CHAPTER ONE: Getting Started
"One of the most important contacts you can make at your student's college is the financial aid office."
-- Connie Gores, vice president for enrollment, Randolph-Macon Woman's College
Odds are, you've picked up this book because you have a child who's getting ready to go to college. You've probably looked at some schools, flipped through a few college catalogs and viewbooks, and tried to get a sense of what this grand, life-changing experience for your student is going to cost.
Then again, maybe you've been afraid to find out. (If so, we can't say we blame you.) The truth is, there's good news and bad news. Since most people prefer to get the bad news over with, we might as well get that out of the way.
Unfortunately, the cost of a higher education is rising every year and will almost certainly continue to do so in the future. Just as the costs of cars and homes have increased over the past decades, so has the cost of attending college.
(Our apologies if that last sentence was difficult to read, but we promise it gets better.)
THERE IS HELP
The good news is that there's help all over the place if you know where to look. The government, businesses, foundations, and even universities offer ways to help manage and reduce the cost of getting a higher education. Despite the price, there are people who can and want to help you and your student afford college. After all, getting a college degree not only benefits your student, but the rest of society as well.
And lucky you -- you've already found one source of help. This book was created solely to help you and your son or daughter understand and get through the process of finding and applying for financial aid. But before we dive in, there are a few things you should know up front.
GETTING A GAME PLAN
First, this isn't a weekend project. There's a reason we compared college to buying a home or car, and that's because it takes the same amount of time, effort, and planning. Most people wouldn't buy a car without some shopping around and number crunching, and you certainly wouldn't buy a house without doing research. The same should be true for college. Since your student's education will likely cost as much as a new car (or even a house!), doesn't it make sense to put as much time and energy into the process as you would for those decisions?
Also, you'll be glad to know that your student will need to become involved in this process. Although you may claim them as dependents on your income taxes, you can't do this alone. There are going to be plenty of discussions and decisions that will involve talking (gasp!) to your son or daughter. Affording college is about things like budgets, living expenses, and spending money. Getting your student involved will help them realize the financial burden of college. And if you're lucky, they may take their education more seriously as a result.
Finally, this book will encourage you to be proactive. Not only will we explain the process and use the real life experience of other parents to help you understand how it works, but we've created a number of things to nudge you along the way. At the end of this chapter, you'll find a calendar to help pace yourself for going through the financial aid process. While we don't live in a perfect world, it represents an ideal timeline for getting things done. We've also included short checklists at the end of each chapter to suggest things you and your student should be doing along the way. They're by no means comprehensive, but it's a good place to start. A handful of worksheets and tables will help make life easier than guessing and estimating costs in your head. We've also done a lot of legwork to find other resources so you don't have to. Websites, phone numbers, and contacts are plentiful throughout this book, so you'll always have places to find additional information.
YOU ARE NOT ALONE
Remember you're not alone in this process; millions of other American families are going through the same steps and facing the same problems. Even financial aid officers send their kids to college. "My daughter is a senior in high school, and I've been helping her friends' families compare their aid packages," says Connie Gores, vice president for enrollment at Randolph-Macon Woman's College and parent of a high school senior. "There's a lot of confusion and incorrect assumptions out there. A lot of parents also don't understand the differences between a public and private college. Also, I'm learning that a lot of families don't understand the financial aid process, so there really are a lot of people out there that need help and guidance." She adds, "The one thing that surprised me, even being in this field, is the anxiety this process can create. There's an immense amount of pressure on students and families during the whole process, and I never realized it until I went through it myself."
There may be times when dealing with financial aid feels like balancing your checkbook, doing your taxes, and taking a test all at once. Understanding the process is half the battle. When it comes to financial aid, knowledge is power, and this book will give you the information and guidance you need to make the best decisions to help you pay for the best possible education your son or daughter can have -- without going to the poorhouse.
MOVING ON
In the next chapter, we'll tackle the reality of financial aid, and separate the myths from the facts (and it's not all bad news!). We'll also discuss some misconceptions to help you learn the truth about financial aid.
Copyright © 2003, by Kaplan, Inc.
--This text refers to an out of print or unavailable edition of this title.
