Cappex College Blog

Q: I’m applying to schools that are really expensive (about$40,000 a year) but my mom makes about $15,000 a year. Should I still apply and if so is there anyway the college can help me with my financial situation? I’m applying to Boston College, Boston University, Northeastern University, Bard College, Vassar College, and Bowdoin. - Marta A.

A: Yes! Yes! Yes! Never let a college’s price tag dissuade you from applying. If a college wants you they will make sure you have enough money to cover the costs. The fact that your mother has a limited income may actually work in your favor when it comes to your final financial aid package. Most colleges offer scholarships and grants to low-income students before they start layering on the loans. This is good because you don’t have to pay back scholarships and grants.

In addtion to need-based aid, you may also qualify for merit aid, which is additional free money towards paying for college. Merit aid is a catch-all term for money given to students in spite of financial need. If you are a good student (you must be given the colleges you want) you will probably qualify for merit aid which is often delivered in the form of a tuition “discount”. It is not uncommon for the average discount to hover around 40% to 50% of “sticker price” for a college. Just to clarify, this means that colleges often collect just over half what they actually charge. In reality, nobody should be paying full price.

Keep in mind, however, that the financial aid office works for the college and not for you. They are usually pretty good about providing the lowest cost option to students, but they will probably not do a lot of specific research for individual scholarships. You should do your own search. (Start with the Cappex.com scholarship program.) When you get your financial aid package from the college don’t be afraid to shop the loans around to see if you can get a better rate. It is perfectly legit and it could save you money.

Bottom line, apply to the colleges you want to attend regardless of how much money you have. At the end of the day most colleges cost what you are able (or willing) to pay. If you get a financial aid package you don’t like simply call or make an appointment with the financial aid office and make your case why you think they should give you a better deal. In most cases they will improve the offer. You can always choose a different college that is willing to make you a better financial aid offer. It’s always your choice.

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