Discuss college finances with your parent(s). Get a sense of what they can pay and what they might expect from you. Remember that the sticker price at colleges does not apply to many families and that, depending on the college, financial aid awards can make the absurdly expensive become suddenly affordable. Look for colleges that fit your interests and other needs, and then apply to colleges in various price ranges. In the end, when you receive your financial aid awards after admission, you will be able to choose the place that’s best for you.
It may be a good idea to make an appointment to meet with a financial aid administrator when you visit a college that you think is high on your list (in addition to the visit with admission officials). Establish a relationship with an aid officer so he or she can advise you of special programs, tuition plans, loan or payment programs that might be beneficial to you. Financial Aid officers have more time to meet with families in the summer and the fall. In the spring they will not have many appointment slots. Prepare your questions ahead of time and take notes.
FAFSA: Free Application for Federal Student Aid; required form for all federal grants, loans, work-study and some institutional aid. File electronically.
SAR: Student Aid Report; report emailed to students after FAFSA completion; contains all information about family’s "ability to pay."
CSS PROFILE: College Board financial aid form required some private college for institutional aid. Fee required.
EFC: Expected Family Contribution; family’s share of college costs per federal/college calculations.
COA: Cost of attendance; total cost of attending college, including tuition, board, meals, fees, books, travel, etc.
GAP: When college aid award packages do not meet your full financial need/EFC.
Beware of any websites or financial aid counseling services that charge you for financial aid or scholarship information. Everything you need to know is available free. There are many scams out there.
MEFA, the Massachusetts Educational Financing Authority, provides free, credible and comprehensive information about college financing, as well as a financial aid calculator and links to many important websites. You can sign up for free timely reminder e-mails and get other information at http://www.mefacounselor.org/.
Try http://www.fafsa4caster.ed.gov/ for a reliable prediction of your expected family contribution and federal aid eligibility.
The College Board website has a lot of helpful information, a financial aid calculator and a scholarship search.at www.collegeboard.com.
Check college websites for extensive financial aid information. All colleges must have "Net Price Calculators" by next fall. These sites also contain critical information about deadlines, application procedures and merit awards. Once you know you are applying to a particular college, carefully read everything they post.
Other helpful financial aid/scholarship websites are:
Are you "need-blind" in your admission policy? A college that is "need-blind" makes admission decisions without regard for the student’s ability to pay. The "need-blind" college does not review the student’s financial circumstances until after an admission decision is reached. There was a time when most colleges were "need-blind," but this is much less common now. Some colleges, when considering students with equal academic records who are "on the cusp" of acceptance, will give preference to the student who is able to pay. This practice is "need aware" or "need conscious." You should ask what the policy is for each school you are considering.
Do you meet 100% of demonstrated need? To be eligible for financial aid a student (parent) completes forms and a determination is made regarding a family’s ability to pay. Some schools meet 100% of your demonstrated need with an aid package including grants (scholarships), student loans and work-study. Proportions of grants and loans vary among these colleges. Other schools do not meet full need. This is "gapping."
What is your "packaging policy"? Most schools give an aid package that includes grant money (scholarships), loans and/or work study. Ask the following questions:
What is the average undergraduate indebtedness upon graduation?
In general, what percentage of your aid package is grant vs. self-help (loans, work-study)?
How does an aid package change over four years? Some colleges entice freshmen with large grants for the first year and then switch to a much heavier loan burden in sophomore and subsequent years. Some increase in loans is expected year to year, but you want to avoid a "bait and switch" situation.
Do you have a "preferential packaging" policy? For example, if two students have equal demonstrated financial need, do you give more grant aid (or a better overall aid package) to the student who has a stronger academic profile, or to students entering certain fields of study? Is aid comparable under early and regular decision programs?
Do you give any type of merit-based aid (scholarships for students with high academic profiles regardless of their family’s financial circumstances)? How many do you give? What are the criteria for these awards? How does one apply?
What is your policy regarding outside scholarships? Most schools deduct money earned in outside scholarships from financial aid packages. Most schools reduce the loan burden, but other schools reduce the grant money. Obviously, reducing the loan would be more favorable to you!
In April of the senior year, when you have all of your financial aid awards in hand, make sure that you know the total cost of attendance at each school (room, board, tuition, fees, transportation, personal expenses, books). You must have consistent information from each school to compare offers effectively. Visit www.collegeboard.com for a helpful aid comparison worksheet. (Click on Compare Aid Award.)
Find out what types of forms are required and make note of the filing deadlines. (They are different from admission deadlines.) These deadlines are not flexible. (Early decision candidates usually need to complete a CSS Profile or Institutional form.)
Free Application for Federal Student Aid (FAFSA) -- All colleges require this form. It determines your eligibility for all forms of Federal Aid, including loans, and the Massachusetts state scholarship program. Although a paper version is available, it is easier and preferable to file the FAFSA online (after January 1st and before your earliest financial aid deadline). First go to www.pin.ed.gov and register for a personal identification number (PIN). Both the student and the parent/guardian will need a pin number. Once this is emailed to you (which will take approximately 1-3 days), go to www.fafsa.ed.gov to complete the form. . Individual assistance to parents/students in completing or reviewing FAFSA forms will be available at ARHS in early February, and through College Goal Sunday in late January. Watch for details.
The CSS (College Scholarship Service) Financial Aid PROFILE -- Many private colleges, some scholarship programs and a few public colleges require this form. It is accessible online only at collegeboard.com. There is no paper version. Check individual college websites and the list on the Profile website to see which colleges require this form. There is a fee for filing the Profile, but low income families get a fee waiver automatically when submitting the form online . (The PROFILE can be filed before January 1st. Make sure you meet the PROFILE filing deadlines for each of the colleges on your list.)
Institutional Forms -- Some colleges have their own aid forms in addition to the ones above.
Check each college website, and follow their instructions.
If you think you may need aid at any time over the next four years- - apply! (Some colleges do not let students apply for aid as a sophomore, junior or senior, if they did not apply as a freshman. Also, some merit scholarship and low interest loan programs require the FAFSA.)
Students who need significant amounts of aid should remember that some schools give larger aid packages or merit-based aid to good students. Keep those grades up!
Make sure your list of colleges includes an economic safety school- - a school that meets your academic and personal needs and is affordable. For many students this is a state college, university or community college. Costs of private colleges out of the New England region are often lower, which can offset increased transportation costs.
Apply for local scholarships in March of the senior year. A listing of local scholarships, with application instructions will be distributed in late-February.