Applying for financial aid is typically done by parents of seniors. It is a cumbersome process and is based on the head of household tax return which is submitted in or after January. Financial aid packages are prepared on a first come basis so it is in the best interest of the student to submit the financial aid forms as soon as possible after January 1st. If these forms are submitted in March, very often the financial aid budget has been depleted. Each year, the College Guidance Office hosts a Financial Aid Information Night with a knowledgeable guest speaker from a neighboring college or university. Parents are strongly encouraged to attend this session as early as ninth grade as you prepare and organize your finances for college tuition.
A Financial Aid Package consists of loans (which need to be repaid); grants (free money) and work-study jobs on campus. The financial aid package is determined by the financial need of the family. Once the FAFSA has been analyzed, the government determines the “expected family contribution” and then it is up to each college to put together a financial aid package that meets the gap between the family contribution and the combined costs of the tuition, room and board, books and other college costs. Financial aid policies differ from college to college so it is good to apply to a range of colleges if you want to compare financial aid packages. Also keep in mind that some of the most expensive colleges have the best financial aid endowments and can offer the most generous grants. The bottom line in financial aid is knowing what you can afford. You need to think about not only what you and your family can pay after calculating what the college can give you but also how much debt and work-study jobs you can take on and still thrive in college.
Applying for Aid:
Step One
Complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. Pin numbers are required to access FAFSA on the Web and then they serve as the parent’s and student’s electronic signature before submitting the application. Pin numbers are created on the following Web site: www.pin.ed.gov. Paper FAFSA worksheets are available in the College Guidance Office if needed. The FAFSA must be filled out in order to apply for any government loans or grants, and it may be submitted after January 1st of each year. After you complete the FAFSA online, you will receive the Student Aid Report (SAR). Be sure to review this report carefully! Correct any errors immediately so that colleges will have accurate information upon which to make their decisions.
Step Two
Complete the CSS Profile online at https://profileonline.collegeboard.com as early as October of the senior year. The CSS Profile is mostly used by private colleges with money of their own to give away. They often times request additional information about your finances than what the federal government requests on the FAFSA. There is a registration fee, and additional costs to send the information to colleges once CSS Profile has processed the information. Please note that not all colleges require this form so it is important to research which schools on your college list require the CSS Profile as part of their financial aid review.
Step Three
Some institutions have their own financial forms which need to be completed in order to receive federal or institutional money. Public universities often times have a separate form to fill out in addition to the FAFSA. Visit the financial aid Web sites of your colleges to determine which forms are required.
Common Questions
• Does being a top student with good grades and top test scores influence how much financial aid you receive?
Most financial aid packages are based on financial need. However, colleges are always looking for the bright, talented, accomplished students and they may try to attract you by offering you a larger percentage of grant money and fewer loans. They may also supplement your financial aid package with merit scholarships.
• Does applying for financial aid affect how an application is read?
It can. Colleges may have a “need blind” or “need sensitive” application review policy. A “need blind” policy means that the admission decision was made without consideration of the need for financial aid. A “need sensitive” policy takes into account the level of need when making a decision. Many colleges admit that they cannot meet the full extent of every student’s financial aid needs. If financial aid is an important consideration for you, it is important to research the financial aid endowment and financial aid policies of your colleges.
• If your financial aid package is not as much as you need, can you talk to the financial aid official at your top college choice to determine if there is any way to increase your aid?
Yes, this is acceptable. Sometimes the college will increase the amount of the award, especially if you are a strong student who will attend if given more money. Sometimes, the college may not be able to give you grant money but will work with you to increase other parts of the package. It is always worth writing a letter or making a call, especially if you have extreme or unusual circumstances that have affected your finances in the past year.
Resources
www.finaid.org
www.fastweb.com
www.ed.gov
www.finaid.org/calculators (financial aid estimation form)
www.scholarstuff.com
Connecticut residents may apply for a CT Capital Scholarship Program
Local, regional and national scholarships are on file in the College Guidance Office
** Be on the lookout for Web sites or scholarship services that charge money in order to apply for a scholarship. You should NEVER pay to apply for scholarships!
GFA Financial Aid Students
If you receive 70% or more financial aid toward tuition from Greens Farms Academy, then you are entitled to and receive 100% financial support for the following:
• AP Exam Fees
• PSAT Test Fees
• PSAT & SAT Prep for use only with Lynne Carnegie Test Prep for classes held at GFA
• CSS/Financial Aid Profile registration fee and processing fees for up to six colleges and programs