Financial Aid

A four-year college education is a significant investment. While some families can afford these expenses, many must rely on financial aid to help pay the bills. If your parents/guardians have not brought up the subject of paying for college, you should do so at the earliest opportunity. What follows is general information on the types of aid available, the process of applying and completing forms, and understanding financial aid awards.

There are two types of financial aid, need-based and merit-based. Need-based aid is based on your family's finances. Merit-based aid is offered in recognition of achievements. Financial aid funds come from the federal government, the college itself, and, in some cases, from state programs. Aid is awarded in a "package" comprised of grants (which you do not pay back), student loans, and work, in varying portions. Loans are often the largest component, and you, the student, must pay these back starting a few months after graduation. The average student on financial aid can expect to graduate with approximately $20,000 in loan debt, to be paid back over about ten years.

Applying for Financial Aid

The first step is to file the Free Application for Federal Student Aid (FAFSA). This application is used by most colleges and universities to determine college aid.

The FAFSA is available for free through the Department of Education's website (www.studentaid.gov). In the 2023-2024 school year, the FAFSA will open in late 2023/early 2024. The deadline for the FAFSA is June 30, but that deadline is only for federal financial aid. Many schools that use the FAFSA to determine aid set earlier deadlines.

Some schools (mostly private colleges) – use an additional application called the College Scholarship Service Profile (CSS Profile) to determine how to give out school-specific financial aid funds. The CSS Profile is more detailed than the FAFSA. To access the CSS Profile and see a list of schools that require it, go to https://cssprofile.collegeboard.org/.

Some, but not all, colleges use institutional financial aid forms. They usually ask a few specific questions not covered on the FAFSA or CSS Profile. These are available only from the college and are returned directly to its financial aid office. Obtaining these forms is your responsibility.

Know your deadlines! They vary from college to college, so read admission and financial aid materials very carefully, and stay on track from the beginning. The main reason families who are eligible for aid do not receive it is because of missed deadlines.

There are several types of scholarships available to students applying to college:

Institutional Scholarships

An institutional scholarship given by colleges, often called a "merit scholarship," is awarded to a student by a college because the applicant meets certain predetermined criteria, such as excellent grades, exceptional athletic ability, or artistic talent. Demonstrated financial need may or may not be a factor. Institutional scholarships are either simply awarded to an applicant or the student is invited to apply for them. Given by colleges as a means of attracting desirable students, they basically amount to tuition discounts. If colleges do not mention merit scholarships in their literature, ask about them at each college to which you will be applying.

Students are responsible for paying attention to merit scholarship deadlines during senior fall, which are often different from regular application deadlines.

Civic/Local/Corporate Scholarships

Civic groups and municipalities offer scholarships as well. Some colleges will deduct it from the loan portion of your package while other colleges may reduce your grant. Contact each financial aid office to learn more about the policy. 

Athletic Scholarships

Very few athletes at BB&N receive a "full-ride" from a Division 1 college (occasionally Division II, never Division III or Ivy League colleges as athletic scholarships a not offered at either). These awards are given for athletic ability regardless of need. The College Counseling Office and the BB&N athletic department will help you navigate the sometimes confusing process of being recruited.

Know your deadlines! They vary from college to college, so read admission and financial aid materials carefully, and stay on track from the beginning. The main reason families who are eligible for aid do not receive it is because of missed deadlines.

Scholarship Resources

Below are some helpful links when looking for scholarship opportunities:

www.fastweb.com

https://www.cappex.com/scholarships

Click here for the recordings of the College Money Method Workshops for families in grades 9-12, as well as additional resources from College Money Method related to college financing.

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