The Price You Pay for College audiobook cover - An Entirely New Road Map for the Biggest Financial Decision Your Family Will Ever Make

The Price You Pay for College

An Entirely New Road Map for the Biggest Financial Decision Your Family Will Ever Make

Ron Lieber

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Money & InvestmentsEducation

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The Price You Pay for College
Understanding College Pricing+
Navigating Financial Aid+
Evaluating Academic Value+
Assessing ROI and Outcomes+
Researching Unfamiliar Schools+
Saving Strategies+

Quiz — Test Your Understanding

Question 1 of 8
Why do colleges frequently offer merit aid to prospective students?
  • A. To compensate for the lack of federal funding available to public universities.
  • B. To attract talented students and make the high list price more affordable so they can fill their classes.
  • C. To ensure that all students pay the exact same net price regardless of family income.
  • D. To reward students who have already completed a certain number of college credits in high school.
Question 2 of 8
What is a common frustration families experience when applying for federal financial aid using the FAFSA?
  • A. The Expected Family Contribution (EFC) is often calculated to be much higher than what families feel they can actually afford.
  • B. Families with an annual income over $100,000 are automatically disqualified from receiving any form of financial aid.
  • C. The application requires students to legally commit to a specific college before seeing their financial aid package.
  • D. The government only uses the FAFSA to distribute merit-based scholarships, ignoring actual financial need.
Question 3 of 8
According to the book, why has teaching slipped down the list of educators' priorities at many universities?
  • A. Universities are increasingly focusing on online-only classes to save money on campus infrastructure.
  • B. There is an increased emphasis on research, which brings in money, boosts reputation, and secures tenure for professors.
  • C. Students are demanding more extracurricular activities and luxury amenities rather than academic rigor.
  • D. The federal government has mandated that universities prioritize job placement programs over traditional classroom teaching.
Question 4 of 8
Which resource is recommended for finding a school's graduation rates, retention rates, and the median salary of its graduates?
  • A. The Common Data Set (CDS)
  • B. The College Scorecard
  • C. The FAFSA Expected Contribution Calculator
  • D. The Alumni Factor Rankings
Question 5 of 8
Why is a college's strategic plan considered a valuable resource for prospective students assessing unfamiliar schools?
  • A. It guarantees admission for students who meet the academic benchmarks outlined in the document.
  • B. It dictates the exact amount of merit aid a student will receive based on their standardized test scores.
  • C. Because it is not primarily aimed at marketing to prospective students, it offers an honest and unvarnished look at a school's strengths and weaknesses.
  • D. It is the only document that legally binds the university to freeze tuition rates for the duration of a student's four-year degree.
Question 6 of 8
If a college's website is tight-lipped about how much merit aid it gives out, where can a prospective student look to find the number of enrolled students who received non-need-based scholarships?
  • A. The CSS Profile form
  • B. The school's Common Data Set (CDS)
  • C. The president's or chancellor's welcome page
  • D. The Pell Grant distribution list
Question 7 of 8
What strategy does financial planner Kevin McKinley suggest to make paying for college feel less daunting?
  • A. Wait until the student's senior year of high school to aggressively save, relying entirely on high-yield investments.
  • B. Divide the total cost into four quarters: savings, student loans, parent loans, and current income.
  • C. Rely entirely on the student working a full-time job while taking a reduced course load over six years.
  • D. Shift all college savings into a 529 plan and refuse any federal or private loans to avoid long-term debt.
Question 8 of 8
How does the 'Alumni Factor' ranking system differ from many traditional college rankings?
  • A. It ranks schools based entirely on the amount of federal research grants their professors receive.
  • B. It relies solely on the high school GPA and standardized test scores of admitted students.
  • C. It measures schools specifically according to the satisfaction levels and experiences of their alumni.
  • D. It only ranks public, in-state universities that offer tuition-free programs.

The Price You Pay for College — Full Chapter Overview

The Price You Pay for College Summary & Overview

The Price You Pay for College (2021) is a one-stop shop for everything you need to know about choosing a college and financing your education. Exploring mentorship, financial aid, and graduate salaries, it clarifies an often confusing world, aiming to ensure that students’ momentous decisions are informed ones.

Who Should Listen to The Price You Pay for College?

  • Parents with college-bound kids
  • High school students interested in the college-application process
  • Personal-finance buffs looking to brush up on a new niche

About the Author: Ron Lieber

Ron Lieber writes the Your Money column for the New York Times and has previously contributed to the Wall Street Journal, Fast Company, and Fortune. Among other works, Lieber is the author of The Opposite of Spoiled.

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