The Truth About College
Most Common College Myths
An in-state college is cheaper than a private college – False
Merit scholarships are for A students only – False
My child can take out loans to pay for all of their college – False
Athletic scholarships are only for top athletes – False
Saving for college hurts your chance for financial aid – False
I make too much money for my child to qualify for financial aid – False
It doesn’t matter which classes my child takes in high school, as long as they maintain a high GPA – False
Make sure you understand all the factors that go into selecting the right college for you. There are many myths our there that
Why use a college planner?
A college planner can save thousands of dollars by allocating the family’s finances to achieve the lowest out-of-pocket expenses. In addition, they can also help by positioning the student for the best opportunity to be admitted to their chosen school.
How much can I really save?
In Illinois, the average state school cost of attendance averages about $26,000 per year. The cost of attendance at a private school averages about $44,500. However, working with Financial Self Reliance, you can save thousands per year by selecting the “right” school. Choosing the best fit school can also reduce your EFC, Expected Family Contribution, which then allows the students to have more financial aid. Remember, the cost of college is what we pay out-of-pocket, and not the cost of attendance.
Why not just send my child to state school?
State schools and private schools can both be excellent choices. If a private school fits the needs and career aspirations of our students better, we want to show our families how affordable that choice can be. For instance, let’s look at a student named Jimmy. Jimmy could have gone to University of Illinois for engineering school and his out of pocket cost would have been approximately $35,000 per year. Jimmy chose Northwestern University where the cost of attendance is $60,000 per year. However, with the money he received for financial need, Jimmy is going to Northwestern University for about $25,000 per year. Both schools have great programs, however private schools have a history of meeting all financial need. He is now able to attend Northwestern University for $40,000 less than University of Illinois.
Aren’t private schools more expensive?
While the initial cost may appear to be more, once scholarships and financial aid is applied, private schools are often less expensive than state schools. Private school is something you will want to consider when looking at which schools you want to attend.
*If you need help creating a plan for college, we offer a free one hour consultation to everyone. To schedule an appointment please call our office at (630) 993-8200 or fill out this form.