Merrill Lynch provides college-cost video

PROVIDENCE – In anticipation of college heading back to school, Bank of America Merrill Lynch last month launched a video designed to help parents estimate actual costs of college.
The video, a part of the bank’s Better Money Habits initiative, urges parents to consider the multifaceted costs of sending a child to college.
“Going to college can be one of the best decisions your child can make for his or her future,” the narrator reads. “It can also be one of the biggest expenses you and your child might ever face.”
The bank estimates about two-thirds of college students receive grants to help come some of that accrued cost, but it suggests taking into consideration other annual costs, such as room and board, books and supplies, transportation expenses and the cost of extracurricular activities.
The video also breaks costs down into three categories, looking at two-year public, four-year public and 4-year private school costs.
“Add these things up and you get the ‘total cost of attendance,’” according to the narrator.
The bank suggests parents to pay close attention to what colleges and universities offer in terms of grants, scholarships and other financial aid packages, such as student loans and work study.
“You won’t know the real cost your family will be expected to pay until after your child’s been accepted, but you may discover that some schools might not be out of reach after all,” according to the video.
The video, and other back-to-school advice, can be found here: www.bettermoneyhabits.com.