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Paying for College
Transcript of Paying for College
Cost of Attendance (COA) or Sticker Price includes:
1. Tuition and Fees
2. Room and Board (Food)
3. Books and Supplies
4. Personal Expenses and Transportation
In-State - Average $27,000/year
Out-of-State - Up to ~$70,000/year
NOVA - $187/credit - ~$6,000/year
International - Varies. ~$21,000/year in the UK
Trade School/Apprenticeship - ~$33,000/degree
How much will it REALLY cost?
Expected Family Contribution (EFC) = How much your family can afford to pay for college each year according to the FAFSA.
COA - EFC = NEED
EFC is determined by the Free Application for Federal Student Aid (FAFSA). The FAFSA is available to American students in their senior year.
How can I reduce costs?
Otterbein University - Case in Point
$42,000 Sticker Price
- $13,000 for having a weighted GPA of 3.8
- $3,000 for demonstration of community service
- $4,000 for multicultural background + leadership
- $2,000 for Yearbook (communications)
= $21,000 before loans - less than many in-state!
Is It Worth It?
FCPS-wide and Pyramid Financial Aid Events
Academies (6 in FCPS): get professional certification for free in HS; earn $25 per hour 20 hours a week to support the family while attending college
NOVA dual enrollment
College Access Fairfax: https://collegeaccessfairfax.org/
Scholarships for underrepresented groups: first generation students, low income students, minority students
529 plans: https://www.virginia529.com/
Read with your child. Set aside a time and place to do homework each night. Attend school events. Ask teachers questions. Seek information.
Talk positively to your child about attending college.
give up on your child.
support your child's interests.
on finding the best fit for your child.
Casually visit colleges when you have a chance and keep it fun.
Explore financial savings options (529 plans and scholarships).
Decide how the family unit will discuss money
FORGET these myths
...out of state is more expensive, my kid is the smartest/best/etc. and so college will be cheaper for her/him, my kid has to go to a name brand college in order to get a good job and be happy for the rest of her/his life!
What are some ways I can implement what I learned today at my school?
School Counselor, McLean High School
Career Center Specialist, McLean High School
Paying for College
It's never too early to support our families!
Kathleen Otal, School Counselor
Laura Venos, Career Center Specialist
What do you do in your schools to promote college awareness?
What is the school counselor's role in terms of families' financial planning for college?
Reduce current and future stress
Empower all families to see college as an option
Discuss the cost and value of college
Connect families with resources
Financial planning - we are not experts and it is not our job to TELL families how to manage their money OR how to talk about money as a family unit
Recognize that there are many different types of families
Definitely college bound
Struggling with the idea of college
Everything in between!