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College Financial Aid

Financial aid for college comes in many forms: scholarships, grants, student loans and work-study employment. Regardless of your family's financial situation, it is always a good idea to seek financial aid.

All students applying to college should file an appropriate financial aid form. Most colleges will require you to complete a FAFSA form to determine your financial need. Some private colleges will ask for other financial aid forms to be completed, such as the PROFILE form; ask the college financial aid office which forms they require. Federal and state-based aid is determined by the information on these forms. Even if you have learned that you will not qualify for need-based aid, it is still important to file a financial aid form to receive merit or athletic scholarships.

The FAFSA is available on October 1st. It is a good idea to file it as early as possible, as it will be completed using Prior-Prior Year income information.

How Financial Need is Determined

Colleges determine financial need by calculating an Estimated Family Contribution (EFC), which is based on your income and assets for the prior year. Your EFC is then subtracted from the college's Cost of Attendance (COA). The COA must include tuition and fees, room and board, books, supplies, personal expenses, computer expenses, and travel; however, not every college is consistent in their formula for COA.

It is a good idea to use some online tools and calculators before your student enters his or her senior year of high school. Your financial planner may also be able to help you.

Tips for Financial Aid

  • Look in your own neighborhood for school, church and community organization scholarships. Even small awards add up if you apply to as many as possible.
  • Do NOT pay for any college scholarship search service, no matter how great the promises sound.
  • Don't let the financial aid package be the sole determinant in your student's final college decision. Saving money won't matter if the school isn't a good match for your student.
  • College costs will continue to rise. Even if you don't qualify for need-based aid this year, you might need financial assistance a few years down the road.
  • No matter how high you think your income is, you still may be eligible for need-based aid. Make sure you apply!