PLANNING AHEAD Next year’s expenses By Suzanne Shaffer
The summer before the start of college, you had a rough idea of what a year of higher education would cost. You knew the price of tuition, room and board; other expenses weren’t quite as defined. Now, with a term behind you, you can sit down with your student and crunch the numbers. Did they spend more on food and entertainment than planned? How much were textbooks? What about travel to and from campus, and also local transportation? (Those Uber trips really add up.) If there’s a shortfall this year, and/ or you’re looking at a tuition increase next year, you can work together to find ways your student can economize or boost their income.
Five strategies to consider: 1. Get the most financial aid. Students who receive financial aid (or would like to be considered for financial aid) must reapply each year. Priority deadlines at many schools fall between January and March, so hop to it! 28
If there’s been a change in your family’s financial situation that isn’t captured by the FAFSA (Free Application for Federal Student Aid, studentaid.ed.gov), your student should meet with staff in the college’s financial aid office to communicate this and if necessary petition for an adjustment to their aid award. While you’re on this subject, be sure your student understands the connection between financial aid and academic performance. There are usually conditions attached to the financial aid award such as taking a certain number of credit hours or making satisfactory academic progress. If a poor or failing grade this term might jeopardize your student’s eligibility for institutional grants or scholarships, they should meet ASAP with their academic advisor to discuss options such as retaking a class.
