Finance
College is Within Your Reach

The progression of holidays is marked by another upcoming annual event on the calendar of many families: the dreaded deadlines for college applications for their college-bound offspring. As a college president with a daughter in college, I want to share information that may surprise many parents, and offer suggestions to address the exciting challenge of educating their children.

I want to suggest that you can often separate the choice of a college from the question of college finances. It can be a two-step process.

Finding a school that will nurture your student and give them the best possible start in life must be your primary goal. The search for the right size and location, a positive academic and social environment, and the appropriate mix of supervision and spirituality, should be your first concern.

Do not let price confuse the issue, because what you and the college are both seeking is the best fit for your child. If you accept the idea that college is a good investment in future success (and we have lots of statistics to show the differences in lifetime earning power for college graduates), then finding the best possible school is a goal worthy of pursuit, so before deciding on the money part, first shop for a school.

After you've chosen the best school alternatives, then it is time to pursue the financial details. Much of the financial aid at schools like Saint Mary's, for example, is need-based. While we do recognize scholarship and academic achievement, many students at Saint Mary's College receive substantial need-based help. In this way we are typical of most private colleges, whereby over eighty percent of our current first-year class receives substantial financial aid.

Because most college aid is need-based, the net cost of college to a family declines with income. Students from less-affluent homes receive more financial aid because they need it. In addition to this need-based support, there is other no-cost or low-cost aid in the form of grants, scholarships, and low-interest government loans to help make things possible.

How can we afford to award literally millions of dollars every year to our students? A large part of a college's non-academic work is devoted to locating sources of support for our programs and students. Colleges benefit through gifts from alumni who give for the benefit of future students. Foundations and friends of the institution who believe in its mission contribute scholarships, grant awards and other forms of financial aid.

In our case, for example, the Lilly Endowment has permitted us to distribute millions of dollars to allow students from small towns in Indiana to go college here. For another example, a local donor has funded a new scholarship for local minority students who want to teach in the South Bend public schools after graduation. There are many other programs, as well.

Here's a checklist that I hope parents and children will use during the college search:

· Dare to seek out the best college and then expect the college to help you with a financial aid package
· Remember that families with lower household income often qualify for more financial aid
· Consider college choice and obtaining financial aid as separate steps
· Remember that exploring college options can be a family experience, bringing everyone together in important ways
· High school counselors are wonderful sources of information about scholarships, smaller but high-quality colleges, and techniques for applying. Tap their expertise
· Talk with a college's financial aid staff. Establish a relationship and seek their expert advice. Share your special needs and see if they can propose a solution
· Many community groups, clubs, and national organizations have their own scholarship programs. Consult their officers, your friends and neighbors, and the database of organizations in your local public library
· Don' t forget the hundreds of self-help books, and a large collection of current college catalogues and directories, maintained at your local library or your child's school
· Some larger employers have education benefits or low-cost loans, and may be able to assist in borrowing against sheltered funds
· Do not ignore the Internet. The Coalition of America's Colleges and Universities has a web site that collects many resources and links at www.CollegeIsPossible.org
· Above all, believe in your child; believe that college is possible; then take the steps to make it happen.

Author
Dr. Marilou Eldred
Saint Mary's College, Notre Dame