Is it worth it?: Planning for college in difficult financial times.

Is it worth it?: Planning for college in difficult financial times.

I attended a private university, and my parents and I took out huge loans. Today, I do not know whether I could afford to send my own child to that same college, but I do know that I would make any sacrifice possible to give my child the choice. College is a unique experience for children; it is our gift to them and their futures.

Yet in these difficult economic times, many families are worrying more than ever about covering the cost of a college education for their children. College costs are higher than ever, student loans are harder to get, and college endowments are shrinking due to the falling stock marketing meaning less money for financial aid. What does that mean for families who are still committed to sending their children to college?

DO NOT DESPAIR!!!!!!!! There are many options, several very close to home. I advise that you look at the range of possibilities in your state from state universities to community colleges. The price is usually right, and if your child can thrive in large settings with not much structure or support but lots of sports, activities, and academic choices. There are also great deals at private universities and other state universities. You need to be persistent and find what is right for your child and seek aid if you need it. It's better to apply now to ally that you can and that interest your child. Then see what the colleges offer and push for the best aid packages you can as well as applying for scholarship.

For the rest of this article, I focus on how people living in California can make decisions. You can use this discussion as a model for your family. If you don't live here, look at the systems in your state.

Living in California is a blessing for many families as this state offers the highest quality of public higher education possible.

2008 General Cost of One Year of College Education, including tuition, room, and board, fees, and books (Estimates)

University of California: $23,500
California State University: $12,268
University of Southern California: $51,000
Santa Monica College: $ 1,230 (assumes kid lives at home)

The UCs--We have the outstanding nine campuses that comprise University of California system which offers students the highest quality education possible. These schools are doing more than ever to build communities of students but they are still large, large campuses. They have minimum standards for consideration and the top four to five campuses only accept from 15 to 25% of applications. With the worsening economy, expect more applications than ever.

CSUs-For other students who are not academically ready for the UC system and still want a four year college experience, do not look down upon the California State University's 23 campuses. They offer the best bang for the buck, provide strong educational programs, and will save families thousands and thousands of dollars. There are big campuses--San Diego State and San Francisco State and small campuses--Channel Islands, Sonoma, and San Marcos. There are urban campuses--CSULA and San Francisco--and rural--Humboldt and Chico. They offer great academic programs but some do not offer much housing and are primarily commuter campuses.

Community Colleges-Many students and families avail themselves of California's strong community college system. There are major pros and cons. The positives are that students can remake themselves. As long as they get into a transfer program, after two years, they can transfer to a UC or private college without having to send any high school information or test scores. They enable students who are not mature or still very family oriented to continue living at home, and they provide huge economic savings.

I believe that along with these positives come some strong negatives. Students do not experience a four year college experience. They do not meet as many new people as they can. They do not get the social, interpersonal experiences that four year colleges provide.

There are as many opportunities for students outside of the state as in the state.

Other public colleges-There are great public universities in Oregon, Washington, Arizona, Colorado, Indiana, Michigan, and Wisconsin. They are great alternatives to the UCs and often do not cost much more. These large schools are full of spirit, great sports, and diverse communities. None are as competitive as UCLA or UC Berkeley, and many are no longer the party schools they once were.

Private Colleges-Private colleges require huge financial commitments but are often worth every penny for the student who wants deep interactions with professors and peers. They offer once in a lifetime opportunities for students to experience growth, experimentation, and community building. They range in location, quality, and price. Some offer huge financial aid packages, while others do not. When deciding whether to send you child to a private college, families have to consider what they want their children to experience.

Families, there are lots of financial aid resources out there. Fastweb
http://www.fastweb.com/ is a great site for easy to understand information about loans, scholarships, and making sense of financial aid systems. Schools have financial aid offices that are designed to help you navigate this process.

Dr. Rebecca Joseph provides individual, small group, and school-wide college counseling to families and students. She can be reached at rjoseph@calstatela.edu
You can also post questions for her on her blog. http://intothroughbeyondcollegeadmissions.blogspot.com/