ReviewsIf you have a teen headed for college in a few years, you literally can't afford to skip this candid guide by The New York Times' 'Your Money' columnist Ron Lieber. He grills college presidents and financial aid gatekeepers to answer all your biggest questions about the right ways to save, borrow and bargain for a better deal.
SynopsisHi, Everyone, I wrote this book because I kept hearing questions about college that I couldn't answer, and as a parent myself, I needed the answers too. I heard from: Parents in Harlem who wanted to know how much they should sacrifice to send a child to a private college instead of a state school. A family in Ohio who hadn't saved much and wanted to know whether they'd be punished for that. Guidance counselors in California struggling to help hundreds of students guess the admissions odds. How could they better predict financial aid too? Teens in Chicago who wanted their parents to talk honestly about what they were willing to spend and borrow. In a decade of writing for the New York Times, I hadn't found a clear formula for what to pay for college. So I set out to find one. As I reported, you told me you wanted help reckoning with unhelpful feelings that the process evokes. You wanted to know what was worth paying extra for. You wanted to know how the merit aid system works. And you definitely wanted to know what, exactly, we owe our kids. Thanks to my work on this book, I feel more calm about all this. My greatest hope is that when you're done reading, you will feel it too. Book jacket., Named one of the best books of 2021 by NPR New York Times Bestseller and a New York Times Book Review Editor's Choice pick "Masterly . . .represents an extraordinary achievement: It is comprehensive and detailed without being tedious, practical without being banal, impeccably well judged and unusually rigorous."--Daniel Markovits, New York Times Book Review "Ron Lieber is a gift."--Scott Galloway The hugely popular New York Times Your Money columnist and author of the bestselling The Opposite of Spoiled offers a deeply reported and emotionally honest approach to the biggest financial decision families will ever make: what to pay for college--a decision made even more confusing because of the Covid-19 pandemic. Sending a teenager to a flagship state university for four years of on-campus living costs more than $100,000 in many parts of the United States. Meanwhile, many families of freshmen attending selective private colleges will spend triple--over $300,000. With the same passion, smarts, and humor that infuse his personal finance column, Ron Lieber offers a much-needed roadmap to help families navigate this difficult and often confusing journey. Lieber begins by explaining who pays what and why and how the financial aid system got so complicated. He also pulls the curtain back on merit aid, an entirely new form of discounting that most colleges now use to compete with peers. While price is essential, value is paramount. So what is worth paying extra for, and how do you know when it exists in abundance at any particular school? Is a small college better than a big one? Who actually does the teaching? Given that every college claims to have reinvented its career center, who should we actually believe? He asks the tough questions of college presidents and financial aid gatekeepers that parents don't know (or are afraid) to ask and summarizes the research about what matters and what doesn't. Finally, Lieber calmly walks families through the process of setting financial goals, explaining the system to their children and figuring out the right ways to save, borrow, and bargain for a better deal. The Price You Pay for College gives parents the clarity they need to make informed choices and helps restore the joy and wonder the college experience is supposed to represent.