Understanding College Costs

What seems like a straight-forward question, unfortunately doesn’t have a straight-forward answer. A good place to start answering this question for yourself is to look at the website for the school(s) you plan to attend and look at their estimates for “total cost of attendance.”

A school’s total cost of attendance is based on two factors:

• Direct/Fixed Costs: tuition and fees
• Indirect/Variable Costs: housing, food, textbooks, travel, etc.

When determining financial aid, a school will compare their total cost of attendance to your Expected Family Contribution (EFC). If your EFC is less than the total cost of attendance, you will likely be offered some form of financial aid (including loans) to bridge that gap.

In general, you have very little control over direct costs at a school (you do have control over which school you go to and how direct costs are paid: scholarships, savings, loans, etc.). Indirect costs, on the other hand, are estimates made by the school and may not reflect your actual costs.

Yes! There are a lot of ways to make your education less expensive, but you have to find the option that works best for you.

The following are a few great ways to save money:

• Apply for lots of scholarships
  • Scholarships can be found in many places, and you typically must apply for them separately from the FAFSA or WASFA. They may be offered by the institution you’re attending or by organizations or businesses in your community.
    • To search for scholarships offered by an institution you’re attending or thinking about attending, review the school’s website or contact the financial aid office.  Community-based scholarships may be offered by a wide variety of organizations, including the following:
    • Any local community activity you are involved in (dance studio, scouts, etc.)
    • Community-based or philanthropic organizations, such as Kiwanis Club, Lions Club, Elks Lodge, etc.
    • Your elementary, middle, or high school
    • Churches or local faith groups
    • Local banks or credit unions
    • Local or county political parties
    • Your parent or other family members’ employers
    • For scholarships outside of your school, take a look at The WashBoard, a free web-based scholarship matching clearinghouse for Washington residents and students attending college in Washington. You create an account, enter information about yourself, and the site suggests scholarships in WA that you may wish to apply for.
      • A quick warning – you should never have to pay to find scholarship information or apply for a scholarship. If you are asked to pay or told you are guaranteed a scholarship, it may likely be a scam. If you are unsure, ask a teacher or guidance counselor.
• Consider spending a year or two at a community college before going to a four-year school
  • Lower tuition for the first two years of your degree
  • Potentially lower housing costs (living at home)
• Consider earning college credits in high school (usually free or low-cost)
  • Check out the Running Start program
  • College in the High School
  • Advanced Placement (AP), International Baccalaureate (IB), and Cambridge International tests
  • Career and technical education (CTE)
• Minimize housing costs: live at home, live with roommates, look for housing that fits your budget
• Make a budget and stick to it
• Work a job while in school if you have the time and it will not affect your school work