Paying for College

Q: Why is Trinity recommending College Funding Planning?

A: Students are more likely to attend their top-choice colleges when parents have a well-planned college funding strategy. SMARTTRACK® College Funding’s expert Advisors help families develop and implement a comprehensive cost-reducing college funding plan.

Q: We don’t expect to get financial aid because of our income and assets. How can you help us save money?

A: You might be surprised to learn that even with high income or assets, you can be eligible for gift aid. Additionally, HOW you pay for college and how you organize your taxes or business before and during the college years can lead to significant savings. SMARTTRACK® College Funding Advisors are experts at analyzing your financial profile to identify your best money-saving college funding strategies.

Q: We are counting on scholarships for our student. What happens if we don’t get enough?

A: The goal of SMARTTRACK® College Funding Advisors is to help you improve your grant potential and provide additional funding options to help you close the gap and reduce your dependence on loans.

Q: Why do I need a SMARTTRACK® Advisor if I already have an accountant or wealth manager?

A: Just as your CPA understands the tax code or your wealth manager understands the stock market, SMARTTRACK® College Funding Advisors have an expert understanding of how the financial aid system will assess your family and how to avoid red flags in your financial profile that could count against you. Because college funding takes such specific expertise, your accountant or financial planner’s best intentions may actually limit your eligibility for aid.

SMARTTRACK® College Funding will show you how to pay for college, how to pay less for college, and how to keep your retirement safe in the process.

DID YOU KNOW...

• Even if you think you make too much money or have too many assets to qualify, you still may be able to qualify for significant scholarships, grants, and merit money.

• The way you structure your businesses, rental properties, taxes and estate can dramatically affect your college costs.

• Understanding how the financial aid formulas really work - and how you will be assessed by those formulas - can make a substantial difference in the amount of aid you are awarded.

• There may be steps you can take right now to stretch your college funds to cover more of your college costs.

• There are specific types of Savings Accounts that may reduce or eliminate your eligibility for grants, scholarships and merit money.

• Expensive private colleges can be even more affordable than in-state public schools.

• It’s crucial to know the most cost-effective, tax-advantaged college funding strategies specific to your family because these strategies can make college far easier to afford.

Budgeting worksheet for college students

2024 College Financial Aid presentation

• How to apply for financial aid and calculate the expected family contribution

• The difference between need-based and merit-based aid

• A discussion on how scholarships, loans, and 529 College Savings Plans are treated within the financial aid process

• Changes coming with the FAFSA application were also shared as their expected impacts to financial aid eligibility

Questions students should ask before applying for admission

Myths and facts

Helpful hints and practical ideas

College cost comparison chart

1. The Free Application for Federal Student Aid (FAFSA) must be submitted in the senior year (as soon as it opens as need is dispersed on a first-come first-served basis) for families applying for need-based aid. Even if your family doesn't qualify for need-based aid, some merit scholarships look at the FAFSA as well.

The College Scholarship Service (CSS Profile) online application is required by some colleges for admissions applications.

2. The College Board has a scholarship search, Net Price Calculator, and loan information online tools.

3. FinAid is a good website for information about types of financial aid and applying for financial aid. StudentAid.gov also has information from the U.S. Department of Education on preparing for and funding education beyond high school.

4. The College Affordability Guide provides clear information and advice on the many options students have to reduce the cost of their degree and offers a fresh analysis of which colleges are doing the most to make high-quality education affordable.

5. As you're learning more about colleges where you might attend, be sure to visit their Financial Aid webpage or talk with a tour guide or admissions rep about the aid that's typically offered to students. The individual school pages on SCOIR will also rate the school on distributed need and merit awards. Some schools will allow families to appeal the award to solicit more financial aid. 

There are many amazing merit scholarship programs across the United States open to seniors applying to college. 

These opportunities often cover a full ride of tuition, room, board, books, etc. but also provide connections and funding for summer experiences, internships, study abroad opportunities, conferences, and more. They often have strong alumni networks and have special events for the scholar cohorts or have a separate physical space on campus to provide a smaller community for students.

Generally, merit-based scholarship programs fall into these categories:

1. National programs with outside applications where, if awarded, the funds can be applied to most colleges and universities across the country

2. Programs tied to a specific College or University without an additional application. A student may be automatically considered with their application for admission to the school or more specifically the honors program/college within the school. More information about this category can typically be found on the financial aid website of the school you're applying to. 

3. Programs tied to a specific College or University with an additional application process which may include essays, recommendation letters, and/or interviews. Many have open applications where a student can apply on their own and a few have a process where to be eligible to apply, the student has to be nominated by his or her high school.

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Additionally, Juniors can be nominated by Trinity for the North Carolina Governor's School gifted and talented in English, World Languages, Mathematics, Natural Science, Social Science, Art, Choral Music, Instrumental Music, Dance, and Theater. If you’re interested in a Governor’s School nomination, please contact the Director of College Counseling.

Scholarships for Students who Identify as a Minority or from an Underrepresented Background

• https://www.purdueglobal.edu/blog/student-life/scholarships-minority-students/

• https://study.com/resources/minority-scholarships-for-college-students 

• Scholarships for Students who Identify as Latino or Hispanic

• https://www.thegatesscholarship.org/ 

• Big Future scholarship search

BECAS Universitarias Para Estudiantes Hispanos Y Latinos

Scholarships for Undocumented Students and/or Students with Undocumented Parents