CRYSTAL LAKE, IL — For families worried about the cost of college, the best time to start thinking about student debt is long before a student receives a college acceptance letter.
Samantha McKenna, a counselor at Crystal Lake Central High School, said families should begin by understanding the different types of financial aid available and having an honest conversation with their children about what they can afford.
"File the FAFSA and do your research," McKenna told Patch last week.
The Free Application for Federal Student Aid is one of the most important steps families can take, but McKenna said misconceptions about the application keep some families from completing it.
Some families assume they won't qualify for financial aid because of their income, while others are reluctant to complete what they perceive as a government application. But the FAFSA can provide access to federal grants, loans and other forms of financial aid.
"There's a definite understanding of the difference between loans and scholarships, but not so much the difference in how or why a student is getting "free money,'" McKenna said. "Students aren't always aware that there are need-based grants specifically, so it has nothing to do with your academics, only your family's income."
Scholarships, meanwhile, can be awarded based on grades or other qualifications and may come directly from a college or university, or from an outside organization or foundation, she said.
District 155 holds financial aid information nights and sends information to students and families about how different types of aid work.
McKenna said one of the most important things she tells seniors is that students shouldn't overlook scholarships offered directly by the colleges they are considering.
"The most money a student will receive is a scholarship from the university," she said.
Crystal Lake Central has an economically diverse student population, and McKenna said some families know from the beginning that college will only be possible if their children receive grants or scholarships.
Other families may not realize how expensive their preferred college will be until late in the process.
District 155's advisory program gives counselors opportunities to discuss college costs and financial aid with students throughout high school. Junior-year students receive more detailed information about loans, scholarships and college costs, while seniors use net price calculators on college websites to estimate what they could actually pay at individual schools.
McKenna said parents shouldn't wait until senior year to have those conversations.
"I like to tell freshman parents how important it is to talk with their students now about what a college that fits their family's budget looks like," she said.
Every year, McKenna said, seniors come to her after being accepted to and even visiting a college only to discover that the school isn't financially realistic for their families.
"That's always an upsetting conversation," she said. "Seniors feel like they're back at square one."
Families also shouldn't assume that the college with the lowest published tuition will necessarily be the cheapest option.
McKenna said private colleges may have higher sticker prices than public universities but can sometimes offer substantial scholarships and grants that reduce the final cost.
She also encourages Illinois families to look beyond the state's public universities. Some out-of-state colleges offer scholarships specifically to Illinois students because they recognize that attending their schools can sometimes be less expensive than attending an Illinois public university.
Students should also research residency programs and other tuition opportunities, she said.
Some Florida colleges offer grandparent tuition waivers for students whose grandparents live and pay taxes in Florida. Missouri also has relatively accessible residency requirements that can allow students to qualify for in-state tuition.
McKenna said families should look for every legitimate opportunity that could lower the cost.
"We need to find all of those loopholes and information," she said.
For some families, beginning at a community college can significantly reduce the amount a student needs to borrow.
McKenna pointed to McHenry County College as an option for students looking for an affordable start. MCC's University Center allows students to complete bachelor's degrees in Woodstock through partnerships with multiple Illinois universities.
That can give students another pathway to a four-year degree while potentially reducing tuition, housing and other expenses.
McKenna also encourages families to think about the amount of debt a student will be able to manage after graduation, rather than simply asking whether a college will approve the necessary loans.
Counselors discuss borrowing with students and try to help them understand how their future career and expected income could affect their ability to repay loans.
Ultimately, McKenna said, families shouldn't assume there is only one path to a college degree.
"Sit down with your student and let them know what a reasonable amount of debt, if any, looks like for the family and student alone," she said. "There are ways to make it happen for families. We just need to find them."
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