Every family with a college-bound high school senior has a few questions to answer as they plan for next year:
Which college appears to be the first choice and best fit for our child?
And
Is it affordable for our family?
Answering a “no” to that second question can make any family feel as if they are on unsteady ground or stuck at a dead end. MEFA and its team of college planning advisors want to help by laying out some possibilities of how to move forward. Here are three options for students and their families to choose if they just can’t afford their first-choice college:
- Community College: Especially in Massachusetts, community college tuition and fees are free. Students simply need to meet eligibility requirements and file a FAFSA. This is a great way for students to earn an associate degree at very little cost. And students can then determine if it would be financially possible to complete their bachelor’s degree at their original first-choice school. As well, for students interested in moving on to a public Massachusetts college or university, there is a program that Massachusetts offers called MassTransfer. With MassTransfer, students transition from a MA community college to a MA public 4-year institution and can take advantage of several potential benefits, including guaranteed admission and transfer of credits, no application fees or essays, tuition credit, and freeze or reduction on tuition costs.
- The School That Costs Less: Sometimes the best college fit for a student isn’t based on the size of the campus, or the features at the Student Center, or even what major they offer. Sometimes the best fit is the one that makes the most sense for a family’s budget. If the price tag isn’t affordable, and the amount of student debt to be incurred would be challenging to repay upon graduation, it may not be in the best interest of the student to select that school. Often, students have other, more affordable options than their first choice. Consider each one.
- Defer and Save Money: Students accepted to a college almost always have the option to defer that acceptance for a semester or a year. This allows the student to work and save money to help pay for future semesters, which can help make that school financially feasible. Note that students must first pay the enrollment deposit and officially commit to the school before they can request a deferral.
Choosing a college is one of the biggest decisions a student and family will make, and finances add extra pressure. Remember that there are multiple paths to a degree, and each one can lead to success with the right planning and support. If you’d like additional guidance as you sort through your options, MEFA’s College Planning Team is here. Reach us at (800) 449‑MEFA (6332) or [email protected].
