According to a recent Bloomberg report, college tuition and fees have surged over 1,100% since records began in 1978. During this time period, college costs have risen faster than nearly any other family expense, and have increased nearly three times as much as the increase in median family incomes. To help insure that the cost of college remains affordable for your family, parents should make sure that their college-bound senior has at least one financial safety school on her final list.
A financial safety school is simply a college to which your child is very likely to gain acceptance, one that she also would be happy to attend, and one that you as a family can afford. Find a college that meets these three important criteria, and you’ll all sleep better at night!
To determine if a specific college is likely to accept your child, look to the college’s mid 50% range of test scores and GPA. If your child’s GPA and test scores are above the top of this range (that is, in the top quarter of accepted students), AND if the college accepts 50% or more of applicants, your child is very likely to be accepted. Make sure your child doesn’t become complacent; every college on her final list should be treated as a “first choice”. That means submitting a carefully prepared application as well as demonstrating true interest in attending that college.
To determine financial safety, seek out the “net price calculator” that you’ll find on the college’s website. Input the numbers they require, and you’ll get a reading about how much the college is likely to cost your family. Don’t discount “expensive” colleges before using the net price calculator; at many colleges a majority of the students pay far below the sticker price!
