(ARA) - Planning for college is fraught with uncertainty about everything from which college and major to choose to how to much it will really cost. With nearly 70 percent of high school students enrolling in higher education programs after graduation, according to the Bureau of Labor Statistics, millions of students and their families are overwhelmed and looking for guidance about what their options are. Students weigh many factors when choosing a college, but one that often makes the decision difficult is price. When it comes to planning most students and their families are on their own. The typical high school student receives only 38 minutes of college preparation at school a year, according to a 2005 study by the National Association for College Admission Counseling. "Millions of students and their families experience great anxiety around college planning because nobody has insight into what their true out-of-pocket college costs will be. A college's sticker price is not the price you'll pay," says David Childress, general manager of StudentAid.com. "You can comparison shop for everything from mobile phones to houses but not for one of life's biggest investments - your children's education." Many families start planning for college by creating a 529 tax-free account, which helps offset the college-cost burden. However, the recession's weakened stock prices has reduced the value of many of these accounts. High school students often start receiving college brochures as early as sophomore year to help them determine which colleges offer programs they're interested in. During junior and senior years, many students will visit their top college choices, meet with professors, talk to other students, and research some of the 800 Web sites and guide books about colleges to figure out which of the country's 6,800 colleges are the best fit. But finances need to be determined early - before a student even starts investigating the programs different colleges offer. Until recently, college net prices have been a mystery. Starting in October 2011, all colleges receiving federal funding must provide a net price calculator on their Web sites to help prospective students gauge affordability. Only a handful of colleges have already installed calculators. Some college planning Web sites offer basic calculators, but the drawbacks are that these are not personalized and exclude the $10 billion available from state grants or scholarships. However, StudentAid.com has developed the College Cost & Planning Report to make this process easy and personalized to a student's academic and financial circumstances. Students and their parents can see a side-by-side college net price comparison and student aid eligibility for as many as 10 colleges. Net price is the cost of tuition, room and board, books and supplies and additional living expenses minus grants. Each report also includes a personalized timeline, detailed college profiles, and specific grants and tax benefits a student is qualified to receive. "By determining their aid eligibility and net price, we're giving college-bound consumers a new power," Childress said. "Knowing net price lets a family evaluate colleges based on which ones offer the best deal so they can plan ahead with a realistic idea of how much out of pocket parents and the student will pay." Shelene Worland of Mountain View, Calif., is the mother of twin daughters researching college. "Obviously everything you do from preschool on up is preparing them for college," Ms. Worland says. "I found out about StudentAid.com through word of mouth through a friend. It really puts a lot more information at your fingertips about the cost of college. It gives you a better idea of what you're looking at for expenses … and what your eligibility is for financial aid." One daughter is interested in a state college, while the other likes the smaller campuses of private colleges. Having a side-by-side comparison of net price allows Worland to make sure her daughters look at colleges that fit their bank account and career ambitions. Worland says that StudentAid.com has helped her daughters narrow down their selections. "I would suggest that parents start looking at this during their kids' junior year, and look at it a couple times," she adds. "There could be a lot of time wasted on schools you can't really consider, and this helps them focus on what is possible." With the support of USA Funds, the nation's largest student loan guarantor, StudentAid.com offers its college planning service free to all students with a household income of less than $40,000. The service costs other students $49 to $99. To learn more about how to plan and pay for college or to find college recommendations from other students, visit www.StudentAid.com. Courtesy of ARAcontent |
