Unit 5: Paying for College
Financing College
As college costs continue to soar, financial aid must be carefully considered in the college selection process. Students and parents should discuss what parental funds are available to finance college costs and the expectation for the student’s contribution. A college’s published tuition price should not deter a student from applying to that school if it indeed is a good fit for that student. Colleges will attempt to meet the demonstrated need of the student by providing a financial aid package. The package may consist of scholarships, grants, loans and work-study. Merit and athletic scholarships may also be offered based on the student’s academic success or special talents and are usually not related to financial need. The Free Application for Federal Student Aid (FAFSA) must be submitted to begin the application process for financial aid. Students will submit the FAFSA after October 1 of their senior year using the prior year’s tax information.
The Junior Financial Aid Night for students and parents will provide an in-depth overview of the financial aid process in the spring of junior year. A Senior Financial Aid Night is held each fall to provide additional information prior to families filling out their FAFSA. There are also District 214 and local FAFSA completion nights for additional help.
Net Price Calculator
All colleges must comply with a federal mandate to provide an online Net Price Calculator (NPC) tool to aid families in predicting college costs. Since colleges are only required to follow the basic methodology, there could be variations in what each college figures into the equation. For instance, one college may report all merit scholarships available while another merely reports need-based financial aid. For this reason, use caution when comparing the net price at different colleges.
Scholarships
Scholarships can offset college tuition costs because students do not need to pay the money back. While athletic scholarships may be discussed with schools before senior year, most students wait to apply to scholarships until their senior year.
Students should look for scholarships in the following ways:
Check the financial aid page of each school of interest. Those are school-specific scholarships that your student may qualify for or have the opportunity to apply.
Check your school's College Resources webpage and/or Schoolinks for a continually updated list of scholarships that the College/Career staff have received.
Many employers offer scholarships to children of their employees. Parents can check with their company to see if anything is offered.
Use a scholarship search through College Board, Fast Web or Scholarships.com
Remember, scholarships are meant to be free money given to the student. Beware of anything that guarantees money, costs money to search, or asks for personal financial information.
Key Terms
Financial aid from the federal government to help you pay for education expenses at an eligible college or career school. Grants, loans and work-study are types of federal student aid. You must complete the FAFSA to qualify for this aid.
A federal student aid program that provides part-time employment while you are enrolled in school to help pay your education expenses.
The free application for federal student aid.