Has Sticker Shock Upset Your College Planning?
Business → Marketing & Advertising
- Author Mark Maiewski
- Published February 16, 2011
- Word count 580
When I think of college planning I think of the antacid commercial that shows
a daughter jumping up and down with her mother while she is screaming "I
just got into the best college in the country."
Dad is eating a sandwich and hears "I just got into the most expensive
college in the country." The antacid company then shows how their product
puts a great big smile on Dad’s face as he finishes his amazing sub
sandwich. With the antacid, Dad can handle all the college costs…it must
come with a winning lottery ticket.
Unfortunately, for most parents, an antacid can’t fix the college sticker
shock syndrome. The cause of this syndrome usually is Junior’s acceptance
to his first choice college, but Mom and Dad didn’t check the price BEFORE
the application was sent.
Now Mom and Dad have to look at the price and think "you want me to pay how
much for college—and this is only the first year? But, how can I disappoint
that very happy and excited face?" Unfortunately an antacid can’t change
this dilemma.
But with a little upfront planning and some budgeting, that sticker price
doesn’t have to be your purchase price. The asking price for a college
education is determined by each individual college. It includes tuition,
fees, room, board, books, travel expenses, and spending money. But if the
college truly wants your student, they then begin to offer certain awards, we
call these tuition discounts.
These awards can be given for grades, SAT/ACT test scores, a talent like art,
music or athletics, a skill like playing oboe or bagpipes, or simply by
getting everything together and submitted by an earlier deadline. University
grants are also given for need as determined by either the FAFSA or CSS
Profile. Be sure you complete these forms for the most money from the
federal and state government as well.
Your student can also work very hard to earn scholarships offered by the
community, his high school, or a parent’s employer.
You can also decrease the cost of college by choosing the least expensive
housing option (Junior will spend so little time in his room does he really
need the private room and bathroom?), a smaller meal plan (will Junior REALLY
get up to eat breakfast before his first class or will he grab a soda and
granola bar from his mini-fridge?), and finding places to rent textbooks or
purchase used textbooks (be sure you get the ISBN number from the professor
or class list).
Junior can also find a job on campus to help with his "laundry and pizza
money" (known as personal expenses).
Be sure to factor in the American Opportunity Tax Credit, a credit worth up
to $2500 per year to offset the cost of college. Consider reworking your
current debts to free up some cash flow to pay expenses.
Finally, think of all the money Junior has cost you this year: car insurance,
gas money, school fees, athletic fees, dance tickets, concert tickets, prom,
graduation, the large hot water bill, and the food bill. How much of these
expenses can be transferred to paying for college?
The sticker price is only the starting point. Using some common sense and
some college planning, you can pare that number down to where an antacid may
just take care of the rest. After all, how many of you have paid sticker
price for a new car?
Mark Maiewski has spent the last 10 years positioning and marketing students
how to successfully get admitted to college and keeping parents from
overpaying for college by creating a workable plan to get it paid. For three
amazing free gifts on how to get started successfully in the college planning
process, go to Mark's website at http://www.collegeplanningvirginia.com.
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