Affordability
There are over 5,000 colleges, community colleges, and trade schools in the U.S. What matters most is deciding on careers, fields of study, college rankings, and how to achieve those goals. However, the quality of education and long-term financial return on investments are beyond price. Money does not necessarily bring happiness and success.
Find a reputable website to compare costs, fees, and net prices. This is a good one-
https://www.collegetuitioncompare.com/statistics/the-cheapest-colleges.
Low-income
Poorest families should seek colleges with the lowest net costs. They may be eligible for up to $7,395 in Federal Pell Grants and another $4,000 or $5,000 in Stafford loans if the parent doesn’t qualify for a PLUS loan, along with the standard $5,500 for first-year Stafford loans in addition to state and college awards. That gives families at least $16,000 for starters. These amounts can be applied to community colleges, part-time and online learning, and four-year colleges recruiting students. Also, seek part-time employment and employers that provide free educational assistance programs, the military, and trade schools.
· Don’t be pressured into making costly decisions.
· Evaluate other educational options
· Be proud. It’s not important what others may think.
Middle-Class
The middle class may encompass the largest segment of the college-bound population.
Beyond following some of the suggestions for affluent parents, they need both need-based and merit-based financial aid. For starters, complete a FAFSA and a CSS Profile if required. Research how each college determines and allocates merit-based aid. Financial aid awards should be analyzed and compared by the college while focusing on merit-based awards. They can be appealed for more based on economic and other needs.
· Conduct intense and creative scholarship searches.
· Meet with financial aid consultants, financial planners, and accountants.
· Evaluate net price calculators and scholarship qualifications.
Affluent
They may not need-based aid, but completing the FAFSA and CSS profile gives a student some financial responsibility. Starting in the student's first year of high school, planning allows adequate time for financial planning and preparing the student for merit-based aid. Those with 529 savings plans can offset out-of-pocket expenses, and any excess can be applied to a Roth after-tax IRA. Affluent families should also explore the best colleges that offer scholarships, since top-tier colleges may not provide them.
· Good savers
Should encourage independence versus privilege
Seek travel abroad, co-op experiential learning for experience
Working within the family business: Low-Income Families