price: This is the total published cost of attending a college. It includes tuition, fees, housing, and food. This is the price you see on college websites and in brochures.
- Net Price: This is the actual amount a family pays after financial aid – such as grants and scholarships – is factored in. It’s often significantly less than the sticker price.
Don’t Rule Out a School Based on Sticker Price Alone
A common mistake is to assume a private college is too expensive or a state school is the most affordable option. In reality, financial aid packages can vary dramatically, and some private institutions can offer very generous aid that makes them more affordable than a state school.
Our Advice: Do not mark any school off your list until you have applied for financial aid and received your official award letter. The actual cost of attendance is often much lower than the sticker price.
Tools to Compare Costs
- Net Price Calculator: Every college that participates in federal student aid programs is required to have a net price calculator on its website. This tool provides a personalized estimate of what you may be expected to pay. Remember, the estimate is only as accurate as the information you provide.
- Return on Investment: Look beyond the cost. Consider a college’s graduation rates, job attainment rates, and potential earnings for graduates. The overall value of the education, the community, and the experience are all essential elements to consider when evaluating your investment.
A Note from BFCF
We know that financial concerns are a major part of the college decision. Our scholarships are designed to help you bridge the gap and make the schools you’ve dreamed of attending a reality. We encourage you to use the resources available to you and to reach out to financial aid administrators at colleges – they want to help!
