Questions to Ask About
Costs and Finances

Tuition, Fees and Other Costs

What is the cost of attending college?

This should include data and information on tuition, fees, books, parking, residence halls, food plans and other determinants. Be sure to ask questions and sources that will map out the full cost. It is also important to project out any tuition or other increases across the time you will attend. Keep digging until you get satisfactory and complete answers.

Tuition is the cost per credit hour of instruction. Fees are costs associated with other services such as a technology fee for internet access or a course fee for courses with special equipment and supplies such as a science lab course or a program fee for higher cost programs like nursing. Many institutions help students create a financial plan for the entire program so they can anticipate if they will be able to complete the credential. Be very cautious if you are not given complete information.

Buyer Beware: Be certain to determine the “total” cost of attending college, including tuition, housing if appropriate, books, fees, etc. Be cautious about anyone evading these questions. Hidden costs can be substantial, and you have a right to know exactly what this will cost and the financial aid, scholarships, and other sources of funding to assist in making any final decisions. Note that costs will likely rise during your time attending a college and ask for escalation estimates to fully inform you.

Financial Aid

How do I qualify for financial aid at my institution?

One of your best sources of information is the financial aid office at the institution that you are considering. The FAFSA, often required for accessing federal and some forms of state financial aid in states where it is offered, is a form that is required to access federal and other forms of financial aid, including grants, loans, and work-study.  It is important to meet relevant deadlines and complete the forms fully and may also require submission of other relevant financial information (e.g., tax data).

Buyer Beware: What are the important issues related to financial aid? Filling out the financial aid form (called FAFSA) is free; be cautious about sites or individuals that ask you to pay a fee to submit it.

What are the differences between grants and scholarships as compared with loans and financial aid?

You will learn there are many sources of grants and scholarship, which you would not have to repay. There can be parameters that you will have to meet, such as keeping up a Grade Point Average (GPA), progress toward a degree, etc. This varies by institution.

Sources and Information

Other Funding Sources

  • How can I learn about student debt obligations?It is possible to use up all the aid available to a student in a certain time period, before the credential is earned. Therefore, it is very important to ask questions related to both funds available and for how long.
  • What are the transfer implications? How will my financial aid eligibility be effected if I transfer to another college or university?
  • What are the differences between grants and scholarships?  What are the sources for grants and scholarships? (Federal, personal and others?)
  • What are parameters and rules for any scholarships? Such as how long will it last? and is a certain grade point average required? etc.
  • Are any of these grants, scholarships, or even loans helpful and available post-graduation?
  • Does the program or institution I am considering qualify for U.S. Department of Education Student Loans and Grants?
  • What about state grants? Most states have a coordinating board with a great deal of useful information. For example, in Indiana students can go to: https://www.in.gov/che/ Other sources and regional [state] compacts are listed below.
  • Admissions counselors make offers of grants and scholarships to prospective students, resulting in a discount from the published tuition. Does an aware of grants and scholarships serve as a binding contractual commitment?A best practice by colleges and universities is that an offer of “institutional aid” by an institution, once accepted by the student, would be viewed as a de facto contract or implied contract commitment made by the institution to the student. Unless there is a change in circumstances, students should understand this commitment like a contract.

Sources and Information

Time Commitment

What is the historical length of time to completion by type of credential?

Time commitment will be based on your desired outcome. Be aware that many colleges and universities operate on semesters. Yet some institutions operate on a quarter or trimester system.

Associate’s Degree

A typical associate degree is 60 semester credit hours or 90 quarter credit hours, so taking 15 credits per semester or quarter will allow for completion in two years.

Bachelor’s Degree

Most bachelor degrees are 120 semester credit hours, so taking 15 credits per semester will allow for completion in four years.

Certificates, Badges and Micro-credentials

What is the length and will small chunks of learning “count” and can they “stack” toward a degree?
Ask a prospective institution about whether and how these learning experiences are treated and might count toward your degree.

Check out the Glossary for terms about certificates, embedded certifications, and micro-credentials.

Prior Learning: Credits Taken Before Enrolling in a College or Post-Secondary Course

Dual credit (or dual enrollment, concurrent enrollment) courses are courses you can take in high school for high school and college credit which can save you time and money toward earning your college degree. If you are an adult learner, you can ask these questions of the colleges you are considering or in which you are enrolled. High schools can ask their high school guidance counselor as well as specific colleges to which you are applying.

  1. Does my high school offer dual enrollment courses?
  2. Will the course count for both high school credit and college credit?
  3. Which college accepts the credit from a specific dual enrollment course and is there an identified score that will count? Scores that are accepted vary by college.
  4. Will the course meet any professional licensure requirements in the field I will am considering?
  5. What other types of credit will I be able to earn credits before enrolling?
  6. Does the institution recognize Advanced Placement (AP) and International Baccalaureate (IB) credits and specifically, for which course?
  7. Does your institution have a process for recognizing prior learning? Many people have knowledge that they have gained through their work, military, or volunteer experiences. Prior learning assessment (PLA) is the awarding of academic credit based on the evaluation of verifiable college-level learning achieved outside of an academic environment. Some institutions award credit for this knowledge and this could help you more quickly earn a credential or degree.)

Sources and Information

Transfer of Credit

Is there a limit on the number of credits that can be transferred into the institution?

The institution that you are considering transferring to may limit (or choose not to accept any of) the amount of credit that may be applied to your degree, particularly from two-year institutions, i.e., community colleges.  And some institutions may require you to retake a course if the credit was earned several years ago, for example.

Will the institution recognize my credits earned at another institution?

Many institutions publish their agreements (often called ‘articulation agreements’) with other institutions, showing what they will and will not accept as transfer credit.  In some instances, the credit from certain institutions may not be recognized in transfer.  Be sure to inquire whether the credits you earned at your previous institutions will apply toward your degree. 

Questions?

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