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Articles / Applying to College / How can we afford college?

How can we afford college?

Sally Rubenstone
Written by Sally Rubenstone | Feb. 11, 2002

Question: Our family's income is in the $20-30,000 range. We have two teenagers who will be ready for college soon. We live from paycheck to paycheck. How can we possibly afford a four-year, private college education?

Welcome to the club. Your situation is typical of thousands of American families. The problem is the lack of quality financial aid information and families' reluctance or inability to dig out that information.

What you may not realize is that families looking to find a good, private four-year college or university have two things going for them. First, there is a tremendous pool from which to choose and, second, it's a buyer's market. Depending on your selection requirements, there are probably six-to-ten (or more) excellent schools you could consider as candidates. Don't let cost alone be your decision point.

My personal advice to parents about financial aid has always been, "Send your son or daughter to the best and most expensive school he or she can get into." This generally causes great concern for parents, especially the "most expensive school" part. There's some logic to this argument, though.

In general, schools that have higher costs have better financial aid programs. The word to keep in mind is "endowment." College endowments contain the money received from loyal alumni every year during the campaign known as Annual Giving. This pool of funds is then invested as carefully as possible to get the largest return on investment. Interest generated from the endowment is then used, in part, as a source of financial aid for needy students. Obviously, this is a simple explanation of a complex process.

The best situation is to have your son or daughter accepted to a school that maintains a policy of meeting your family's full demonstrated financial need. More about that later. Right now, the best thing you can do is get as much information as possible. If you have access to the Internet, you'll find much helpful data there.

Written by

Sally Rubenstone

Sally Rubenstone

Sally Rubenstone knows the competitive and often convoluted college admission process inside out: From the first time the topic of college comes up at the dinner table until the last duffel bag is unloaded on a dorm room floor. She is the co-author of Panicked Parents' Guide to College Admissions; The Transfer Student's Guide to Changing Colleges and The International Student's Guide to Going to College in America. Sally has appeared on NBC's Today program and has been quoted in countless publications, including The New York Times, The Washington Post, USA Weekend, USA Today, U.S. News & World Report, Newsweek, People and Seventeen. Sally has viewed the admissions world from many angles: As a Smith College admission counselor for 15 years, an independent college counselor serving students from a wide range of backgrounds and the author of College Confidential's "Ask the Dean" column. She also taught language arts, social studies, study skills and test preparation in 10 schools, including American international schools in London, Paris, Geneva, Athens and Tel Aviv. As senior advisor to College Confidential since 2002, Sally has helped hundreds of students and parents navigate the college admissions maze. In 2008, she co-founded College Karma, a private college consulting firm, with her College Confidential colleague Dave Berry, and she continues to serve as a College Confidential advisor. Sally and her husband, Chris Petrides, became first-time parents in 1997 at the ripe-old age of 45. So Sally was nearly an official senior citizen when her son Jack began the college selection process, and when she was finally able to practice what she had preached for more than three decades.

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