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Student Services

The Cost of School

Everyone thinks about tuition and housing expenses when considering college costs. But, you also have to factor in the collective price tag for a wide range of smaller items—from transportation expenses to lab fees and laptops—when computing the true cost of attendance.

How much should I borrow?

Public vs Private Schools

In-state vs Out-of-State Tuition Costs

What is the Actual Cost of Attendance?

Direct vs Indirect Costs of College

Student Loans for College

Determine what student loan amount is enough

The question often comes up during the college application process: how much will I need to borrow in student loans to pay for it all? The amount of your student loans for college depends on how much your family has saved for that purpose, how much financial aid you qualify for, how much money you can find in grants and scholarships, and more. But the good news is that established formulas will help guide you to the right answer.

Those formulas are encompassed in the singular Free Application for Federal Student Aid (FAFSA) process, the process which governs all student financial aid. Using the financial information from the FAFSA, your family will be assigned an Expected Family Contribution (EFC). That number will tell you how much your family will have to come up with to cover your overall educational costs for that year. The gap between what you already have saved and your EFC represents the amount that must be borrowed for college. Bear in mind that the total cost of college is more than just tuition and room & board. It includes such elements as books and lab fees, transportation costs, laundry, and a host of other smaller items that collectively add up.

Your school of choice must first certify that the amount being borrowed in student loans for college is in line with the tuition, room and board and other costs accrued. The money you will borrow for college will be sent directly to the school rather than to the student or their parents.

Remember these questions as you think about student loans for college:

What effect will borrowing money for college have on other family priorities, financial and otherwise?
When will these repayment commitments kick in?
What are my options for deferring repayment in case of now-unseen financial hardships?
What effect will the accumulated interest have on my ability to repay student loan amounts?

Naturally, you should also be aware that by taking on this debt, you have made a legally binding pledge to repay it. The extent to which you do so faithfully can and will affect your credit standing for years to come.

Learn more about affordable student loans for college from Charter One

Get helpful information about affordable options to borrow for college, such as our Charter One TruFit Student Loan®. If you still have questions, just call a student loan specialist at 1-800-721-3969, and they'll help walk you through the process.

Private vs. Public Schools

Learn about the cost differences between public and private schools and how loans can put them within reach

Media coverage about the exploding costs of post-secondary education tends to focus on the eye-popping expense of top-tier institutions, such as those in the Ivy League. This can induce sticker shock in most parents.

But it also creates a misleading picture, for at least two reasons:

Most students end up attending colleges or universities that are considerably more affordable. According to statistics compiled by the College Board, more than 53% of students attend four-year schools whose annual tuition and fees are below $9,000.
Many people are unaware of private college loans which put private education within reach for a wide range of students.

Reasons for the confusion about private vs. public school tuition

Traditionally, private schools have been perceived to be more expensive than public schools, but if you really look at the numbers that is not always true. Public schools are less expensive because the costs are already being subsidized by the state. Private schools are more expensive by sticker price; however, generally speaking, private schools usually have more institutional aid to give out, so the actual cost to the student may end up being less at a private versus a public school.

Make sure to consider the entire picture when evaluating public and private institutions. One important factor to consider is the length of enrollment. Although attending a private school looks to be more expensive, often you are guaranteed to graduate in four years.

Also, it is important to evaluate other considerations, like the quality of education that you're paying for. Especially if you would like more attention, private schools tend to offer smaller classes, along with more one-on-one attention and a more intimate campus experience. On the other hand, public schools typically offer more resources to students, like a larger variety of classes to choose from.

Private college loans allow you the freedom of choice

At the same time, relatively few students pay the full list price of school, since even more students at private universities receive financial aid than at public institutions. Often, because of endowments and other sources of funding, private institutions have more access to aid than public schools. Overall, about two-thirds of students attending four-year institutions do so with the help of some form of financial aid.

The upshot is this: educational finance experts suggest forgetting about the distinctions between public and private tuition costs, at least as you begin the search process, and instead focus on the school or schools that represent the best fit for you.

Knowing more about private college student loans could give you the opportunity to attend the school of your choice

If you had ruled out a private college as too expensive, it still may be a possibility with private school loans. Learn about our Charter One TruFit Student Loan®, a private college loan. Access more information about financing your child's education on our Student Services page. If you still have questions, call a student loan specialist at 1-800-721-3969, and we'll help walk you through your options.

University In-State vs. Out-of-State Tuition

With changing costs, it pays to shop around for college in-state & out-of-state tuition

Generally speaking, the manner in which a college or university charges in-state versus out-of-state tuition to students depends on whether they're a public or private institution. Naturally, since they're supported directly by state taxpayers, public institutions usually (or at least traditionally) charge higher tuition for students coming from outside the state than they do for their own residents. Also, keep in mind that residency requirements vary.

The private school approach

On the other hand, instead of charging different rates for college in-state and out-of-state tuition, private colleges and universities usually have the same sticker price for both types of students. But that doesn't mean the actual price your family will pay will be the same. Depending on how the institution wants to balance its student profile, it may well offer more financial aid for students from certain targeted places, in part to maintain a diverse student population. That can result in you being awarded more financial aid if you happen to come from a geographical area the school has identified as a priority.

The public school approach to college in-state tuition

There are, however, a number of mediums through which publicly funded institutions have offered steep discounts—sometimes equating to the same university in-state tuition rates charged to their own residents—to out-of-state students. They include:

Reciprocity agreements between contiguous states
Multi-state educational compacts

Some publicly funded institutions have long offered university in-state tuition rates to students from contiguous states, either informally or through formal reciprocity agreements. But in recent years, as college costs have escalated and the competition for students has sharpened, many states have begun to aggressively recruit students from all 50 states and even from other countries, often through the inducement of college in-state tuition rates.

The Western Undergraduate Exchange, a compact comprising 15 western states that work cooperatively to reduce educational costs for each other's residents, is just one of many innovative programs that's worth looking into. In other words, it pays to shop around.

Learn more about financing university in-state & out-of-state tuition

You can find helpful information about affordable financing options from Charter One online at student resources. For information about our TruFit Student Loan® or if you still have questions, call a student loan specialist at 1-800-721-3969, and we'll help walk you through the process.

Actual Tuition Cost for Attending College

Don't forget all the incidentals when figuring the cost of attendance

When you are still young and you're trying to save for your college education, you're probably focused mostly—or possibly exclusively—on two large-ticket items: tuition cost and fees for housing and food expenses, either on-campus or off-campus.

And why not? Those categories comprise by far the largest portion of your post-secondary educational expenses. But many families are also surprised by how much they must spend on incidental—but nevertheless essential—items.

You should know that the federal government has a rigorous formula when it comes to calculating your Expected Family Contribution. It requires each accredited institution to provide a cost-of-attendance budget each year, which can serve as a starting point for estimating your family's costs.

Federal Pell Grants and Stafford Loans, covered costs are limited to:

College tuition cost and fees
On-campus room and board
Books
Supplies
Miscellaneous expenses

Stafford Loans can also cover the following expenses:

Travel expenses
Child care, if applicable
Costs related to handicapped students

Remember that, depending on your needs and preferences, you may encounter other categories of expenses that must be accounted for, such as lab fees or trips home.

Learn more about affordable Charter One student loans for tuition costs

You can find helpful information about affordable Charter One TruFit student loans® to cover university cost of attendance. If you still have questions, check out our student financing resources or call a student loan specialist at 1-800-721-3969, and we'll help walk you through the process.

Calculate College Costs

Remember to factor in the indirect college expenses, too

When it comes to calculating college costs for attending the school of your dreams, it can be alarming enough to consider the obvious costs that are impossible to miss, like tuition. But many students understandably fail to also include a host of smaller—but still considerable—indirect college costs that they'll have to shoulder in college. To draw up a realistic budget and perform an education cost analysis, you'll need to consider both categories of college expenses.

Direct college costs

Think of the direct college expenses as the big-ticket items that most people would ordinarily consider when planning for their college careers. They include:

Tuition payments
Room and board payments (or rent and food if you plan to live off-campus)
Various other school fees (such as an annual activities fee, for instance) many of which are simply rolled into the price of tuition

Indirect college costs

On the other hand, indirect college expenses might be considered the kind of items you'd ordinarily group under miscellaneous. That includes:

Books and school supplies
Computers/laptops and printers
Lab fees and other class fees
Transportation (both at school and between school and home). May include airfare, bus or train expenses, and/or gas, insurance, parking fees and upkeep if you'll have a car
Personal expenses—entertainment, laundry, etc.
Child care for a student's children

The good news is that many of the indirect college costs—including computer rental or purchase, books and child care—can be financed through your student loans.

Learn more about our affordable TruFit Student Loan®

Find more helpful resources and information to help take the stress out of paying for your college education. Also, you can learn about the affordable Charter One TruFit Student Loan®. If you still have questions on financing college costs, call a student loan specialist at 1-800-721-3969, and we'll help walk you through the process.

Have student loan questions? Call our Student Services team.

1-800-721-3969

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