FINANCING A COLLEGE DEGREE

The cost of higher education has been growing at a rate that leaves many parents of college bound students dumb-founded. A four-year degree can cost $16,000 per year at a state school and almost $25,000 at a private Catholic university.

Many families economize by having their students commute locally rather than board. Others send their students to a more affordable, local two-year community college followed by two years at a four-year school. Upon graduation, it's the name on the diploma that counts. And it counts for a lot. The average college graduate will earn $1,000,000 more in lifetime income than a high school graduate.

If you’re wondering whether your college savings plan will make the grade, there is good news on campus. Depending on the school, anywhere from 60% to75% of the students receive some form of financial aid. Chances are, your student will qualify for aid, too.

Federal loan packages take into account your family's income, assets, children, and number of children in college to come up with a number known as the “expected family contribution.” Colleges and universities try to make up the difference between the cost of attending their school and your family's expected contribution by putting together financial aid packages consisting of scholarships and grants (which don’t have to be paid back).

To start looking for a college or university for your student, get a copy of U.S. News and World Report magazine's annual issue, "America's Best Colleges," which is published in February.

The 2007 ranking's show the top Catholic universities are: Notre Dame (#20), Georgetown (#23), Boston College (#34), Fordham (#70) St. Louis University (#77) and Marquette (#81). The top Catholic liberal arts colleges are: the College of the Holy Cross in Worcester, Massachusetts, Saint John's University and the College of Saint Benedict, both located in Collegeville, Minnesota.

To begin the process of applying for Federal Student Aid at any college or university, click here