Cost of Attendance vs. Net Price

There are two prices that families should understand before applying. Cost of attendance is often considered the “sticker price,” or what you see on the college’s website, which includes tuition, fees, room and board, and other indirect costs like books, supplies, transportation, loan fees, and other miscellaneous expenses.  Net price is the cost that families should pay more attention to, as this is the COA minus any federal grants or institutional scholarships the student may qualify for. Surprisingly, only 14% of students pay full COA, meaning almost 9 out of 10 students pay a reduced rate! Finding out the COA and the net price is relatively simple: We suggest using the website College Navigator, run by the National Center for Education Statistics. Under the tab “Tuition, Fees, and Estimated Student Expenses,” you can find the COA, and under “Net Price,” you can see the average net price.

Know the Percentage of Students Who Receive Institutional Aid

The next essential thing is to find out how many students receive institutional aid from that college and the average net price by income.

By reviewing the college’s information under “Financial Aid” in the College Navigator, you can find how many students actually receive aid. 

Understand Your Net Price

The last step in the process will take a bit more work. Now that you know a college’s COA and average net price, you can determine your net price depending on your family’s income and the student’s academic factors (test scores, GPA, etc.). Each college provides its own Net Price Calculator to make this calculation. Each calculator will ask you a series of questions, such as:

• Does the student plan to apply for financial aid?
• How old is the student?
• Where does the student plan to live while attending this institution?
• Is the student eligible for in-state/out-of-state tuition?
• Is the student married?
• Is the student the primary source of financial support for any children?
• How many people are in the family’s household?
• Of the number in the family above, how many will be in college next year?
• What is the family’s annual household income after taxes?
• ACT/SAT scores
• GPA

With this information, a family can now ask better, more specific questions when they visit a college and speak with their financial aid department. There may be additional institutional scholarships the student can apply for and other external scholarships and programs that could reduce the net price even further. With this information, the family can better compare colleges when making a list.

The short time spent researching this information will help your family be more informed about the actual cost of college before applying. 

Amanda Sterk is the director of college and career advising at Method Learning and the author of “College Unmazed” www.collegeunmazed.com.

SCHOLARSHIPS AND GRANTS

Florida scholarships and grants that are automatically awarded to students who complete the Florida Financial Aid Application and meet eligibility:

Florida Ease Grant: The William L. Boyd IV Effective Access to Student Education Program provides tuition assistance to Florida undergraduate students attending an eligible private Florida college or university. The student must meet Florida resident eligibility status determined by the institution and be a first-time college student seeking a baccalaureate degree. The grant amount for 2023-24 was $3,500 per year.

The Florida Bright Futures Scholarship Program establishes lottery-funded scholarships to reward Florida high school graduates who will attend college in Florida and have met the academic requirements and minimum number of work or volunteer hours. The scholarship amount is calculated on the average cost per credit hour for a full-time schedule at a public college or university; that value may also apply to a private college or university tuition. More information at floridabrightfutures.gov.

To see all Florida scholarship and grant programs, please go to www.floridastudentfinancialaidsg.org/.

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The post A three-step guide to uncover what college REALLY costs appeared first on SWFL Family.

NAPLES, Florida– The Richard M. Schulze Family Foundation is once again awarding up to 15 new $20,000 college scholarships ($5,000 per year) to deserving 12^th grade students from eligible high schools in Collier County.

The application and eligibility list can be found online at www.SchulzeFamilyFoundation.org. The deadline for all submissions is March 1, 2024. 

Successful candidates will show they have distinguished themselves through school, community and/or church activities while showing strong academic achievement in high school and meet the following criteria:

• A 2024 graduate of an eligible Collier County high school
• Have a minimum of a 3.0 unweighted cumulative GPA (4.0 scale)
• Show unmet financial need through the Free Application for Federal Student Aid (FAFSA)
• Not be receiving need-based federal grant assistance (Pell Grant)
• Enroll in a four-year accredited college or university as a full-time degree-seeking student

Established in 2014, the Schulze Family Foundation College Scholarship Program is designed to help students graduate from college with minimal student debt. To date, almost 150 local students have received one of these competitive awards. 

Six years of Schulze scholars have already graduated from college and are now gainfully employed or enrolled in a post-graduate program working to pursue their dreams of becoming engineers, doctors, teachers, nurses and so much more.

The Schulze family understands the value of a good college education and is committed to helping students from middle-income families who do not qualify for federal grant assistance but still need financial support to pay for college.

“We believe life in the U.S. has become harder for middle-income families,” said Mary Beth Geier, Florida Director of the Richard M. Schulze Family Foundation. “This scholarship allows us to ease the burden for local families who are working to make college a reality for their son or daughter.”

If you have questions about the Schulze Family Foundation College Scholarship Program in Florida, please contact Ana DiMercurio at amdimercurio@schulzefamilyfoundation.org or 239.451.3033

About the Richard M. Schulze Family Foundation

The Richard M. Schulze Family Foundation was created in 2004 by Best Buy founder, Dick Schulze, to give back to the communities where Dick and his family grew up – in Minnesota, where he built Best Buy to become the world’s largest consumer electronics retailer, and in Florida, where he now maintains a permanent residence. The Schulze Family Foundation creates grant partnerships with organizations that generate meaningful results in human and social services, education, and health and medicine. In all its activities, the Foundation embraces its founder’s vision to strengthen and support initiatives that lead to change within our communities. For more information, please visit our website.

The post $20,000 Scholarship Applications Now Open for Collier County Seniors appeared first on SWFL Family.

The late Harold (Hal) P. Bovenkerk changed the world through innovation and his generosity will continue to impact generations of local students. A 46-year employee of General Electric (GE), Mr. Bovenkerk retired in Naples after playing a key role in developing the synthetic diamond. Working decades on this unprecedented project, he showed determination, innovation, and perseverance—important qualities he exhibited throughout his life. Mr. Bovenkerk loved being around young people with inquisitive minds who were eager to learn. His desire to continue the world’s advancements through future generations led him to leave a legacy gift worth more than $25 million to benefit and inspire students in Collier County.

“Nationwide, this incredible gift must rank at the top of any endowment donated to public school students of one county in the United States,” explained Lisa Morse, Senior Director of Strategic Engagement and Initiatives for Collier County Public Schools. “The impact of this endowment will be felt in perpetuity for scores of college-bound seniors and their families in the years to come.”The goal of this newly created endowment is to provide approximately $1 million in scholarships annually to graduating seniors from Collier County that have demonstrated excellence in advanced math, science, or engineering and plan to pursue a four-year college degree in one of these fields .Applications are currently being accepted for the Harold P. Bovenkerk Scholarship for Engineering and Natural Sciences. Preference will be given to students accepted at the University of Michigan, Rensselaer Polytechnic Institute, California Institute of Technology, or Massachusetts Institute of Technology, but will not be limited to those schools. Scholarships may be awarded up to a four-year, full-ride amount, which can include tuition, room, board, required academic fees, and textbooks or materials. One-time scholarships may also be given and may be renewable for up to four years of education based on academic performance (maintaining good standing and 3.0 cumulative GPA).

More information regarding this scholarship opportunity may be found by visiting www.collierschools.com/scholarships. Applications are due on Wednesday, April 5, 2023, by 3:00 p.m. and must be submitted to the High School Counselor’s office.

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