Seeking Your Questions on Paying for College

If you are a college-bound senior who has started receiving financial aid award letters, or a high school junior who is beginning to consider your college options more seriously, you have no doubt tried to answer two essential questions: How much will college cost, and what is the best way to pay for it

The answer, frustratingly enough, is that it depends. But we have brought in someone who has offered to elaborate.

Laura Perna, a professor at the University of Pennsylvania and a researcher in college finance and affordability, has agreed to answer your questions about paying for college in the blog’s Guidance Office, a forum for college applicants and their families seeking expert advice.

The Choice will host our panelist in a moderated Q. and A. session that begins next week. We hope you will contribute questions that will help you and other readers of this blog have a better understanding of college costs and payment options.

To open the discussion, Ms. Perna offers three tips about determining your college costs and understanding financial aid. â€" Tanya Abrams

Clearly money matters in deciding whether to attend any college, which to attend and whether to remain enrolled continuously until completing a degree. Determining the actual costs and how to best pay, however, is challenging. Here are some things you should know as you navigate financial aid:

Not Everyone Pays the Tuition Price Listed in the Brochure

Although colleges publish their tuition and fees, this sticker price is often reduced by some amount of financial aid. The net price â€" the sticker price less financial aid â€" depends on the college attended, as well as on an individual student.

There are many ways to dete! rmine a college’s net price, including the new College Scorecard, which the White House recently released. This tool, while criticized for still needing some work, is designed to shed light on the financial costs to students of attending particular colleges and universities.

Schools are also required to post net price calculators. Visit the Web site of your prospective college and use the calculator to estimate your expenses and financial aid award.

Don’t Rule Out Colleges That Seem Too Expensive

Many institutions with the highest tuition and fees also allocate substantial resources to student financial assistance. Some aid is awarded based on financial need, whereas other aid is based on academic and othr non-need-based criteria.

You May Use Multiple Sources of Aid to Pay for College

Your financial aid package may include multiple sources of aid, including these three:

• Money that does not have to be repaid (grants or scholarships).
• Money that must be earned through employment (work-study).
• Money that must be repaid with interest (loans).

Consider the pros and cons of loans. For students who borrow reasonable amounts, complete their educational programs and obtain jobs that enable repayment, borrowing can pay off.

Over the past decade, I’ve researched the ways that money (including family income, grants, loans and employment) and information about college costs and other factors (including academic readiness) influence students’ college-enrollment decisions and experiences. These studies consider what students and families know about college and financial aid, the forces that limit the availability of useful information from high school counselors! and othe! r sources, and the implications of financing strategies.

To ask a question about how students and their families pay the costs of attending college, please use the comment box of the original post. We will accept questions through March 20. The first part of our moderated Q. and A. will be published on The Choice on Monday.