So you want to move out of your parents’ house and go away to college. No kidding.

But moving away from your hometown has a price way beyond no more home-cooked meals and laundry.

Choosing an out of state college can really impact your college costs.

For example, let’s say you live in Wisconsin, and you want to go to Universirty of Rhode Island, your college tuition is going to cost you $23,038. But if you are from Rhode Island, it’s only going to cost you $8,184.

We’ll do the math for you. That’s $14, 854 difference.

Ever wonder why public universities charge higher tuition from out of state?

Well, a large chunk of the money that public colleges get each year for operating costs is paid by the taxpayers in the state where the college is located. So, students who are residents in that state get a cost break and students from out-of-state pay more since they are essentially subsidizing the in-state students.

Colleges want to attract in-state students with a low price tag. They know that those students will often stay in state after graduation and help boost the economy. College graduates are more likely to have good jobs, pay money and contribute to the to the state’s economy.

In some cases, state schools will offer in-state prices to out-of-state students. Often, this happens when a certain program of study is not available in a given state and that state makes arrangements with the public schools of a neighboring state. It can also happen if a state has it as a priority to increase enrollment and wants to attract a broader range of students. For instance, South Dakota recently slashed tuition by almost half for all out-of-state students.

When you prepare for a campus visit, you are probably curious about what the campus, students and food is like, but most of us never think about meeting with the financial aid office.

But knowing that students party it up in their co-ed dorms at night won’t help you much, if you can’t find the cash to attend it.

Your best bet is to visit the financial aid office during your campus tour. That way you’ll have all aspects covered, from academics, to social life, to financial aid.

Start visiting colleges in your junior year at high school. That way you’ll have an idea about financial aid options by the time you have to decide which schools you want to apply to. Call the financial aid office to make an appointment on the day that you are planning to come.

To make the most out of your visit with the financial aid office, here are some good questions to ask:

• Do you require families to file the PROFILE?
• Do you make exceptions to the minimum course load based on health or academic concerns?
• Does grant aid remain constant for all four years?
• Is a stepparent’s income considered when you calculate aid?
• Is an ex-spouse’s income considered when you calculate aid?
• How much grant assistance do you provide to those with an Expected Family Contribution of $0?
• To maintain a grant, how many credits must I take each semester?
• If I receive an outside scholarship, how will it affect my aid, especially in terms of institutional grants and awards?
• Is my institutional scholarship renewable? Can lost scholarship eligibility be reinstated?
• How long will it take to become an in-state student? Do you have state reciprocity agreements? (Reciprocity agreements allow out-of-state students to attend certain programs at in-state prices.)
• Are there a lot of job opportunities on campus?
• Does on- or off-campus employment affect my aid eligibility?
• What is the average debt burden of exiting students and how long does it take most to graduate?
• Do you have any partnerships with discount loan providers?
• Will the school package loans in accommodation of loan forgiveness programs?
• Do you provide aid for summer classes?
• What is your policy on projected-year income?
• Do you apply individual cost-of-attendance adjustments upon request?

You may also want to meet a member of the department that you plan on majoring in. The department might have extra scholarships and extra funding options, so it is always good to make a connection with them.

And don’t forget to take down the names of everyone you met. You’ll want to write them a thank-you note. You may want to meet with them again and it’s good to keep your connections. So make friends with the financial aid office. They just might be your most profitable friendship in college.

If you are sure what college you want to go to, then Early Decision can sound like a tempting option.

What is it exactly?

An Early Decision application is initiated by the student who is then notified of the college’s decision earlier than usual (generally by December 15th of senior year). Early decision applicants are expected to submit only one early decision application to one school but you can apply to as many other schools as you like under normal application procedures.

So basically, if you’ve got the grades, it’s a great strategy to secure a spot in college. Colleges often admit more students who apply for Early Decision because students show that they are dedicated and interested in the school.

But before you are completely tempted, you should know that there’s a catch.

Early Decision programs are usually binding. Binding means that you promise from the start that you will attend the college if you get an acceptance.

So what does that mean in terms of financial aid?

It means you are stuck with the financial aid package that they offer. Once you’ve made your commitment to the school, the college probably not offer you the Rolls Royce of financial aid packages. And  because you already accepted, you cannot gain leverage by pitting other financial aid packages from other colleges against their offer.

The only way you can get out of your acceptance is if the financial aid package is really inadequate. But the burden of proof is on you.

Being accepted early also means you’ll probably need to pay a deposit on your enrolment — at least several hundred dollars. If your financial aid offer just isn’t going to cut it, backing out of your commitment will not only lose you your coveted spot but the cash you laid out to insure it.

So is Early Decision really worth it?

Depends on your financial situation. Most students who apply for ED come from high-income families who aren’t as worried about how they will pay for schools.

If you really have to rely on your financial aid package, Early Decision might not be the route for you.

With these financial aid conundrums it’s no wonder that Early Decision had been getting some flak for privileging high-income families. 

Basically though, you are going to have to decide if applying Early Decision is right for you. Would you be willing to take out more loans to attend your dream college? Or are you better off applying for the regular deadline so that you can compare financial aid packages?

As part of your decision process about ED, you should meet with your choice school’s financial aid office as early as your junior year. You’ll be able to get an idea if the school is an economically viable choice or totally out of your league.

Ask your parents to bring their tax forms so they can get an idea of their likely Expected Family Contribution, and you can find out ahead of time what financial aid you’re likely to receive. By checking it out early on, you can avoid the disappointment of getting in, but not being able to go.