Updated: Wednesday, November 06, 2024
In addition to navigating the college admissions cycle, students and families need to prepare for the costs of college and understand the financial aid process. Much like admissions, there are a few steps that go into applying for financial aid, and it’s important that students understand every component of the process.
Since going to college is one of the most significant financial decisions people will make in their lifetimes, there’s no such thing as learning too much about college financial aid. Keep reading for some crucial insights from our admissions counselors – and don’t forget to tune in to our Just Admit It! podcast episode about financial aid.
The Free Application for Federal Student Aid (FAFSA) is one of the first and most important components of the financial aid process. Rather than leaving this task for parents to complete, families should use the FAFSA as an opportunity to sit down together to discuss the costs associated with going to college. While some parents might want to shield their students from worrying about money, it’s best to make sure everyone is on the same page so that your applicant has a realistic idea of what kind of aid they will need. The FAFSA opens on October 1 and it’s generally beneficial to fill out and submit the form as soon as possible in order to maximize the amount of aid you will be eligible for.
Many families understand that they won’t be expected to pay the sticker price for tuition, but they might be unsure about how much they will actually need to pay. To help shed some light on this, all colleges are required to include a Net Price Calculator, which students can use to estimate how much they will be expected to pay based on their unique financial circumstances and background. After filling out a few questions, the Net Price Calculator will generate an estimate of how much a student will likely need to pay, based on their Expected Family Contribution (EFC), which their FAFSA application determines.
Out of the over 3,000 colleges in the United States, very few are able to guarantee that they will be able to meet every student’s full financial needs. In fact, it’s not uncommon for colleges to only be able to meet around 40% of a student’s demonstrated need, even at top-tier universities. Even when schools do say they meet 100% of demonstrated financial need, some of these colleges may achieve this via loans, which students will ultimately need to repay.
Financial aid isn’t linear and it’s also not all free money. Financial aid consists of loans and work-study programs, in addition to scholarships and grants. Consequently, it’s important to consider every component of each financial aid package that you receive, instead of just focusing on a single number. If financial aid is an important consideration during your application process, make sure to keep your options open when it comes to researching universities and building your balanced college list. Do your research about which schools are likely to be able to provide substantial financial aid as well as institutions where you may be eligible to receive merit-based financial aid based on your academic performance. Keep an open mind throughout the application process so that you can choose the institution that best fits both your academic and financial needs. Also, don’t overlook schools with need-blind admissions, which often provide greater opportunities for low-income students to attend college.
Since the financial aid process can feel overwhelming, it’s important to start early and do your research. If you’re looking for additional guidance on finding your best-fit colleges, our team is here to help.
How Important are Supplemental Essays?
We all know the personal statement is a huge part of the college application, but how important are those extra supplemental essays? For many students writing fatigue can set in and they don’t spend as much time working on those – especially as application deadlines loom. So how important is it to spend time on those supplements?
In addition to navigating the college admissions cycle, students and families need to prepare for the cost of college and understand the financial aid process. Applying for financial aid is a multi-step process, and the financial aspect of college life can be significant. So, it’s worth learning as much as you can about different financial aid programs.
Figuring out the college admissions and financial aid processes can be stressful and complicated for both students and parents. It can be especially difficult if you’re afraid your financial situation puts a college education out of reach. After all, some schools take financial aid needs into consideration when evaluating applicants.
However, many colleges offer “need-blind” admissions that give students from all economic backgrounds a chance to further their education. In this article, we’ll explore what need-blind admissions means and how it may impact your chances of admission.
Learn How to Have an Impactful Discussion About Saving for School
It may sound daunting, but it’s important for parents to discuss college costs and budgeting as part of the college search process . College is an investment and in order to feel confident and excited about your student’s educational choice, your entire family needs to be on the same page financially.
