What's the real cost of a college degree?

September 21, 12:26 PMCollege Admissions ExaminerLauren Starkey

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It’s the question many college admissions officers don’t want you to ask. Which works out well since, according to Peterson's President Stephen Clemente, many families won’t even think to bring it up. “They’re not aware of how colleges offer aid and determine cost, so they don’t know where to start. The right questions aren’t obvious if you’re missing key pieces of information.”

 Clemente explains, “In order to attract students, many schools deeply discount freshman year through merit and other types of aid. They know you’re comparing the bottom line, and the more they want your student to attend, the bigger discount they may offer.”

What do you need to ask in order to draw meaningful comparisons? “How much will four years at this school cost?  This is the question that acknowledges that discount and seeks to determine how much a degree actually costs. Students who don’t ask can end up with unaffordable tuition bills in a year or two that force them to make difficult choices.”

Clemente continues, “Some schools will honor the aid package for four years. Others won’t answer the question, or they’ll tell you that it’s impossible to predict. Take those answers as red flags, and assume you’ll be paying for three years at full cost.” Another red flag is merit aid that’s tied to extremely high academic standards. You may think holding a 3.75 GPA in college seems reasonable, because you were able to achieve it in high school while taking tough courses. But college is different. Making your choice based on the assumption that you’ll get an A in almost all of your classes every semester is risky.

Another cost to consider is housing. Ask about on-campus accommodations. If they're guaranteed for only one year, how much will a nearby apartment run, and what are typical commuting costs if you end up living further than walking distance from the school? Many schools leave out these important figures when explaining how much they charge.

In order to accurately compare offers, you need to know the true cost of a degree from each school. “Families are often unaware of the right questions to ask, and of the practice of discounting freshman year,” says Clemente. “The more you know, the more questions you ask, the better chance you’ll find a school that is the right fit, financially, academically, and socially, for your student.”