COA = Direct Costs (Tuition + Fees) + Everything Else (Room and Board + Books + Other)

True cost of attendance includes:

• Tuition

• Room

  • • Check price differences between dorm options (year, style, hall, etc.).

• Board (meal plan - sometimes required for first-year students)

• Books

  • • Note that the estimated cost is likely for new books. Rent or borrow when possible!

• Fees

  • • These can include various fees for internet, facilities, clubs, health coverage, etc. If you are planning to bring a car, look for parking fees

• Fees in Major

  • • Some large public universities may charge additional fees by credit hour for classes in the major

• Transportation

  • • Transportation from home to college for breaks, weekends, summer.

• Dorm supplies

  • • Bedding, storage, laptop, decorations, etc.

• Spending Money

The student will receive a financial aid package that will include:

• Grants – Money that you do not need to pay back

• Loans – Money that the student and/or family borrows that must be repaid with interest

  • Subsidized: interest is paid by the federal government while student is in school

  • Unsubsidized: student is in charge of paying back interest

• Work Study - money granted through federal funding that allows students to work part-time while completing their studies (usually ~15-20hrs/week on campus or in community) to help pay for expenses. Note: when completing the FAFSA, just because you indicate you'd like to participate in work-study does not lock you into that decision.

Nearly all (85%) of the financial aid in terms of scholarship money comes from the college to which your child attends in the form of grants.

Colleges can be:

• Need Blind – colleges won’t look at the student’s ability to pay while they are making admission decisions.

• Need Aware – colleges may look at the student’s ability to pay while they are making admission decisions.

• You can click here to see a list of colleges that are need-blind in their admissions review

"Need" is always determined using the FAFSA - Free Application for Federal Student Aid. Some private schools will require additional information using the CSS Profile administered by the College Board or their own forms.

Colleges might cover:

• Full need with no loans

• Full need with limited loans.

• Full need with loans

• Partial need – leaving a “gap”

Colleges might give money:

• For Merit – Including athletic scholarships, academic scholarships, specialized scholarships for talent.

• For Merit + Need

• For Need Only

Here is a list of colleges that meet full need, as well as a list of colleges that do the same for DACA/undocumented students.

Need-Based Aid

• The college uses financial information (via FAFSA/TAP, CSS Profile/ IDOCS) to determine the student's financial need. Based on this calculation, the federal government, state government (if applicable), and colleges themselves give financial assistance to pay for college

• Need-based aid may be federal, state, and/or institutional aid

Merit Aid

• Merit aid is based on students' merit. This includes their application profile (GPA, SAT/ACT, course rigor, portfolio, etc.), and it's separate from financial need. Merit aid may also be awarded for volunteer service, athletic, artistic, or other showcased talent.

• Not all colleges provide merit scholarships.

• Some colleges consider students for merit aid automatically, while others require a separate application, essay, or interview. Many schools will consider applicants who apply earlier in the year for more scholarship opportunities; these are often called "priority" deadlines.

• Some colleges require students to complete the FAFSA in order to be considered for merit aid.

All colleges offer a net price calculator: this tool will let you know how much that college will actually cost you to attend. The more financial info you have, the more accurate this tool will be.

The College Board website will allow you to access a number of colleges on their site, as well as save the data. The tool can be found on http://studentnpc.collegeboard.org/ When you get to the page you need to click on one of the participating schools in order to start. It is very slow. If the college you are interested in is not a participating school, go to their website and search for net price calculator.

Click Here for Additional Financial Aid Information

Financial Aid at a Glance * Steps to Financial Aid * Check List for FAFSA * FAFSA and TAP Completion Walk-Throughs

All fees involved in taking tests and or applying to college can be waived if they represent a hardship for your family or if your family’s income is below a certain mark. If you qualify for free or reduced lunch, you automatically qualify for fee waivers. Therefore it is essential that you fill out your lunch form. Before the student signs up for any test they should obtain fee waivers if eligible.

Financial Aid Starts with FAFSA (fafsa.ed.gov)

The Federal Student Financial Aid Homepage offers extensive information about the types of financial aid that are available for students. The information is available in both English and Spanish.

SAR: The student aid report is sent to the student once the FAFSA form has been processed

EFC: The expected family contribution is the amount the government believes a student and his or her family can pay for the student's college costs. The EFC is the same regardless of the actual cost of the institution the student attends. Check out a 2-minute video explanation here.

The forms can be filed no earlier than October 1st of the student's senior year, but should be filed soon thereafter. Families are able to use the previous year's income tax information. Students can include up to ten colleges and universities in their initial filing, and can add others using the FAFSA correction form after the initial Student Aid Report is received.

See separate FAFSA tab for more details on filling out this application.

CSS Profile: The College Scholarship Search Profile is a common financial aid form used by many private and public colleges and universities. It is used in addition to the FAFSA form. The form can be found online at: www.collegeboard.com/profile. Colleges and universities may also require their own financial aid forms, and you may be prompted to complete the IDOC (if so, you would be prompted via email after submitting your CSS Profile application). The CSS Profile is free to complete for families who make up to $100,000. Beyond this, it costs $25 for the first submission, and $16 per school after that.

To complete the CSS Profile, you'll need:

• Federal tax returns, including W-2 or 1099 for past two years

• Current amounts in savings, checking, stocks, bonds, trusts, and UTMA/UGMA accounts for parents and students

• 529 plan for any children in the household

• Retirement account info with current balances and annual contributions (IRA, pension, 401(k), etc.)

• Info on investments such as primary residence, additional properties, mortgages, and property values.

• Annotated example of an aid award letter

• Going Merry Insights tool: once you have financial aid award letters, this tool helps you compare them to understand your loans, repayment, earning potential, and more

Scholarships from MTCAC:

• New York State Scholarships

• Identity/Heritage-based Scholarships

• STEM Scholarships

• Athletic Scholarships

• Scholarships for Students with Disabilities

• Unique Scholarships

Scholarships for Students Who Identify as LGBTQ

• Scroll down a bit to find links to several scholarship opportunities geared toward supporting LGBTQ+ students (some are specific to majors, GPA, etc.). This site also offers information about how to determine if a school offers a supportive LGBTQ+ environment in terms of housing, facilities, campus resource centers, programming, etc.

SCHOLARSHIP MATCH SITES

FastWeb

Targeted scholarships based on your strengths, interests, and skills. Create a profile to find scholarships that are a good match for you! They also have a feature to match you with part-time jobs and internships if you're interested!

Going Merry

Similar to FastWeb, you can create a profile that allows you to find scholarship matches. GoingMerry allows you to bundle scholarships together that have similar application/eligibility requirements.

ScholarSnapp

Can be used once you submit an application on Common App (for seniors)

GUIDE TO STUDENT LOANS

This ebook (PDF) gives an in-depth overview of everything from the basics of student and parent loans, to understanding undergraduate debt, to repayment plans.