Plan ahead! Request and read all materials from colleges regarding financial aid policies and procedures. Note and comply with all deadlines. It is a good idea to make an appointment to meet with a financial aid administrator when you visit a college (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. Some financial aid administrators may be able to give you a projected aid package if you bring a copy of your most recent 1040 tax form with you. Financial Aid officers have more time to meet with parents in the summer and the fall. (In the spring they are swamped and may not have many appointment slots.) Prepare your questions ahead of time and take notes.
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 financial aid 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 federal aid eligibility.
The Collegeboard website has a lot of helpful information, a financial aid calculator and a scholarship search.at www.collegeboard.com. Click on the Paying for College icon.
Most colleges have extensive financial aid information on their own websites. These sites 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 several forms (see descriptions below) and a determination is made regarding a family’s economic need. Some schools meet 100% of your demonstrated need with an aid package that includes grants (scholarships), student loans and work-study. Other schools do not meet full need. This is called "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:
In general, what percentage of an aid package from your college 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 over a four-year period is typical, but you want to avoid a "bait and switch" situation.
Do you have a "preferential packaging" policy? - - e.g. If two students have equal demonstrated financial need, do they give more grant aid (or a better overall aid package) to the student who has a stronger academic profile? Do you give better aid packages to students entering certain fields of study? Do you give comparable aid offers to applicants 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? Some schools deduct money earned in outside scholarships from your financial aid package. Some schools reduce your loan burden, but other schools reduce your 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 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 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 considerably lower and can offset increased transportation costs.
Financial aid officers at Western Mass. colleges have been helpful to Amherst parents in answering specific questions about financial aid. You may contact these offices for help at any time for free assistance.
Apply for local scholarships in March of the senior year. A listing of local scholarships, with application instructions will be mailed to your home in mid-March. Most local scholarship applications are due April 1st.