Billions of dollars are available to students who need help paying for college. If you want this assistance, apply on time.
Although the cost of college is an important factor, focus instead on finding a college that is a good fit — one that meets your academic, career, and personal needs.
You don’t have to rule out “expensive” schools. Private colleges usually offer generous financial aid to attract students from every income level. Plus, financial aid can come from different sources such as scholarships, grants, and loans — so think about net price (not published price), and don’t be afraid to apply to colleges you think you can’t afford. You might be surprised.
On each college's admissions or financial aid page, they are required to have a "Net Price Calculator" (NPC) to help you understand what you might be expected to pay. The College Board also has an NPC for colleges.
You are generally admitted based on your academic performance and the qualities you bring to the campus community. Colleges want to admit a diverse group of students and often use financial aid to achieve that goal. It is very important to apply for financial aid early in the admissions process before all of a college’s funds are allocated.
Phrases to look for on a college's admissions page to determine if they are:
"Need-Blind": they don't look to see if you'll need financial aid assistance
"Need-Sensitive": If you're on the edge of being admissable, but they are getting low on financial funds, they might check to see how much financial assistance you'll require. In some cases, this can hurt your chances.
Gapping: Even if they understand that you need financial assistance, they don't have enough to help you pay for the "Gap" between the cost and what you can afford. Families would then need to take out additional loans to help meet the gap. Many colleges do not gap, but some do.
Please tell your parents that they are welcome to make an appointment to discuss financial aid with Ms. Liz.
There are three types of aid:
College Merit Scholarships: Reward student performance in high school (You might need to maintain good academic standing to renew.)
Financial Aid: Need-based aid, often in forms of government subsidized loans, federal work study, or grants. (You need to maintain good academic standing to renew.) Colleges might also offer their own "institutional" financial aid in the form of college work study or need-based grants.
Outside Scholarships: "Free" money received by applying to local or national scholarship organizations. If you receive financial aid, these outside scholarships might reduce the aid the grants the college provide. If you do not receive financial aid, outside scholarships can help you reduce the overall burden of paying for college.
Financial aid is intended to make college available to students from many different financial situations. College financial aid offices consider family income, the number of family members in college, medical expenses, and many other factors when reviewing your financial aid application. So, even if you think your family income is too high for you to qualify for aid, it might be wise to fill out the Free Application for Federal Student Aid (FAFSA). This form determines your eligibility for federal and state student grants, work-study and federal loans. We recommend completing the application early in the process, as some of the aid is limited; by waiting until the spring semester to apply, the college might have run out of some of their funds.
The best way to get an estimate of how much financial aid a college will offer you is to use the college’s Net Price Calculator, which will give you an estimate of how much you might actually pay:
Cost of Attendance - need-based aid - merit aid = your family contribution.
Some colleges may be willing to review your financial aid package if your financial situation changes. Consider discussing these changes with the financial aid office if your family has experienced an unexpected decrease in income or increase in expenses since you applied for financial aid.
The best way to receive the best aid package is to turn it in on time and provide all of the information up front. Do not expect negotiating to be successful.
An important part of finding the right fit college is affordability. As you and your family go through your college search, it is important to have open conversations about affordability and financial aid. Below are some FAQs and some tips and information to help you prepare to apply for financial aid. Please visit bigfuture.collegeboard.org/pay-for-college/financial-aid for more information.
Take an inventory of your interests and passions. Scholarships are often based on academic achievement, student activities, talents, background, and/or intended major.
Research the various types of financial aid. The four basic categories of financial aid are grants, scholarships, student loans, and work-study. Researching the difference may help you decide which one is right for you.
Talk with your family about ways to pay for college. Start planning your financial strategy. Most families use a combination of savings, current income, and loans to pay their share of tuition.
Look up colleges’ estimated net price. There is a difference between sticker price and net price. A college’s sticker price is its full published costs, while the net price is the cost of attending a college minus grants and scholarships you receive. Every college must have a Net Price Calculator that is updated every year.
Start researching scholarship opportunities. Scholarships are free money; that is, unlike student loans, they do not have to be paid back. College Board’s Scholarship Search will help you to find scholarships for which you might qualify, but will also put you on the “Hey all colleges in America, send me snail mail!” list. Don’t forget to search and apply for private scholarships by checking with specific organizations.
Complete the CSS/Financial Aid Profile®. This is a web-based financial aid application provided by College Board and used by some colleges and private scholarship programs to award their private financial aid funds. It can be completed online at www.cssprofile.org.
Complete the FAFSA (Free Application for Federal Student Aid). This form allows you to be considered for the greatest amount of financial aid from federal, state, and college sources — and it’s free to fill out. The FAFSA is available online October 1st. For tips on how to complete the FAFSA.