Financial Aid

What is financial aid?

There are three types of financial aid: loans, grants, and scholarships.

How do I apply for financial aid?

• Many colleges will consider your student for merit-based scholarships (scholarships that do not depend on your financial need) as part of the application process. When you receive your letter of admission, you will receive either concurrently or shortly thereafter information about scholarships they will offer your student should you decide to attend that college. Usually these scholarships are good for 4 years so long as your student maintains a certain GPA.
• Some colleges require that you apply early to be considered for scholarships. Other colleges may require you to check a box indicating that you wish to be considered for scholarships. Read each application carefully so that you do not miss any opportunity to be considered for merit-based scholarships.
• There also are outside merit-based scholarships for which your student may apply. For example, many volunteer organizations, such as the Rotary, offer scholarships for which you can apply. Also, your parents’ employer may offer scholarships. Your school’s College and Career Center should have information about many of these scholarship opportunities. When we meet, we will share information we have collected information about available scholarships.
• For need-based aid, you need to fill out the FAFSA. This is a federal website and the application becomes available January 1st. Here is a link to the website. Be sure to have your latest tax return available. You will need it to answer many of the questions on the application. Based on your answers to these questions, the FAFSA will apply a complicated formula to estimate your financial need. Many schools also require that you also fill out the CSS profile (in addition to the FAFSA), available through the College Board on their website. The CSS Profile is available prior to January 1st. It is a long and time consuming form to fill out. You will need your latest tax return for this form too. After you complete the CSS Profile, make sure you print a complete copy of the application. You can use the information on the CSS Profile to help you fill out the FAFSA. The good news is that once you fill out the CSS Profile, the FAFSA seems easy in comparison!
• Based on your need estimated either by the FAFSA or the CSS Profile, schools will put together a financial aid package to meet your financial need. For most colleges, much of the package is made up of a variety of loans. There are some colleges that meet your need through grants or scholarships and not loans (e.g. all Ivy League institutions and some other universities). Your financial need most often will be met by most colleges with a combination of loans and grants/scholarships. You can choose to accept some of all of the aid provided.