Preparing for college tours can be overwhelming. You might be asking questions like: When do we start? What schools do we look at? What’s within our budget? Here are some tips aimed at helping you plan college tour trips wisely and put together a list of financially feasible schools.
Evaluate School Priorities
Before you start touring, re-evaluate the importance of your child attending certain schools – both for you and your student. Are you dead set on a big-name school simply for brand recognition? Is the focus on the program or the social scene? Understanding the real reasons behind your and your child’s choices can help you make more financially sound decisions.
Consider Multiple Types of Schools
Explore a variety of institutions, including research universities, liberal arts colleges, and master’s level universities. Each type of school offers different experiences and costs. Diversifying your list can open up more affordable options without compromising on the quality of education.
Here’s a breakdown of the different types of higher ed schools:
- Public Schools vs. Private Schools
- Public Schools: Public universities are funded by state governments, which generally makes them less expensive for in-state students. They often have larger student bodies (which also means larger class sizes) and a wide range of programs and resources.
- Private Schools: Private universities are funded through tuition, endowments, and donations, often making them more expensive. However, they may offer more generous financial aid packages, smaller class sizes, and more personalized attention.
- Universities vs. Liberal Arts Colleges
- Research Universities: These institutions, such as the UPenn or MIT, are known for their extensive research opportunities, wide array of undergraduate and graduate programs, and large campuses. They often have diverse student populations and numerous extracurricular activities.
- Liberal Arts Colleges: These colleges emphasize a broad-based education in the arts and sciences. They typically have smaller student bodies, more intimate classroom settings, and a focus on undergraduate teaching. Costs can vary, but they often offer strong financial aid programs.
Educate on Potential ROI
Help your child understand the potential return on investment (ROI) of their degree. Use calculators, like this one, to compare the costs of various institutions and majors against expected career earnings. This can be a great educational opportunity for your child, especially if they’re planning on taking out student loans to fund their college journey. If there’s a large discrepancy between your child’s intended career’s salary and the amount their degree will cost, it may be a reality check for either the school or course of study.
Start Planning Early
Don’t wait until your child’s senior year to start touring colleges. Begin the process as early as sophomore or junior year. This approach allows you to spread out the costs of touring and gives your family ample time to visit multiple campuses without feeling rushed. Early planning can also help you take advantage of travel deals and discounts if you need to make a weekend trip out of a tour.
Leverage Technology
Virtual tours have become increasingly sophisticated and can be a cost-effective way to narrow down the list of colleges. By starting with virtual tours, you can save money by only visiting the campuses that your child is most interested in. Many colleges offer extensive online resources, including video tours, student interviews, and interactive maps.
Most Importantly, Plan for College Costs with Your Financial Advisor
Connect with your financial advisor to discuss the cost of paying for college and to ensure you’re on track to meet your financial goals. They can help provide guidance on savings plans, scholarships, and financial aid options.
For college-specific questions, our allied professional Cozy Wittman with College Inside Track offers free one-hour sessions for Marshall Financial clients to help families navigate the college search process. Feel free to reach out to your advisor to request her contact information.
By planning early, doing your research, and seeking advice from your financial advisor, you can turn college tours into a manageable feat. Remember, careful planning today can lead to a more secure and enjoyable college experience for your child tomorrow.
