The first thing you should know about financial aid for most elite schools and a great deal of other schools is that, believe it or not, college is affordable! You might want to show this section to your parents at one point in your college search. Some of the tools here like the Financial Aid Calculator would be useful even before you receive your acceptance letter.

It is important to keep in mind that most financial aid offices at different colleges are flexible and willing to work with families to make college affordable. Here are some financial aid resources:


Financial Aid Information and Advice:

  • You should apply for financial aid every year, regardless of whether or not you think you'll qualify. Your family's financial status can change for a variety of reasons, and financial aid serves as a back up.

  • For many of the nation's top school, 100% of demonstrated need (or financial aid eligibility) is met.

  • Don't be intimidated by the cost of private colleges. Depending on a family's calculated ability to contribute, a family could pay the same amount, or possibly less, at a private college than at a public college.

  • If you have any doubts or questions, don't be afraid to contact financial aid staff for any questions you have about the process, college policies regarding financial aid, or how to represent some extenuating circumstance for your family.

  • Pay special attention to financial aid deadlines, especially at public schools, where there is generally less financial aid.

  • Make sure to indicate on your college application if you will be seeking financial aid. Many top schools have a need-blind admissions policy.

  • Your Expected Family Contribution is the amount the standard formals think a family can afford for one year.

  • The major factors that determine your EFC are:

    • Parents' adjusted gross income and any untaxed income: EFC will be practically zero for low income families while it can go as high as 26% for parents with six figure incomes.

    • Parents' assets (non-retirement only): Around 5.6%

    • Students income: They will want 35% of everything over $2,200 for dependent students and $5,000 for independent students

    • Students assets: About 35%

Forms:

  • There are two forms required for financial aid:

  • FAFSA (Free Application for Federal Student Aid) - Required by all colleges and is a gateway to all need-based financial aid.
    http://www.fafsa.ed.gov/

    • To apply for student financial aid from the federal government, including the Pell Grant, Perkins Loan, Stafford Loan and work-study, you will need to submit the FAFSA

    • There is no charge for submitting this form. The FAFSA is also required by all state and many school student assistance programs.

    • The FAFSA cannot be submitted before January 1st
  • CSS PROFILE - Developed by The College Board and required by many expensive private colleges.
    https://profileonline.collegeboard.com/index.jsp

    • The CSS PROFILE determines your financial need differently than the FAFSA, taking into account such factors as whether your family owns a home. In general, the CSS PROFILE asks for more detailed information than FAFSA.

    • CSS PROFILE costs $5 plus $18 for each school or scholarship program selected.
    • Many colleges often have specific questions they ask you in the PROFILE form, which means different colleges will have different financial aid packages.

Financial Aid Timeline:

Summer Before Senior Year

  • Make a list of all admissions and financial aid deadlines.

September

  • In the mean time, use either the Amherst College financial aid calculator, or one of the many financial aid calculators available to get an estimate of how much your family will have to pay.

October

  • Start asking around for local, state, and company scholarships.

  • The CSS/Financial Aid PROFILE Online is active on October 1 for early decision and early action applicants who are applying for financial aid.

  • Male students who will be 18 at the time they complete the FAFSA should register with Selective Service to be eligible for federal and state aid.

November

  • Keep looking for and applying to local and state scholarships.

  • Request a Department of Education PIN number. Your pin will be used to electronically sign your FAFSA form on the internet and stays with you.

  • If applying for regular decision admissions and for financial aid, you can submit the PROFILE application which is active on October 1st.

December

  • Financial aid packages should be mailed along with early decision and early action responses. Make sure you read over the award letter and sign and return if you accept it. Make sure you understand the award letter before signing!

    January

  • Begin preparing yours and your parents tax returns as soon as possible.

  • If a college requires the CSS/Financial Aid PROFILE, start filling out the application as soon as possible to meet February priority deadlines.

  • Make sure you finish each specific college’s financial aid application.

    February

  • Many priority deadlines for the CSS PROFILE are in early February.

March

  • Admissions decisions and financial aid award letters may start arriving this month.

April

  • Admission decisions and financial aid award letters arrive this month. Read over all award letters and compare.

  • If your full financial need hasn’t been met, then consider appealing.

  • Make a final decision on colleges and send in the enrollment form and deposit.

  • Start looking for a summer job or an internship. Many schools require a student summer financial contribution for books and supplies.

May

  • If it will be difficult for your family to pay the the Expected Family Contribution for the semester, start considering parent or private loans to fill the gap.

Outside Scholarships:

Outside scholarships from national, state, local, and corporate sources can be a great way to reduce self-help and student loans at most institutions. There are plenty of free resources that help you locate some great scholarship opportunities:

  • Fastweb:

    The FastWeb Scholarship Search is the largest, most accurate and most popular free scholarship search site. It is also the most frequently updated and provides automatic email notification of new scholarships that match the student's profile.
    http://www.fastweb.com/
  • College Board's FUND FINDER:

    The College Board's FUND FINDER scholarship database lists scholarships and other types of financial aid programs from 3,300 national, state, public and private sources.
    http://apps.collegeboard.com/cbsearch_ss/welcome.jsp

Financial Aid Calculator:

Financial Aid calculators are a good way of giving your family an estimate of what to expect college expenses to be. Remember, every school has different methods of calculating your Expected Family Contribution (EFC). So, different schools have different results.

Here are some different calculators from different institutions:

Additional Tips and Resources:

These are some useful articles and links that can provide additional help with finding scholarships and resources.

  • "Fastweb" FastWeb lists more than 1.3 million scholarships worth $3 billion. Create a personal profile to receive a list of exactly those scholarships matching your skills and interests.
    http://www.fastweb.com

  • Finaid.org" - Best site for financial aid advice and resources. Explains everthing from the FAFSA to loans. A must read site for financial aid.
    http://www.finaid.org