Top Ten Tips for Getting College Financial Aid

Attending college is a big investment. The cost of a private four-year college, including room and board, has climbed to an average of $49,000 a year, while the annual price tag for a public four-year public college is $21,000, according to the College Board.

Yet if you are worried that college is unaffordable, keep in mind that you will not pay the sticker price advertised on a college’s website. With a strategic plan for applying for financial aid, you can offset the cost with a combination of grants and scholarships offered by the school that are based on need.

Applying for financial aid is a key part of the college admissions process. Yet many parents have misconceptions about how to apply, or even if they should apply, for need-based aid.

Here is a list of ten tips that will help you get the most financial aid you can:

·         Fill out the required financial aid forms.

There are two main forms you must submit that will determine the amount of aid your child will receive:

·         The Free Application for Federal Student Aid (FAFSA) must be filled out by every student who wants to apply for financial aid.

·         The CSS Profile must be filled out if your child is applying to a group of about 400 private schools. (Check the school’s website to see if it’s required).

2. Apply for financial aid early.

If your child is a senior applying for college this year, you will both need to fill out the FAFSA and the CSS Profile — for a designated group of private schools— by the end of December. Families that apply early for financial aid tend to get the best offers because colleges run out of available aid for those who wait until after the first of the year.

3. Early admissions applications have an earlier deadline.

The deadline to apply for financial aid for an early admissions application is early November. An inability to afford the school that offers early admission based on its financial aid award is the one exception that will allow your child to opt out of the agreement to attend that school.

4. Learn what your Expected Financial Contribution (EFC) will be.

Your child is eligible for financial aid if your Expected Financial Contribution (EFC) is less than the cost of attendance. The EFC is a formula set by the federal government that is based on your family’s finances. If you have a particular school in mind, you can fill out the net price calculator on any college’s website. It will tell you approximately how much aid the school will award and subtract that from the cost of attending the school to calculate what your costs will be. You can also access an EFC calculate at College Board and FinAid.

5. Don’t assume that you don’t qualify for financial aid.

If you can’t pay for four years of college without impacting your household budget, then you should apply for financial aid. And even if you think you can afford to foot the bill for college, your financial circumstances may change. It is also better to apply for aid when your child is entering school as a freshman since that is when schools award their financial packages.

6. Make sure you have filed your taxes.

You need to have your finances up to date to apply for both the FAFSA and the CSS Profile. Both of these applications require information that is only available on your completed income tax statements.

7. Financial aid may make private colleges affordable.

      Private schools tend to have more money to dole out to attract the students they want. Aid from private colleges can make a school that seemed out of reach more affordable. It can also bring the cost of a private college closer to what you would pay at a state school.

8. Enrollment status and grades count.

      Your child must be enrolled full-time at college to qualify for a scholarship. Many schools also require that students meet a certain GPA in order to maintain their annual grant.

9. It is difficult for your child to declare financial independence.

    Don’t count on a strategy of declaring your child independent to qualify for a better financial aid package. A student who wants to declare himself or herself independent must meet at least one of the following criteria:

·         24 years of age or older

·         Married

·         A graduate or professional student

·         A veteran or active duty member of the armed forces

·         An orphan or ward of the court

·         Someone with legal dependents, other than a spouse

·         An emancipated minor

10. You can appeal the financial aid decision.

Once your child receives the letter from the college stating how much financial aid it will offer, don’t think the award is set in stone. You can negotiate with the financial aid office by explaining why the package doesn’t work for you. And if your child receives a better offer from a comparable college, you can appeal to your child’s preferred school by telling the financial aid office how much money you have received from another school.

                                                  and learning style? Lucia Tyler can help you find 

                                                    and get into the colleges that meet your needs.