Use the BLOC to Finance College

There are Two Ways to Use Your BLOC for College

  1. be generous and pay the entire cost:
    you could be the parent with a generous heart and agree to pay for college costs without student responsibility. You simply use your BLOC to pay the costs described below.

    What's nice about the BLOC is that you pay colleges expenses as needed. No need to borrow the entire cost at once.

    view how this option may work

    (note discussion below on estimating costs)

  2. have the student share part of the costs:
    you may be a parent that wants your student to share responsibility for the costs. We have a program where the students borrows funds to pay for school and the parent uses the BLOC to pay down the loan while the student is attending school

    view how this option may work

    (note discussion below on estimating costs)

Associated Costs for College

  • School Tuition and Fees:
    cost to attend class instruction and the use of facilities, labs, libraries and all other related services for each enrolled student

  • Books and Supplies:
    the estimated amount for books and supplies the student will be required to purchase for classroom instruction — this item may include a computer and other electronic/telecommunication devices

  • Computer and Other Electronics:
    not necessarily required since colleges offer computer labs and other shared facilities. However, given the electronic push made by colleges, it will be the student's advantage to have their own personal computer along with a printer and other necessary electronics

  • Room and Board:
    the estimated cost for housing and food if you live in a residence hall; if you live off campus, food expenses are not estimated

  • Transportation:
    the estimated cost for 2-3 round trips from your home to school; if you live with your parents, the estimated commuting costs will be calculated

  • Personal Living Expenses:
    the estimated cost for clothing, grooming supplies, laundry and limited entertainment

  • Other Personal Costs:
    personal expenses that are specific to the student such as disability expenses, dependent care, loan fees, etc.

  • Miscellaneous:
    any other expenses that you can identify with your school's Financial Aid Office

    view this cost analysis sheet on institutional costs

Types of Financial Aid Awards

  • Scholarships and Grants:
    awarded by the college and some private institutions. Scholarships and grants are free money sources that do not need to be repaid.

  • Stafford Student Loans:
    your student should apply for the maximum amount of stafford student loans. These loans are backed by the federal government and offer the lowest repayment terms

  • Work Study:
    your student may be eligible for work study programs where a wage is earned to help pay for school. Work student program are distributed by the colleges.

  • Other College Aid:
    your student may receive other college aid to help reduce the total college cost. These aid programs are awarded by the college.

    see our discussion on available aid options

Estimating the Difference

The difference between the total cost of college and financial aid awarded is the payment responsibility of the family. This is referred to as the "expected family contribution":

see our financial aid note 1 on "EFC"

Most college aid awards do not cover the full cost of college. That portion of the college costs not covered by an aid award is paid for by the family.

Family sources include:

  • personal savings and investments
  • 529 plans
  • parent PLUS and grad PLUS loans
  • and other (i.e., BLOC)

Use Your BLOC as Your College Aid Source

Your BLOC is a great source of college financial aid. We find this an effective way to pay college costs at minimal costs.

We have two pay options for review:

  1. use the BLOC to pay the entire cost:
    view how this option may work

  2. have the student share part of the costs:
    view how this option may work


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