By Roland McIntyre, CFP®
Let’s have a real talk about college costs because it’s time we stop letting this thing sneak up on us. 💯 We’ve all seen the headlines about tuition fees, but what really gets me is how many families don’t know the whole story until it’s too late. It’s like focusing on the looks and style of the car without asking about the price, gas, insurance, or maintenance. 🤦🏾♂️
That’s the difference between tuition and the full Cost of Attendance (COA). Tuition is just the sticker price for classes. It’s what you see advertised everywhere. But the COA? That’s the real MVP. It includes tuition, but it also covers all the other necessary expenses: books, housing, food, transportation, and personal expenses. Think of it as the total cost of a college experience, from move-in day to graduation. 🎓
The recent Atlanta news story of Georgia State University senior Isidro Lopez-Gonzalez and Morehouse College junior Tyrone McMillian is a perfect example. Isidro was smart and used his HOPE scholarship and Pell Grant to cover tuition, but he still had to work 25 hours a week just to keep up with the cost of books, lab fees, and dining passes. Tyrone, on the other hand, had merit-based scholarships but still ended up taking on over $60,000 in student loans because his scholarships didn’t cover the full cost of his private HBCU experience. These are two bright students who did everything right, but the hidden costs still got them.
This is why overall college affordability has to be the main event, not an afterthought. We’ve got to stop waiting until junior year to have the “how are we going to pay for this?” conversation. By then, you’re already in the game and have to make sacrifices like working more hours, living at home, or taking on massive debt. 💸 The goal is to get ahead of the curve, not play catch-up.
Here are 3 ways to make college more affordable for your kids:
1. Know the Real Numbers
First, understand the full COA. Don’t just look at the tuition on the school’s website. Dig deeper into the financial aid office’s data to get a full picture of what it will cost to live, eat, and get to class. Public universities like the ones in Georgia are often seen as the more affordable option, but remember, they might not offer as many need-based scholarships as private schools. Private colleges may have a higher sticker price, but they often have more generous institutional grants and scholarships that can make them just as affordable, if not more so, than a public school.
2. Plan for All Four Years
This ain’t a one-year race; it’s a marathon. You need a solid game plan that accounts for four years of college. Consider the potential for rising costs and make sure your family has a strategy to manage it. This might mean starting a savings plan early or talking about what a sustainable loan amount looks like for all four years.
3. Find Cost-Saving Opportunities
Don’t sleep on opportunities for savings! This includes:
- Need-Based Scholarships: Don’t just rely on merit. Need-based aid is crucial, and as the new Georgia DREAMS Scholarship shows, states and organizations are starting to pay attention. You can’t get what you don’t apply for, so fill out that FAFSA!
- Community College: Two years at a community college can be a fantastic way to knock out core classes at a fraction of the cost before transferring to a four-year institution.
- Part-Time Jobs and Side Hustles: Like Isidro, a part-time job can help but be mindful of a healthy balance so you’re not sacrificing your grades or your sanity.
Choosing the best college for you is about so much more than just the name on the diploma or even the merit scholarship they offer. The most prestigious school with a half-ride scholarship might still bury you in debt. The real win is finding a school that fits your goals, your academic needs, AND your financial situation. The best choice is the one that gives you an education without taking away your financial freedom before you even start your career.
If you or your family are feeling overwhelmed by all of this, let’s connect. If fact use our Free College Money Report that you can customize for your child. Then you can schedule a free meeting with me to talk more about it.
Schedule a meeting with Mountaintop Wealth here.