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When Money Is Not an Issue
The Price Tag: When Is It a Factor?

Everyone has certain criteria they'd like their college to meet. You might want a top-notch creative writing program, your best friend division III athletics, and your neighbor a close-to-home location that isn't too close-to-home. But there's one desired feature that all students covet: affordability.

Tuition for both private and public schools is increasing dramatically. And there is a growing fear among applicants that they will be accepted to their first-choice school but not have the means to pay for it. In fact, some parents and students won't even consider schools whose price tags are deemed too high. That's a mistake!

When you are deciding which school to attend, consider the cost. When you are deciding to which schools you will apply, tuition should temporarily take a backseat.

Indeed, cost should not be a take-it-or-leave-it factor when you begin crafting your college list. Sometimes, your out-of-pocket expenses may be less at a school with a higher sticker price than a school with a lower one.

You're probably wondering why...

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Financial Aid Enters the Picture

With a financial aid award, your ultimate, out-of-pocket costs may be significantly less than the original price tag. Of course, this is all dependent upon the aid packages offered by your respective schools. Some packages will be more generous than others, some will be more loan-heavy (forcing you to borrow more), and with a bit of luck, some might cover all of your need.

The bottom line is that you won't know what your financial obligation will be until after you (1) apply for financial aid, (2) receive that coveted acceptance letter and (3) receive your award package. Only then will you have all the information necessary to decide which college will best meet your needs.

Benjamins on the Brain

We wish we could say, "You can completely ignore the cost when deciding where to apply." We can't. There is no way to be certain that you will receive a generous, comprehensive award package that will leave you with plenty of money for Friday night socials.

Just as you apply to expensive schools with the hope of a handsome award package, you should also apply to reasonably priced schools (or financial safety schools) in the event that your award package falls short of your expectations. The best financial safety schools are ones that you would happily attend if your other choices don't pan out.

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