Financial Aid
Finding a college that you can afford is just as important as finding a college that fits you socially and academically. It is important to make sure you choose multiple colleges that you will likely be able to afford as you make your college list. The net price calculator on each college's website can give you a general idea. For example, you may enter a GPA of 3.8 on the calculator, but you don't know if the college is going to recalculate your GPA and remove specific courses like PE, Health, Teacher Assistant, etc.
There are basically two financial aid forms required by colleges for financial aid. All schools use the FAFSA (FREE Application for Federal Student Aid) to determine eligibility for federal aid. Determining financial aid through the FAFSA application process is called Federal Methodology. A fair number of mostly private schools also require the CSS Profile. Schools that use this form use Institutional Methodology to determine financial need. You can begin filling out the CSS Profile on October 1 of your senior year. You can begin filling out the FAFSA on January 1 of your senior year. I recommend that both forms be completed by January 30 to maximize your financial aid potential. The CSS Profile requires a fee unless you are low income. In that case, when you finish the form, the fee will automatically be waived.
I strongly recommend that each family use the EFC (Expected Family Contribution) Calculator available here. You need to have your most recent tax forms in order to get an accurate reading, but it is a much faster estimate than using the FAFSA4caster. The FAFSA forecaster only estimates Federal eligibility and it takes a very long time to fill out. The EFC calculator above is quicker and will calculate both federal and institutional methodology at the same time. It is helpful, when choosing colleges, to know what they will expect you to contribute. This can help you choose colleges that fit financially for your family.
A couple of notes: in general, many colleges believe that FAFSA over-assesses income and under-assesses assets. That is why many schools use the CSS Profile or their own form--so they can get an accurate look at your finances and calculate what they think you can contribute to your child's education. Home equity, especially on any property beyond your residence, is often seen by schools as cash available for college expenses.
Another important note: check for early scholarship deadlines. Many schools have a scholarship deadline much earlier than their application deadline. If you do not apply by the scholarship deadline, you are ineligible for all merit aid. Complete these applications first!
I encourage almost all students to apply for financial aid. Some schools will not award merit aid unless you go through the financial aid process. Check with each school for their specific rules.
Here is more information about financial aid:
Need-based aid: This is aid awarded to families who would have trouble paying for college. If you are eligible for free or reduced lunch, you will certainly be eligible for need-based financial aid. Some colleges even award money to families who earn up to $150,000. Again, every college is different. Be sure to attend Financial Aid Night at your school to get your questions answered. Typically, these information nights are scheduled for November through January. Applying for financial aid can be a confusing process.
Some schools say that they will meet 100% of your demonstrated need. Most of these schools are highly selective schools with huge endowments. (If you come from a low-income family and have the qualifications to be admitted to these most competitive schools, you may get all your expenses covered if you are admitted. Some schools even meet your need with all grant money, and no loans). All schools calculate your need differently, which explains why you will get many different financial aid offers. Most colleges will not be able to meet your full need, which is why you will also be interested in merit-based aid.
Merit-based aid: Most of the scholarships and tuition discounts that students receive come from the colleges to which they are applying. Most schools, especially private schools, do offer merit aid. Merit Aid is awarded for many reasons: high grades, good test scores, community service, leadership skills and activities, athletic skills etc. Some schools, mostly the most highly selective colleges mentioned above, do not offer any merit aid. You will get the most merit aid, in general, from schools where your grades, test scores, and activities put you in at least the top 25% of that schools application pool. In other words, if your grades and scores are better than most of the students applying to a particular school, you will be offered their best scholarships.
Most schools offer a combination of need and merit aid. It is very hard to predict financial aid awards. They change from year to year.
Talent scholarships: If you have very strong talent in art, music, or theater, you may be offered scholarships based on your talent. Many times, a school will accept and give more aid to a student with strong talent even as they reject another student with higher grades. It’s hard to know what each school is looking for each year. If they need a strong bassoonist, painter or method actor, the student with the particular talent they need that year, will get the money. The school may be looking for completely different talent the next year. (Make sure you meet, or at least talk to, the main professor(s) with whom you will work. You will be with this person much of the time, for four years. You want to have someone with whom you can work well and who shares your artistic philosophy)!
Athletic Scholarships: While NCAA Division I, II, and NAIA schools all directly offer athletic scholarships, you need to get their attention. Make a short video with highlights. You might also consider including positive recovery from a mistake or disappointment. Contact coaches and send them your video and athletic resume. Get advice form your coaches. While NCAA Division III cannot legally offer athletic scholarships, they do offer non-athletic scholarships to athletes whom they want on their team. They can offer academic, leadership, and community service scholarships. Legally, the activities for which they offer scholarships can’t be connected with your role on the team. For example, you can’t get a leadership scholarship if your only leadership activity is captaining your team. Many D3 schools ask that you list every activity you’ve ever participated in, so they have more opportunity to award you money. This can be delineated on a well-organized resume.
Male/Female: Many, mostly private schools, try to keep the ratio of women to men on campus close to 50/50. Boys have some advantage at schools that have trouble getting enough male applicants and girls have an advantage at schools that attract more male applicants. I have not heard of this being an issue at any public universities.
WUE: The Western Undergraduate Exchange is a coalition of pubic universities from fifteen western states who agree to let students from neighboring states pay 150% of in-state tuition instead of paying full out-of-state tuition. For some states, this is a great deal because their in-state tuition is very inexpensive, due to good state support for education. Not all schools in these states participate in the program and most have requirements that students must meet to be eligible. A few schools offer WUE to any eligible student who is admitted. Some schools restrict the majors eligible for participation, others offer a limited number of WUE placements (apply early), and certain schools have designated test scores and GPAs that must be met. The easiest way I have found to learn about each school's policy is to enter 'WUE' in the search box for a particular college or university. Also, look for out-of-state scholarships on each school's website.
There are basically two financial aid forms required by colleges for financial aid. All schools use the FAFSA (FREE Application for Federal Student Aid) to determine eligibility for federal aid. Determining financial aid through the FAFSA application process is called Federal Methodology. A fair number of mostly private schools also require the CSS Profile. Schools that use this form use Institutional Methodology to determine financial need. You can begin filling out the CSS Profile on October 1 of your senior year. You can begin filling out the FAFSA on January 1 of your senior year. I recommend that both forms be completed by January 30 to maximize your financial aid potential. The CSS Profile requires a fee unless you are low income. In that case, when you finish the form, the fee will automatically be waived.
I strongly recommend that each family use the EFC (Expected Family Contribution) Calculator available here. You need to have your most recent tax forms in order to get an accurate reading, but it is a much faster estimate than using the FAFSA4caster. The FAFSA forecaster only estimates Federal eligibility and it takes a very long time to fill out. The EFC calculator above is quicker and will calculate both federal and institutional methodology at the same time. It is helpful, when choosing colleges, to know what they will expect you to contribute. This can help you choose colleges that fit financially for your family.
A couple of notes: in general, many colleges believe that FAFSA over-assesses income and under-assesses assets. That is why many schools use the CSS Profile or their own form--so they can get an accurate look at your finances and calculate what they think you can contribute to your child's education. Home equity, especially on any property beyond your residence, is often seen by schools as cash available for college expenses.
Another important note: check for early scholarship deadlines. Many schools have a scholarship deadline much earlier than their application deadline. If you do not apply by the scholarship deadline, you are ineligible for all merit aid. Complete these applications first!
I encourage almost all students to apply for financial aid. Some schools will not award merit aid unless you go through the financial aid process. Check with each school for their specific rules.
Here is more information about financial aid:
Need-based aid: This is aid awarded to families who would have trouble paying for college. If you are eligible for free or reduced lunch, you will certainly be eligible for need-based financial aid. Some colleges even award money to families who earn up to $150,000. Again, every college is different. Be sure to attend Financial Aid Night at your school to get your questions answered. Typically, these information nights are scheduled for November through January. Applying for financial aid can be a confusing process.
Some schools say that they will meet 100% of your demonstrated need. Most of these schools are highly selective schools with huge endowments. (If you come from a low-income family and have the qualifications to be admitted to these most competitive schools, you may get all your expenses covered if you are admitted. Some schools even meet your need with all grant money, and no loans). All schools calculate your need differently, which explains why you will get many different financial aid offers. Most colleges will not be able to meet your full need, which is why you will also be interested in merit-based aid.
Merit-based aid: Most of the scholarships and tuition discounts that students receive come from the colleges to which they are applying. Most schools, especially private schools, do offer merit aid. Merit Aid is awarded for many reasons: high grades, good test scores, community service, leadership skills and activities, athletic skills etc. Some schools, mostly the most highly selective colleges mentioned above, do not offer any merit aid. You will get the most merit aid, in general, from schools where your grades, test scores, and activities put you in at least the top 25% of that schools application pool. In other words, if your grades and scores are better than most of the students applying to a particular school, you will be offered their best scholarships.
Most schools offer a combination of need and merit aid. It is very hard to predict financial aid awards. They change from year to year.
Talent scholarships: If you have very strong talent in art, music, or theater, you may be offered scholarships based on your talent. Many times, a school will accept and give more aid to a student with strong talent even as they reject another student with higher grades. It’s hard to know what each school is looking for each year. If they need a strong bassoonist, painter or method actor, the student with the particular talent they need that year, will get the money. The school may be looking for completely different talent the next year. (Make sure you meet, or at least talk to, the main professor(s) with whom you will work. You will be with this person much of the time, for four years. You want to have someone with whom you can work well and who shares your artistic philosophy)!
Athletic Scholarships: While NCAA Division I, II, and NAIA schools all directly offer athletic scholarships, you need to get their attention. Make a short video with highlights. You might also consider including positive recovery from a mistake or disappointment. Contact coaches and send them your video and athletic resume. Get advice form your coaches. While NCAA Division III cannot legally offer athletic scholarships, they do offer non-athletic scholarships to athletes whom they want on their team. They can offer academic, leadership, and community service scholarships. Legally, the activities for which they offer scholarships can’t be connected with your role on the team. For example, you can’t get a leadership scholarship if your only leadership activity is captaining your team. Many D3 schools ask that you list every activity you’ve ever participated in, so they have more opportunity to award you money. This can be delineated on a well-organized resume.
Male/Female: Many, mostly private schools, try to keep the ratio of women to men on campus close to 50/50. Boys have some advantage at schools that have trouble getting enough male applicants and girls have an advantage at schools that attract more male applicants. I have not heard of this being an issue at any public universities.
WUE: The Western Undergraduate Exchange is a coalition of pubic universities from fifteen western states who agree to let students from neighboring states pay 150% of in-state tuition instead of paying full out-of-state tuition. For some states, this is a great deal because their in-state tuition is very inexpensive, due to good state support for education. Not all schools in these states participate in the program and most have requirements that students must meet to be eligible. A few schools offer WUE to any eligible student who is admitted. Some schools restrict the majors eligible for participation, others offer a limited number of WUE placements (apply early), and certain schools have designated test scores and GPAs that must be met. The easiest way I have found to learn about each school's policy is to enter 'WUE' in the search box for a particular college or university. Also, look for out-of-state scholarships on each school's website.
