FREQUENTLY ASKED QUESTIONS ABOUT APPLYING FOR FINANCIAL AID
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Questions about Eligibility
I probably don't qualify for aid. Should I apply for aid anyway?
Yes. Many families mistakenly think they don't qualify for aid and prevent themselves from receiving financial aid by failing to apply for it. In addition, there are a few sources of aid such as unsubsidized Stafford and PLUS loans that are available regardless of need. There is no good excuse for not applying.
Do I need to be admitted before I can apply for financial aid at a particular university?
No. You can apply for financial aid any time after January 1. To receive any funds, however, you must be admitted and enrolled at the university.
What qualifications must students meet to be eligible to receive federal financial aid?
To be eligible to receive federal financial aid students must be:
U.S. citizen or eligible non-citizen
Registered with a selective service (if required)
Obtain a high school diploma, GED (General Education Degree), or have the ability to benefit according to federal regulations
Be enrolled in a program leading to a degree, certificate, or transfer program and be taking courses applicable to the program
In the process of making satisfactory academic progress
Not owe a refund on a federal grant or be in default on a federal educational loan
Have financial need as determined by the U.S. Department of Education need analysis system
How many colleges should I apply to? I already know where I want to go.
You should apply to one to two reach schools, (a reach school would be one that the average SAT/ACT scores of the freshman class and or the cost of the school is above what you believe you can get into) three to four peer schools and at least one school where your academic and financial ability assures an absolute enrollment opportunity. Excellent opportunities are available to students who also consider enrolling into schools outside of their region.
How much will college cost?
College will cost your family the amount calculated and identified as your family contribution plus your gap times the number of children your family will put through college times the number of years that it takes each child to accomplish the first bachelor's degree.
What is a family contribution?
Your family contribution is a calculation or snapshot of your financial parameters that determine the amount of money your family will be expected to pay for one year of higher education for that student applicant. There are two types of calculations that will determine your family contribution.
The one used by all college that offer federal financial aid is the FAFSA (Free Application for Federal Student Aid) and this is called the federal methodology. The second one used by some colleges is the institutional methodology, which determines the amount of institutional aid offered by those colleges. This institutional methodology is almost always accomplished by the use of the CSS Profile.
The colleges that use the CSS Profile still use the FAFSA to determine the amount of federal aid offered by that institution. The colleges that do no use the institutional methodology for institutional aid use the FAFSA for both the institutional and federal aid.
What is the gap?
The gap is the amount of need-based monies not covered by the college's financial aid offer and your family contribution. Example: The cost of attendance is $20,000, your family contribution is $10,000, the financial aid award is $8,000, and therefore the gap is $2,000. The family will be required to fund the gap. The total cost to the family will then be your family contribution plus the gap or $12,000 in this example.
How can we eliminate the gap?
The gap cannot always be eliminated but can be minimized by applying to the right school, early. The right school would simply be defined as one where your academic abilities match what the school programs offer. Example: if your SAT/ACT and other factors are below the average for the incoming freshman class of the previous year at a particular college then you will only receive federal and state aid which will generally create a large gap. The opposite is also true. If your SAT/ACT and other factors are above that same average then you are a desirable freshman for that college and you have an excellent chance to have no gap.
What can be done to lower the family contribution?
Proper financial & tax planning can mitigate the family contribution but the family must understand that the responsibility for the cost of higher education belongs to the parents of the student.
What is the time line of events that will maximize the amount of financial aid my family can receive if the student is worthy of assistance?
PSAT in the sophomore and junior school years.
SAT/ACT Test in spring of the junior year.
College searches and visits starting in the spring of the junior year until the final six are decided on.
SAT/ACT Test in fall of the senior year.
Decide on the colleges to apply to.
Apply to college in the month of November & December.
Complete the CSS Profile if required in December.
Complete the FAFSA in January.
Complete institutional financial aid forms if necessary in December & January.
In March, April, respond to housing deposits early as most are refundable if not used.
In March, April & May, respond to award letters as soon as possible and ask questions of the financial aid department. Ask questions so that you understand why your award is what it is.
Complete your loan applications if they were necessary in May or June.
