"When researchers at Stanford University offered children a marshmallow but promised them two if they waited, many gobbled down the sweet treat on the spot," AARP reports. 

"The famous marshmallow experiment demonstrated the challenge of planning ahead. It also helps explain why some parents with kids in high school suddenly realize they haven’t saved enough (or anything) for college.

'The light bulb goes off when the kids are 12 or 14 years old, and, 'Oh, my gosh, we’ve got to do something,'' said James DiUlio, director of the Wisconsin 529 College Savings Program and chair of the College Savings Plans Network.

Nine out of 10 families decide that their children are college material as early as the day they sign up for preschool, a survey by the private student loan company Sallie Mae found, but fewer than four in 10 make a plan for how to cover the cost.

That further complicates an already bafflingly complex process. But there are strategies for staying ahead of the game, even when you start from behind.

... First, ignore the sticker price; very few families pay that. You’ll pay the net price, which is the actual cost after discounts and financial aid. It’s a big distinction. The average advertised tuition, fees, room and board for in-state students at public universities is $20,770 and at private colleges, a daunting $46,950, according to the College Board. But the average net price is $14,940 and $26,750, respectively.

'Many of the more expensive schools actually have the most generous financial aid packages, so parents may be pleasantly surprised,' said Jill Desjean, a policy analyst at the National Association of Student Financial Aid Administrators and a former financial aid officer.

Find any college’s net price on the net-price calculator the government requires schools to post online or — because many schools make it hard to find — on the federal College Navigator website. (When estimating costs, also remember something many families forget: Fewer than 40 percent of students finish in four years, according to the U.S. Department of Education, and more than 40 percent take six years or more.)"

NASFAA's "Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

Publication Date: 8/23/2018