{"id":3986,"date":"2023-09-30T06:00:00","date_gmt":"2023-09-30T11:00:00","guid":{"rendered":"https:\/\/educationalrenaissance.com\/?p=3986"},"modified":"2023-09-29T22:09:29","modified_gmt":"2023-09-30T03:09:29","slug":"funding-the-dream-an-honest-look-at-college-financial-aid","status":"publish","type":"post","link":"https:\/\/educationalrenaissance.com\/2023\/09\/30\/funding-the-dream-an-honest-look-at-college-financial-aid\/","title":{"rendered":"Funding the Dream: An Honest Look at College Financial Aid"},"content":{"rendered":"\n

One of the biggest investments you can make in life is in the education of children. With the rising cost of higher education, many are questioning this proposition. Has the traditional four-year college remained a good investment? Or has it saddled the next generation with a debt burden too great to bear?<\/p>\n\n\n\n

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In this article, we will do a little bit of cost analysis to determine whether students, parents and schools should continue to aim for college placements. We will also look at how financial aid works with some guidance on how to navigate a fairly complex set of factors that determine the actual cost families pay.<\/p>\n\n\n\n

Unlike admissions, where one can look at a few sets of numbers to determine whether a student meets the admissions criteria, the financial picture is highly individualized. Each school approaches awarding differently and each family represents a unique financial situation. With this in mind, guidance counselors ought to be wary of a one-size-fits-all approach when it comes to the financial component of college guidance. That being said, hopefully this article will provide some insights and perspectives that will help you with both students and parents.<\/p>\n\n\n\n

Does Rising Cost Mean Lower Value?<\/h2>\n\n\n\n

It is incontrovertible that the cost of college tuition \u2013 not to mention fees, room and board and books \u2013 have increased substantially over the past half century. An abundance of sources tracking college tuition costs from the mid-1970s to the present find that college tuition has tripled. A college education has become one of the most expensive items one will pay for in life, with only a house being more expensive according to financial planners.<\/p>\n\n\n\n

One question to be asked is whether college has retained value as in investment. To answer this, we must consider two facets of what a college education is. The first facet looks at the role a college education plays as a lever for economic mobility. This facet takes into consideration the earning potential of college graduates in comparison to students holding only a high school diploma. A recent study done by the Postsecondary Value Commission was reported in Inside Higher Education<\/em>. This study analyzed the comparative advantage of college graduates over high school graduates. \u201cInstitutions meet Threshold 0 if their students earn at least as much as a high school graduate, plus enough to recoup their investment in college, within 10 years.\u201d In other words, the study is asking whether graduates are finding a return on investment within a decade of graduating. The study found \u201cthat threshold is within reach for about 83 percent of colleges, according to the report.\u201d This indicates that most colleges see their alumni realizing a greater economic advantage only a decade after graduation. In terms of actual dollars, \u201cThe typical postgraduation earnings for alums of such institutions are about $8,981 above the threshold minimum.\u201d (\u201cIs College Worth It? Recent Analysis Says Yes<\/a>,\u201d Inside Higher Education<\/em>, June 22, 2023)<\/p>\n\n\n\n

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The second facet has to do with economic adaptability. This concept is similar to economic mobility in that it encompasses how an individual with a college degree can move upward in terms of earning power. However, economic adaptability has more to do with the ability to change direction in light of changing economic circumstances. The concept here is that a college degree opens doors otherwise inaccessible without a degree, in some cases substantially more lucrative opportunities. A significant factor that contributes to these economic opportunities has to do with the network effect of joining a college community, including fellow students, professors, alumni, donors and companies that might prefer graduates from certain colleges. Ivy League schools immediately come to mind when we consider the network effect. However, many smaller schools enjoy similar advantages. So, it is not the case that attending a lesser-known school impinges upon this network effect. Instead, many of these smaller schools enjoy highly active networks.<\/p>\n\n\n\n

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These facets indicate that colleges and universities have retained good value as an investment despite the rising costs of tuition. Understanding the true value of a college education can be a very personal consideration. Multiple factors can contribute to what one genuinely values in life. Be careful about college rankings or marketing that emphasizes superficial aspects of college life. If a student truly values Christian formation, fellow students who are intellectually engaging, and professors who care about student learning, then finding a school that has these traits will end up being more valuable than a school that has a higher ranking or costs less.<\/p>\n\n\n\n

Before moving on, it is important to be aware that the advertised tuition for colleges and universities\u2014the \u201csticker price\u201d\u2014is rarely what typical families actually pay. Most students receive some form of financial aid, which can substantially change the price comparison between colleges. Even when we factor in financial aid, some families may still find that the cost of college outweighs their estimate of the value of a college education. There are some significant alternatives to higher education, a topic we will cover in another article.<\/p>\n\n\n\n

Funding the College Dream<\/h2>\n\n\n\n

With a few exceptions \u2013 such as Hillsdale, Grove City, New Saint Andrews and Patrick Henry who do not accept federal funding \u2013 the first step to funding the college dream takes the form of the Free Application for Federal Student Aid, or the FAFSA<\/a>. This form determines eligibility for financial aid based on a family\u2019s income and assets. Colleges may use alternative or additional forms to determine institutional aid, but the FAFSA has become the norm for the vast majority of college applicants because it is tied to federal aid such as grants, loans and work-study. Because everyone\u2019s financial situation is unique, providing guidance to students and families wanting advice on college planning can be tricky. This brief overview should help advisors think through the different categories most colleges are operating with.<\/p>\n\n\n\n

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Let\u2019s think about financial aid as filling up different buckets. All of these buckets will contribute to the total cost of attendance at a college. In other words, we need to pour all of these buckets into the larger pool of the cost of attendance (COA), which comprises tuition, fees, room and board, and miscellaneous other expenses. The FAFSA determines an index number that is used to assess the financial need of a family. This index number used to be called the Expected Family Contribution (EFC) but will now be called the Student Aid Index (SAI) starting in 2024. The financial need of a family is then the COA minus the SAI.<\/p>\n\n\n\n

The two big buckets that go towards a family\u2019s financial need are need-based aid and non-need-based aid. Non-need-based aid is often referred to as merit-based aid. In other words, these are scholarships or grants that are awarded based on a student\u2019s performance in some area, such as academics, athletics, leadership or some other category. Often these are awarded by the institution, but some scholarships are available by independent organizations such as denominations, private trusts, or guilds.<\/p>\n\n\n\n

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Need-based aid is another big bucket in the financial aid picture. Here we have grants, loans, work study and institutional funds. These funds are distributed based on the need assessment that is generated by the FAFSA. Since many of these funds are sourced by federal programs such as the Pell Grant, Federal Work-Study, subsidized and un-subsidized loans, and PLUS loans, they are regulated by federal policies. This means there are limitations on how much of any source a student will be eligible to receive. These regulations and policies can change over time, so families with multiple children may find it confusing and frustrating to keep track of all the details of their award package.<\/p>\n\n\n\n

Knowing about these two big buckets provides a substantial orientation about what families can expect in terms of paying for college. Most families will not pay full price for college. However, the full price still needs to be paid from some source or another. So typically, a family will receive a financial aid offer letter outlining multiple sources of funding contributing to the total cost of attendance, with a bottom line that expresses the remaining amount to be paid by the family.<\/p>\n\n\n\n

An aspect of this picture is that colleges have different processes for how they determine the aid eligibility. Some colleges emphasize merit-based awards. Some colleges are need-based only. Some colleges offer guaranteed four-year packages. Some colleges issue new awards each year. Some colleges begin with merit-based awards and then fill in the remainder with need-based sources. Some colleges issue their final offer in their award letter, while other colleges expect some amount of negotiation. All of these factors make it so that comparing offers from different colleges can be comparing apples to oranges. Because of this, it is important for parents and students to develop open dialogue with both the admissions office and the financial aid office at the colleges they are applying to.<\/p>\n\n\n\n

This is a complex picture, but hopefully it also provides a positive outlook that funding is available for students to be able to access colleges that fit their profile. I have seen over the years that the financial component of college guidance is complex and at times frustrating. Yet, when we prioritize the student\u2019s vision for what God is calling them to, and then finding the right institutions to support them on that journey, I have found that the financial picture comes together nicely. In some cases, families choose to send their child to the more expensive option because they have been convinced that the school is the best place to develop their child. In other cases, I have seen ways that God has moved in mysterious ways to make a financial pathway available for a student to attend a great school that seemed a remote possibility during the early days of the application process.<\/p>\n\n\n\n

If a family has special circumstances that the FAFSA does not accurately represent, or if the amount the family has to pay after receiving aid is still beyond their ability to pay, they should contact the financial aid office. There may be an appeal process where adjustments to the FAFSA can be made or additional funding the student may qualify for. It is always worth asking and having a conversation with the college to see if there’s anything more that can be done. As college guidance counselors, knowing that this process is available can be a way to enable families to speak up for themselves, especially when they have found a college that is an ideal fit for their child.<\/p>\n\n\n\n

Thinking Differently about the Cost of College<\/h2>\n\n\n\n

Having looked at the value of college versus the cost of college, I think it remains the case that a college education has retained its value as an investment. When we consider how there is funding that can go a long way towards defraying the cost of attendance, it still seems like there are great opportunities for families to identify schools that fit their financial profile.<\/p>\n\n\n\n

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Here is where I think it is worth considering a different perspective on the cost of college. All too frequently, college finances pit a family against a college. The family wants to keep as much money as possible. And the college wants to receive as much money as possible. This framework actually makes the whole college journey about money and not about higher values. Now let\u2019s be clear, we\u2019re talking about a lot of money. So I don\u2019t want to be flippant about how important a life decision it is for a family to choose a college for their child.<\/p>\n\n\n\n

Yet, I believe there is a different way to think about the relationship between the family and the college. If we have begun the college journey by identifying the student\u2019s gifting, passions, vision for their future, and God-given calling, then what we want to do is back that mission-driven impulse with a partner college that will enable the child to flourish in carrying out this mission. What this means is that our search process becomes less about how a school ranks on the US News and World Report rankings or about the relative costs of the school. These numbers become far less important if we\u2019ve found a location where a child will be mentored, nourished and trained to enter the world well supported on their journey.<\/p>\n\n\n\n

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What I am talking about here is a framework where the college becomes a partner. We\u2019re looking for schools where the family would feel like they would want to donate to their cause. That the tuition cost makes sense as an investment not only in their child, but in the institution that is going to promote the wellbeing of their child. This framework does not pit the family against the school, but instead sees a high degree of alignment. It is my firm belief that there are schools out there that families will find that fit this framework once we cut away some of the marketing around colleges and some of the fears families have about the college search.<\/p>\n\n\n\n

Speaking to college guidance counselors, it may be that your most important work is to uncover for families some hidden gems that really fit what they are looking for as a college experience. In some cases, it is the role of a college guidance counselor to help change the perspective of a family who might have cheered on a college football team for generations, who actually need to fall in love with a new college that will do a better job of cultivating their child\u2019s talents. In some cases, it is the role of a college guidance counselor to get the student and parents talking with each other about values, goals and expectations. I think the vision of college partnerships is sound and compelling, and this idea will help you to provide good counsel.<\/p>\n\n\n\n

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One of the biggest investments you can make in life is in the education of children. With the rising cost of higher education, many are questioning this proposition. Has the traditional four-year college remained a good investment? Or has it saddled the next generation with a debt burden too great to bear? 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With the rising cost of higher education, many are questioning this proposition. Has the traditional four-year college remained a good investment? Or has it saddled the next generation with a debt burden too great to bear? In this article,…","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pa7K1D-12i","jetpack-related-posts":[{"id":3885,"url":"https:\/\/educationalrenaissance.com\/2023\/08\/19\/the-state-of-affairs-higher-education-as-an-educational-industrial-complex\/","url_meta":{"origin":3986,"position":0},"title":"The State of Affairs: Higher Education as an Educational-industrial Complex","author":"Patrick Egan","date":"August 19, 2023","format":false,"excerpt":"As I begin this series on college guidance, my aim is to take seriously our mission to cultivate lifelong learning and flourishing. We must begin with the current state of affairs. 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One man altered the small college in the heart of New Jersey, setting it on course to become one of the most prestigious institutions in America. 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