Resources

Scholarships/Grant - Some schools will offer scholarships and grants to students.  Scholarships and grants do not need to be paid back, and can be given based on need or on merit.  To learn more about available scholarships, go to fastweb.com or download the iOS/Android app called “Scholly”.

Loan - There are a number of loans available to students, many of which have reasonable interest loans and delayed start-dates.  Loans are usually included in a financial aid package.  Before signing any loans, students and families should understand the rates, the terms, and the actual start dates.

Work Study - Students who are awarded financial aid are expected to earn some of the money necessary to pay for school.  Schools will help students acquire an on-campus job to cover some of the costs of college. This amount can vary from school to school.

Net Price Calculators - Even though you will not have a package until late winter of the sixth-form year, net price calculators can help families estimate what types of aid they may or may not qualify for.  Here are a few that can help:

Collegeboard- http://netpricecalculator.collegeboard.org

Fafsa4caster - https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1

Once your student gets his/her list down to a reasonable size, look online and reach out to each school to see what forms you will need to fill out for the financial aid process.  This process is concurrent with the application process, so do not wait to understand the deadlines in the process.  When you apply, you will be asked to fill out one or both the CSSProfile or the FAFSA form.  You should make sure to look on each school’s websites for directions, but listed below are links to each of these forms: 

Cssprofile - https://student.collegeboard.org/css-financial-aid-profile

Fafsa form - https://fafsa.ed.gov/

When you begin this process with your child, you want to be as informed as possible about how schools create their financial aid packages.  Below are some questions you should ask of the schools as you move through the process with your student:

• What percentage of your students are receiving aid from your school?
• Are you a need-blind school, or are you a need-aware school?  That is, do you factor in a family’s ability to pay when you make admission decisions?  If so, at what point?
• Do you meet 100% of need for families that demonstrate this need, or do you gap students?
• What is your school’s philosophy about financial aid and applying early decision?  Would we be able to have a good sense of the type of package we would qualify for before our child committed to early decision?
• What kind of scholarships are available at your school?  How is the money for these scholarships awarded?  Is the award for one year, or for each year in school?
• How much do costs go up each year?
• How is my financial aid adjusted each year relative to the cost of the school?

• Go on to the net price calculators at a state school, a private small liberal arts college, and a large private university to get a sense for the number you may be asked to pay for college.
• Have conversations with your student about how finances will be a factor in his/her college process.
• Research possible scholarships and merit aid.  
• Save as much money as possible.  Saving for college is always a good thing to do.

• Continue researching scholarships and merit aid.
• Continue saving for college.
• Try not to change your financial profile in the next year or two (ie., sell a house or cash in retirement) as that will change the financial aid application.

• Once you have developed a focused list with your student, look on the website of each school to see what forms are required and when.  Applying for aid is a deadline driven process, and schools often start giving out aid before the deadline.  
• Make sure to do your taxes as early as possible to be in a good position to submit forms on time.
• Call each financial aid office in order to have a contact who can help you with the forms you will need to submit.  It always helps to have a friend in the financial aid office!