What students really pay is the net price, which is much lower than the sticker price. Federal, state and institutional grants can cut thousands—and sometimes tens of thousands—of dollars off the sticker price.
Students also have several ways to cover the rest of their college bill. Most financial aid packages include a mix of grants, low-interest loans and work-study programs. Some students get private or employer scholarships. Parents can take out their own loans or use personal savings, college savings accounts, and tax credits and deductions.
Families who want to send their children to college should plan ahead, said Pat Fehlig, a certified college planner in Greensboro.
College prices have gone up fivefold since 1985 and continue to rise by about 4 percent a year, Fehlig said.
One piece of advice Fehlig gives her clients: Fill out the FAFSA, or Free Application for Federal Student Aid. Colleges use the FAFSA to determine how much a family can afford to pay, and sometimes there’s college aid money in unexpected places.
“There are some families who don’t fill out the FAFSA,” Fehlig said. “Often times they leave money on the table…You have nothing to lose. It’s free.”
Low-income students generally get more financial help—and pay less for college—than wealthier students. But the Tuition Tracker project found that costs are rising faster for lower-income families as more financial aid benefits flow up the income ladder, not down.
The project found that some colleges are steering more financial aid money toward wealthier students, who often bring in high grades and test scores that boost a school’s national rankings. Wealthier families also benefit more from tax breaks and federal work-study programs.
(The trend of rising prices hit this state the hardest)
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