Building a Financial Aid-Friendly School List
Families often focus on academics and social fit when building college lists. These are great areas to consider. Another important focus should be on the cost of college. Families usually feel limited to the sticker price of colleges when making decisions about which schools to include in their lists. However, there is a better way to more accurately estimate the cost of college and build a college list that doesn’t unnecessarily rule out potential colleges that would be a good academic AND financial fit.
Building College List Based on Financial Aid Estimates
Let’s take a look at how to put together a financial aid-friendly college list.
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Estimate the Cost of College
College cost calculators are free tools that allow you to estimate the cost of college. By inputting similar information that you will use to complete financial aid applications, you can use these free tools to get a sense of what a range of colleges will cost your family. This is most useful in the case of need-based financial aid.
You can use the calculators and other research tools to learn what you can expect from different types of colleges. There are four general types of schools for financial aid purposes: in-state public, out-of-state public, private schools that offer a mix of merit-based aid AND need-based aid, and private schools that only offer need-based aid.
Use College Cost Estimates to Build College List
Once you have a sense of what the different college types will cost, you can begin to put together your school list. In addition to academic and social fit, families should also construct a school list based on their expected financial aid eligibility.
Financial Aid Diversity is Key
It is key to put together a diverse list of schools. You can expect different award offers and corresponding net costs at different types of schools. As a reminder, the four types of colleges when it comes to financial aid are: in-state public, out-of-state public, private schools that offer merit-based aid, and private schools that only offer need-based aid.
No Diversity = Fewer Choices
If we don’t have a diverse school list, we are likely to see similar financial aid offers that don’t provide much flexibility in terms of net cost. For example, if we only apply to Ivy League schools you are likely to see similar offers from all of these schools. The case is the same if we only apply to in-state public schools. A diverse list of college types results in a diverse list of financial aid offers. This allows for more of a decision when it comes to choosing a school based on financial aid opportunity.
Add In-State Public School to List
Looking ahead, we recommend applying to at least one in-state public school. Even if the student is not seriously considering this type of school, the guaranteed low cost of in-state tuition can be used as leverage when we reach the point of negotiating for additional financial aid consideration.
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There is a lot to be gained from our free general financial aid advice, but it’s also a very individual process. If you have remaining financial aid questions, email us to discuss more or book an individual session.