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Choosing a college or other education program is one of the most important decisions you will make in your lifetime. School is a big investment of time, money, and effort, whether it’s a four-year university, a two-year program or a trade or professional school. Carefully evaluate your options.
Does the school offer the courses and type of program you want?
Does the school offer services you need and activities you’re interested in?
What are the school’s graduation and transfer-out rates? A school is required to disclose this information to prospective students.
What percentage of recent graduates are working in their chosen field of study?
What is the school’s loan default rate? In other words, what percentage of students who took out federal student loans later failed to repay their loans on time? You might not be able to get federal aid for a school that has a high default rate.
What kind of crimes happen on campus and what programs are in place to protect your safety? The school must provide you with a summary of its annual security report. The Department of Education posts crime statistics for many schools at www.ope.ed.gov/security.
What financial aid is available at the school? Ask for specifics such as the types of aid available, how you apply, how recipients are selected, plus how and when aid will be received.
What are the school’s refund policies? If you enroll but change your mind or are not able to finish a class, can you get some of your money back?
Most of this information is covered in a school’s catalog, brochures or web site. If you know others who have recently attended a school you’re considering, ask about their experiences and opinions. Talk to a high school counselor and local employers. To find out if any complaints have been filed about a school, contact the Better Business Bureau or higher education agency in the state where the school is located.
The U.S. Department of Education has a wealth of information on choosing, applying and paying for education after high school. This information along with applications for federal financial assistance is posted online at studentaid.ed.gov.
Another source of information on financial assistance from both private and government sources is www.finaid.org. This site also offers calculators that can help you figure out how much school will cost, how much you need to save, and how much aid you will need.
Many state governments have created programs to make it easier for families to save for the education of their children. Visit www.collegesavings.org for links to information on the various state programs.
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