Financial Aid
Financial Aid
In the US, the government views higher education as primarily a family obligation, with the institution, and the government possibly providing support. That’s why the process and rules governing how individual US universities award aid can differ so significantly. It also explains why the US government and universities require so much financial information from parents (CSS Profile, FAFSA, and documentation for student visas).
Further complicating the picture are issues such as residency, taxes, income, savings, financial aid, scholarships, etc. The terminology alone can be daunting.
In short, there’s much to consider and much to research if need-based financial support is necessary for you to attend US colleges/universities. If you give this subject appropriate level of time and energy, however, and you will not only survive it, but quite possibly save yourself some money in the process.
To begin, here are a few tips for parents to consider:
If cost will be a factor in university choice, please be honest with your son/daughter.
You can’t get started too soon in researching the financial support options available by institutions of interest.
Costs of attending a school can vary significantly if the student is a passport holder, or can prove residency.
We hear of lots of scam artists who claim, for a fee, to be able to find grants, loans or scholarship funds. The rule of thumb: IT SHOULD NEVER COST MONEY TO FIND MONEY. So do not employ the services of such companies.
Thoroughly researching financial aid or scholarship opportunities requires time and patience. The financial aid offices of individual institutions of interest will be the best resources. Make use of their expertise.
Financial Aid Resources:
CollegeBoard and Peterson’s are good places to start.
If you’re a US citizen, then there’s probably a FAFSA form in your future.
You might also want to investigate the arcane world of college finance terminology.
This US Gov. Financial Aid Toolkit site is definitely worth a look.
Finally, here's a great link to US institutions furnishing financial aid to international students.