Three years ago, I wrote in the my College Matters newsletter an article that projected the cost of education for those born at that time. The Bureau of Labor Statistics stated that, using aggregate data dating back to 1958, the annual average tuition inflation rate is 8%. Given this average increase, the students of the class of 2023 (15 years from now) will be expected to cover nearly $250,000 for a public education and $500,000 for a private education. However, an article in today’s USA Today, Private Colleges Try to Stay Affordable, alerts us to how expensive it is for the class of 2008.

The good news is that more often than not, students attending college do not pay the sticker price.  Finding funds for education comes in many forms.  Here are ways to make college affordable:

  • Apply for federal aid through FAFSA
  • Some colleges use the CSS Profile from The College Board to determine aid packages
  • Qualify for Georgia HOPE (a 3.0 in core courses) and attend a school in Georgia
  • Seek college or university scholarships by applying before deadlines (typically in fall of the senior year).  Often the university application submission alone will place the applicant in the running for scholarships, but sometimes school nominations and/or additional application materials need to be sent. 
  • Seek private scholarships.  Various organizations offer funds for colleges on the basis of the applicant’s qualities and/or merit.  See the links on our Naviance site to find websites to search. 
  • Apply to colleges that use grants instead of loans to help students meet financial need.  In addition to the ones mentioned in the article, Davidison comes to mind.  Be aware, however, that typically these colleges are highly selective. 
  • Use 529 Plans to save for a child’s education.  While parents are not limited to the plans in their respective state of residence, I have attached the link to the Georiga plan here. 
  • Consider ROTC.  ROTC scholarships can help defray some or all of the costs of tuition. 

There are many ways to pay for college and reduce the cost of tuition.  When doing an initial search, like juniors should be doing right now, it is important not to elimanate a college or university on the basis of price at this point in time.  One can always apply and weigh the cost of attendance against other opportunties when the time comes to make a final decision.