|
Full
Site Search
To search the entire TransWorld Education Site for
both articles and college details please use the form
below. Warning: Results can be extensive.
|
Finance
College is Within Your Reach
The progression of holidays is marked
by another upcoming annual event on the calendar of many families:
the dreaded deadlines for college applications for their college-bound
offspring. As a college president with a daughter in college,
I want to share information that may surprise many parents,
and offer suggestions to address the exciting challenge of
educating their children.
 I
want to suggest that you can often separate the choice of
a college from the question of college finances. It can be
a two-step process.
Finding a school that will nurture your student and give
them the best possible start in life must be your primary
goal. The search for the right size and location, a positive
academic and social environment, and the appropriate mix of
supervision and spirituality, should be your first concern.
Do not let price confuse the issue, because what you and
the college are both seeking is the best fit for your child.
If you accept the idea that college is a good investment in
future success (and we have lots of statistics to show the
differences in lifetime earning power for college graduates),
then finding the best possible school is a goal worthy of
pursuit, so before deciding on the money part, first shop
for a school.
After you've chosen the best school alternatives, then it
is time to pursue the financial details. Much of the financial
aid at schools like Saint Mary's, for example, is need-based.
While we do recognize scholarship and academic achievement,
many students at Saint Mary's College receive substantial
need-based help. In this way we are typical of most private
colleges, whereby over eighty percent of our current first-year
class receives substantial financial aid.
Because most college aid is need-based, the net cost of college
to a family declines with income. Students from less-affluent
homes receive more financial aid because they need it. In
addition to this need-based support, there is other no-cost
or low-cost aid in the form of grants, scholarships, and low-interest
government loans to help make things possible.
How can we afford to award literally millions of dollars
every year to our students? A large part of a college's non-academic
work is devoted to locating sources of support for our programs
and students. Colleges benefit through gifts from alumni who
give for the benefit of future students. Foundations and friends
of the institution who believe in its mission contribute scholarships,
grant awards and other forms of financial aid.
In our case, for example, the Lilly Endowment has permitted
us to distribute millions of dollars to allow students from
small towns in Indiana to go college here. For another example,
a local donor has funded a new scholarship for local minority
students who want to teach in the South Bend public schools
after graduation. There are many other programs, as well.
Here's a checklist that I hope parents and children will
use during the college search:
-
Dare to seek out the best college and then expect the
college to help you with a financial aid package
-
Remember that families with lower household income often
qualify for more financial aid
-
Consider college choice and obtaining financial aid
as separate steps
-
Remember that exploring college options can be a family
experience, bringing everyone together in important ways
-
High school counselors are wonderful sources of information
about scholarships, smaller but high-quality colleges,
and techniques for applying. Tap their expertise
-
Talk with a college's financial aid staff. Establish
a relationship and seek their expert advice. Share your
special needs and see if they can propose a solution
-
Many community groups, clubs, and national organizations
have their own scholarship programs. Consult their officers,
your friends and neighbors, and the database of organizations
in your local public library
-
Don' t forget the hundreds of self-help books, and a
large collection of current college catalogues and directories,
maintained at your local library or your child's school
-
Some larger employers have education benefits or low-cost
loans, and may be able to assist in borrowing against
sheltered funds
-
Do not ignore the Internet. The Coalition of America's
Colleges and Universities has a web site that collects
many resources and links at www.CollegeIsPossible.org
-
Above all, believe in your child; believe that college
is possible; then take the steps to make it happen.
Author
Dr. Marilou Eldred
Saint Mary's College, Notre Dame
|
