Private Public Average COA is $10-17K Largely supported by state funds thus able to offer lower tuition rates - primarily to in-state residents Special entrance consideration is - at times given to in-state applicants Some schools price match in-state tuition rates for out-of-state students On average, public institutions provide 4070% of families’ financial NEED compared to private schools that generally offer 70100% Comparing College Costs: Public vs. Private By Luanne Lee hat was once considered a right of passage for many now carries insurmountable debt in the tens of thousands of dollars for graduates who rely on student loans for financing. We also see a major problem with the future impact on retirement funds of parents determined to carry tuition costs themselves in saving less dollars for their future. The National Center for Education Statistics reports that for the 1990-91 school year, the average cost of college including tuition, room and board, for fulltime students in degree-granting programs was an average of $6,562 (in current dollars). For the 2010-11 school year, that number rose to $18,497. With the price tag for a 4-year degree nearing $100,000 and an uncertain job market for recent graduates, it is no wonder that parents tend to focus on the sticker price of college tuition instead of the actual true total out of pocket cost of college. A simple but critical formula to know before you apply to any school is COAEFC=Need. In layman’s lingo this means Cost of Attendance minus Estimated Family Contribution, what the government says you are financially responsible for once filing the FAFSA, the Free Application for Federal Student Aid, equals Need, or the Gap the W Average COA is $30K+ The “Sticker Price” (cost before financial aid) is higher Can offer MORE aid in the form of merit scholarships due to endowments and private donations Students are more likely to graduate with degree in 4 years or less The bulk of assistance is primarily based on financial need Generall smaller class sizes and student-toprofessor ratios school may or may not help you with. You want to know what percentage of Need the school will meet, and of that how much will be in Gift Aid, Scholarships/Grants/Work Study and Tuition Reduction, and how much will be in Self Help, which is from your savings or Loans. I’ve developed a quick list comparison that I’d like to share with you—I hope you, too, find it beneficial (see tables). Using this formula will help you determine whether attending a public or private university will be the more affordable choice for your family when you break down the actual amount a family will incur in true “out of pocket” expenses and not just the “sticker price”—as many private institutes generally provide more “gift aid” in comparison as a result of their wealthy endowments. When you start factoring in the time it takes to graduate as well as monies offered in the form of gift aid versus self-help, you can begin to see how a private education could indeed be a more cost effective solution. You will also eliminate the frustration, stress and future heart break from applying to schools your son or daughter will get accepted to but you find out months later when the financial aid award letter comes you cannot possibly afford to send them to that school. We need to become better informed parents and consumers when looking at the purchase of future education. Luanne Lee, CCPS, Owner, Your College Planning Coach. Luanne specializes in Late Stage College Planning, coaching and preparing parents and students in the Middle and High School years on the right steps needed to take the worry and confusion out of the Financial Aid and College Selection process while eliminating thousands of dollars in unnecessary expenses. College and Retirement…You Can Do Both! Luanne can be reached at 703-928-9036 or Luanne@yourcollegeplanningcoach.com. Culpeper Baptist Child Development Center Preschool and Daycare Services       2 ½, 3 and 4 year old classes Full & half day options 3 & 5 day/wk options Open 7:00 AM - 5:30 PM Experienced staff Secure, beautiful new facility Somebody Loves Me At Culpeper Baptist Child Development Center Since 1949 cdc@culpeperbaptist.org Call: (540) 825-9798 www.culpepercdc.org Photo courtesy Ciao Bella Photography 22 Piedmont Family Magazine 2013 • Issue 2