11.14.08 | Don’t Narrow Your School Search
When you sit down with Mom and/or Dad and make a short list of schools you’d like to visit make sure not to exclude the pricey institutions like I did.
Now you should know I’ve always been conscious of the dollar. My parents divorced when I was three and my mom raised my brother and me by herself with no financial assistance. Funds were tight. We had enough for the bare essentials and nothing more, and that played a factor in my decision making process. I certainly didn’t want my Mom burdened with more debt nor did I want her to feel guilt over not having the financial means to send her son to school. I instead elected to work and attend a community college. And while I’m not saying that was a mistake by any means, I failed to explore all possible options.
What I should have done is apply to all the schools on my wish list, even the 40K per year ones. The rich schools can afford to give out more money, and thus, offer more attractive financial aid packages to lure students in. In many cases the more expensive sticker price ends up being closer to a wholesale price. I didn’t understand how the whole process worked at the time. I didn’t even know what the word endowment meant. By the way for those who don’t know an endowment is funds that are donated to an institution.
So don’t cross schools off your list the first go-around. Put them all on there. Princeton, Stanford, and even a few choice schools overseas if you feel so inclined. Keep all doors open until someone else shuts them. Don’t ever shut any doors on yourself.
Complete your FAFSA and see what kind of financial aid package you qualify for.
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