Outcomes
When thinking about pursuing higher education, one of the biggest questions many people have is: How much will this cost? In this module, we will discuss:
College costs can be confusing! How much will you actually have to pay for your degree? Let’s break it all down!
First, your school will tell you the “Total Cost of Attendance” for 1 year at the school. This number includes “direct” and “indirect” costs.
- Direct costs include tuition and fees – these costs are fixed
- Indirect costs are estimates for housing, food, textbooks, travel, etc. – these may not reflect your actual costs
Second, consider your options for reducing your personal Total Cost of Attendance. You can:
- Apply for scholarships and financial aid;
- Earn college credits in high school and/or go to a community college;
- Minimize your indirect costs;
- And consider working a part-time job during school if you can
It’s natural to still be a little confused and have questions! Check out the rest of this module to learn more about college costs and what you can do to bring that cost down!
How much will my degree cost?
What seems like a straight-forward question, unfortunately doesn’t have a straight-forward answer. A good place to start answering this question for yourself is to look at the website for the school(s) you plan to attend and look at their estimates for “total cost of attendance.”
A school’s total cost of attendance is based on two factors:
- Direct/Fixed Costs: tuition and fees
- Indirect/Variable Costs: housing, food, textbooks, travel, etc.
When determining financial aid, a school will compare their total cost of attendance to your Expected Family Contribution (EFC). If your EFC is less than the total cost of attendance, you will likely be offered some form of financial aid (including loans) to bridge that gap.
In general, you have very little control over direct costs at a school (you do have control over which school you go to and how direct costs are paid: scholarships, savings, loans, etc.). Indirect costs, on the other hand, are estimates made by the school and may not reflect your actual costs.
Is there a way for me to make my degree less expensive?
Yes! There are a lot of ways to make your education less expensive, but you have to find the option that works best for you.
The following are a few great ways to save money:
- Apply for lots of scholarships
- Scholarships can be found in many places, and you typically must apply for them separately from the FAFSA or WASFA. They may be offered by the institution you’re attending or by organizations or businesses in your community.
- To search for scholarships offered by an institution you’re attending or thinking about attending, review the school’s website or contact the financial aid office. Community-based scholarships may be offered by a wide variety of organizations, including the following:
- Any local community activity you are involved in (dance studio, scouts, etc.)
- Community-based or philanthropic organizations, such as Kiwanis Club, Lions Club, Elks Lodge, etc.
- Your elementary, middle, or high school
- Churches or local faith groups
- Local banks or credit unions
- Local or county political parties
- Your parent or other family members’ employers
- For scholarships outside of your school, take a look at The WashBoard, a free web-based scholarship matching clearinghouse for Washington residents and students attending college in Washington. You create an account, enter information about yourself, and the site suggests scholarships in WA that you may wish to apply for.
- A quick warning – you should never have to pay to find scholarship information or apply for a scholarship. If you are asked to pay or told you are guaranteed a scholarship, it may likely be a scam. If you are unsure, ask a teacher or guidance counselor.
- Scholarships can be found in many places, and you typically must apply for them separately from the FAFSA or WASFA. They may be offered by the institution you’re attending or by organizations or businesses in your community.
- Consider spending a year or two at a community college before going to a four-year school
- Lower tuition for the first two years of your degree
- Potentially lower housing costs (living at home)
- Consider earning college credits in high school (usually free or low-cost)
- Check out the Running Start program
- College in the High School
- Advanced Placement (AP), International Baccalaureate (IB), and Cambridge International tests
- Career and technical education (CTE)
- Minimize housing costs: live at home, live with roommates, look for housing that fits your budget
- Make a budget and stick to it
- Work a job while in school if you have the time and it will not affect your school work
Check Your Understanding
#1. If you are able to live at home during school, which of the following will decrease?
Housing is often a large portion of indirect costs; living at home may lower your indirect costs. Direct Costs, tuition and fees are not impacted by living at home. EFC is based on the FAFSA and not affected by living at home.
#2. To minimize the total cost of a degree, students should think about
These are all useful ways to reduce the cost of a degree
Results
Nicely done! It looks like you really understand this module!
If you are still a little confused, you may want to review this module.
