Paying for College

Paying for college can be overwhelming! This section will help you calculate the cost of college and guide you through the many options in paying for college.

Tip: Start this process EARLY!

The costs of attending college can vary widely, depending on whether the school is a community college, a state university, or a private college or university. Are you in-state or out of state? Will you graduate in 4 years? And it’s more than just tuition, room & board. In general, the total cost of attending college includes:

Tuition & fees
Books & supplies
Room & board (consider area's cost of living)
Transportation
Health insurance
Personal expenses
Number of years attending (look up each college your interested in to identify the average 4-6 year graduation rate)

However, the “sticker price” of a particular school is only the beginning. Depending on the school, your family’s financial situation, your academics, your financial and/or merit aid, the cost may be reduced significantly.

Joining a sorority or fraternity will add to your personal expenses and some can be very costly. Check with your college and the chapter to see what your expenses will be.

Net Price Calculator

Here is the calculation used by all U.S. colleges & universities:

COA - SAI = DN

Cost of Attendance minus Student Aid Index equals Demonstrated Need

Cost of Attendance (COA)

All colleges are required to calculate their estimated cost of attendance & have the information readily available. You can generally find it on a school’s Financial Aid page and look/search for "Net Price Calculator".

Student Aid Index (SAI) formerly Expected Family Contribution (EFC)

Student Aid Index is an amount officially determined by filling out the FAFSA (Free Application for Federal Student Aid) and possibly the CSS/Financial Aid PROFILE (depending on the school’s requirements). These forms' calculations will determine your Demonstrated Need (DN). There are calculators that will closely estimate your SAI, such as this one. See Fairview's FAFSA and CSS page for more information.

Demonstrated Need (DN)

Demonstrated Need is often met in a Financial Aid package from the college, which may include:

Scholarships and Grants - Need or merit-based awards from federal, state, school or other sources that do not need to be paid back
Work-Study - Paying jobs provided by school
Loans - Federally backed student loans

Click here for more information on Demonstrated Need sources of money.

Unfortunately, not all schools are able to meet 100% of a student's Demonstrated Need. This may be an important factor when choosing which schools to apply to. You can learn whether a certain school will meet a student's Demonstrated Need by looking at its profile on sites such as Big Future, or College Data.

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