NEW YORK — Picking a college is one of the biggest decisions students face in their lifetime, and paying for it can be one of their biggest expenses.
Calculating the cost of college is one of the main factors in that decision-making process, and for families making those choices now, the added effects of the pandemic can make it even more difficult.
Ron Lieber, author and money columnist for The New York Times, told NY1 his experiences as a reporter prompted him to write a book about the costly and complicated process. He said his inbox filled with all kinds of people every spring who “felt like they’d been run over by a locomotive machine."
In his book, "The Price You Pay for College An Entirely New Road Map for the Biggest Financial Decision Your Family Will Ever Make," Leiber says there are a number of resources that will help shrink tuition costs for parents, such as merit aid discounts. Fordham University is one of the schools with this offering, he explained on "Mornings On 1."
Discussing savings, Leiber said to "start early, automate savings, save as much as you reasonably can." He suggested parents have a conversation about their financial experiences in college and how they'd like to set things up to be different or similar for their own children.