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While Visitation Academy does not endorse all the details in the articles and presentations listed below, there were enough helpful tips deeming it worthy to post for our families.
THE SCHOLARSHIP FOUNDATION OF ST. LOUIS
The Scholarship Foundation of St. Louis will be hosting FREE workshops designed to help students and families navigate the financial aid process and avoid excessive debt. Information and registration for zoom workshops can be found here: https://sfstl.org/about-us/mission-and-vision/
MIDWEST EXCHANGE PROGRAM: Check out this website to understand tuition discounts at neighboring states
https://msep.mhec.org/
ARTICLES
Excellent article on the CSS Profile: https://www.chronicle.com/article/
US News: How to pay for college
US News: How to complete the CSS Profile
WSJ: College Financial Aid: What Parents and Students Need to Know
PRESENTATIONS
St. Louis University has a helpful online presentation available here:
https://www.slu.edu/financial-aid/online-financial-education-
University of Notre Dame EFC Explanation
Websites
studentaid.gov
CSS profile
FAFSA
WHAT IS FINANCIAL AID?
Money for education (4-year or 2-year public or private institution, career school, or trade school) from sources outside the family.
Supplements what the family can contribute to the total costs involved in attending school.
§ Applies to school expenses including tuition and fees, room and board, books and supplies, and transportation; can also help pay for a computer and for dependent care.
§ There are three categories of federal aid: grants, work-study, and loans
WHAT IS THE FAFSA?
§ Free Application For Student Aid (Emphasis on “free”--Never pay to complete this application!)
§ October 1 of senior year, families may access and complete the FAFSA using prior year tax information.
§ BOTH student and the parent are required to complete a portion of the FAFSA.
WHAT IS THE CSS FINANCIAL AID PROFILE?
§ Some highly selective colleges require the profile. Schools requiring the PROFILE will indicate this in their literature. Schools who require profiles will have an institutional profile for free on their website.
§ The profile will be available https://cssprofile.collegeboard.org/ starting October 1st. Visit the website after that date to insure that you meet your particular college deadlines. There is a fee for the College Board profile, but this option might make sense if the student is submitting profiles to a number of institutions.
WHAT IS A FAMILY EXPECTED TO CONTRIBUTE?
§ Completion of the FAFSA results in Expected Family Contribution-EFC—the official assessment of what a family can pay for college
§ Financial need at a specific college is determined by subtracting the EFC total cost of attendance. The more expensive the school, the more likely a student is to receive need-based aid.
§ If need is determined, the college attempts to bridge the gap using federal and institutional dollars to make the college an affordable option.
§ As an early predictor of possible aid parent(s) may a financial aid calculator to estimate the amount of expected family contribution (EFC). www.finaid.org offers a financial aid calculator and other aid information.
Financial Aid packages may contain one or more of the following if awarded: grants, loans, and work-study. Financial Aid packages can vary from school to school.
SHOULD MY DAUGHTER APPLY TO SCHOOLS MORE EXPENSIVE THAN MISSOURI STATE SCHOOLS?
Yes! Admissions comes first and financial aid comes second. Do NOT discount a school based on the “sticker price” advertised. Wait until you receive financial aid packages from each school before making a final decision. Unless a student has applied early decision, national commitment date isn’t until May 1st.
Always make sure there is at least one sure bet in terms of affordability
Develop a relationship with the financial aid office at your daughter’s school of choice so they know your personal situation. The government awards money based on your FAFSA (Free Application for Student Aid); colleges use this information as a base and may or may not be able to adjust your aid package once awarded.
Note priority financial aid deadlines for each school.
CSS Profile: available October 1st
FAFSA: available October 1st
Check individual college websites submission and priority consideration deadlines.
You’ll receive a Student Aid Report (SAR), which contains the information reported on your FAFSA and usually includes your Expected Family Contribution (EFC). The EFC determines your eligibility for federal student aid. Review your SAR information immediately and make any corrections or changes. The school(s) listed on your FAFSA will get your SAR data electronically. Check with financial aid offices to ensure your SAR has been received.
If you are selected for verification, your school’s financial aid office will ask you to submit tax returns and other documents, as appropriate. Be sure to meet the school’s deadline, or you will not be able to get federal student aid.
Make sure the financial aid office at each prospective school has all the information needed to determine your eligibility. If eligible, each school’s aid administrator will send you an award letter outlining the amount and types of aid (from all sources) the school will offer you. Compare award letters from the schools. Choose your college based on a combination of how well the school suits your needs and its affordability after all aid is taken into account.
HOW DO I GET HELP COMPLETING MY FAFSA? (We will post financial aid virtual webinars on the virtual events counseling website link when available.)
St. Louis University annually offers FAFSA completion workshops on Sunday afternoons on their campus. Call SLU’s aid office for more information: 314-977-2350
Call the Federal Student Aid hotline: 1-800-4-FED-AID (1-800-433-3243)
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