Three professionals who work in the fields of finance or education tried to better prepare parents on what to expect to pay for college at the “ Paying for College Without Going Broke” seminar Tuesday evening at the Fayetteville Public Library.

Anne Butt, a Fayetteville High School college and career advisor, Bryan Hembree, director of academic scholarships at the University of Arkansas, and financial advisor Bill McCumber spoke about issues related to applying for college and seeking financial aid.

Butt said she tries to host a similar seminar every year for high school students, and this is the second year in a row they have had a seminar outside the school in a public setting.

McCumber noted college costs are often cited as a top concern among parents, even higher than sickness or death.

The estimated cost of attending the University of Arkansas this year is $ 17, 382 for an in-state student, McCumber noted.

However, the most important number for parents is the “ estimated family contribution, ” the amount of money the government estimates the parents should contribute to their child’s college application based on the parents’ income and assets. There is a gap between what the government usually estimates the family’s contribution to education should be and what parents believe they can afford, McCumber said. “ There seems to be an enormous disconnect, ” he said. Grants and scholarships are ways to help make up the difference, he said. Grants are based on need, while a scholarship is based on meeting some form of merit or criteria. “ A loan is aid, ” he added. McCumber said parents should always fill out the Free Application for Financial Student Aid from the federal government, even if they think they already make too much or have too many assets, he said. While the costs can be intimidating, the estimated family contribution will be the same no matter how expensive the college is, McCumber said. He suggested there might be need-based awards they can receive. McCumber said it is a “ myth ” that private schools are more expensive. They just receive different funding sources.

“ I don’t want you to not consider private schools, ” he said. “ It is really only relevant to what you pay for the opportunity. ”

Hembree said one of the most important things to remember when applying for colleges and scholarships through those schools is that all institutional deadlines are different.

Any of the “ upper echelon” state schools or private colleges receive so many applications that they no longer offer merit-based scholarships for academic performance, Hembree said. They reserve their scholarships strictly for students who have financial need.

Hembree said UA offers a variety of scholarships for students. The early deadline for scholarships is in Nov. 15.

The late deadline is Feb. 1, he said, but the UA notifies prospective students who file before the Nov. 15 by Jan. 7 as to whether they received an award.

It costs nothing to apply for the scholarships, he said. There is a fee prospective students pay when filing for admission, but scholarships are only awarded to students approved for admission.

“ Most legitimate (scholarship ) programs will never ask for a fee to apply, ” he said.

Hembree encouraged attendees to avoid waiting until the last minute to apply. He noted last year the office was closed due to snow on Feb. 1, and he received many calls from concerned parents as to whether the application would be received on time.

“ Set yourself some arbitrary earlier deadline, ” Hembree suggested.

“ Open enrollment ” schools, like community colleges, will sometimes have more opportunities available for scholarships because they need to attract students, he said.

Hembree said it was also important for parents to sit down with their children and plan ahead as to what schools and scholarships the student will apply for. He encouraged them not to get discouraged if they are initially denied a scholarship.

“ You get scholarships on about 10 percent of what you apply for, ” Hembree said.

“ You need to apply for aid every year, ” McCumber added, as finances can change.

Parents have to report assets based on the day of the application, he added, so the day before might be a good time to buy the new washing machine in order to reduce the bank account balance.

Butt said one of the most challenging things about applying for college and getting financial aid is there is no single answer that works for everyone.

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