Math games: merit aid and costs

You're a senior. You've got 5-6 worthwhile college acceptances you're considering. College A gave you $35,000 in merit aid. College B gave you $40,000 in merit aid. College C gave you $25,000 in merit aid. Chat, we're going to College B, right? No brainer.

But.... the reality is not so clear. You have to look deeper.

College A charges $ 67,000 tuition and averages at $13,000 room and board, for a total cost of $80,000. College B charges $ 73,000 tuition and averages $14,500 room and board, for a total cost of $87,500. College C charges $70,000 tuition and averages $16,000 room and board, for a total cost of $86,000.

Given those numbers, your actual costs would be: $42,000 for college A, $47,500 for College B, and $61, 000 for College C.

So the winner is actually College A!

These are the numbers BEFORE financial aid. Merit aid is just that -- merit, or a measure of how much a school is willing to invest in attracting your kid. Then comes the financial aid -- the federal formula that evaluates how much your family is actually able to pay.

The number you get may be $8,000, or $12,000, or $20,000; it may be accurate or it may be higher than you'd like -- but add the financial aid to the merit-aid, and the still-high price tags above become a lot more manageable.

As if the college application process wasn't confusing enough, the college selection process is full of potential pitfalls as well.

At Balanced Path, our Comprehensive Package includes guidance through this part of the process as well -- whatever that may entail. Packages comparison, appeals, waitlists.... we help with all of it.

Click here for a free get-to-know-you session to find out how I can help your family at all stages of the college search process.