As my third child searches for that perfect college, I am struck by how often the phrase “need-based” appears, both in information sessions and literature. With colleges costs averaging around $40,000.00, what is the definition of need, as it pertains to paying for college? There is a process, first you fill out the FASFA, it is the federal financial aid form where you report your family’s income and assets. This will determine the EFC (expected family contribution). This leads you to the Net Price Calculator, where you take the cost of attendance, subtract the EFC and that equals your financial need. That is the bottom line, there is no gray area. What all of those numbers don’t take into account are things like: your debt, such as mortgage payments, car loans, credit cards. Then there’s the operating costs of running a family, this includes food, clothing, gas, utilities, medical expenses, activities we enroll our kids in and many more.
We work very hard for the life we have, Yes, we live in a nice house, in a nice town, but that doesn’t mean we don’t need help paying for college. The cost of sending your child to college is out of control, it is the rare family that can just write that check. A concrete number does not reflect life.
