FINANCIAL AID BASICS
There are two major channels that colleges use to determine how much financial aid they give to students. One is the Free Application for Federal Student Aid (FAFSA), a financial aid form provided by the federal government that is required by most public colleges and universities from students seeking scholarships, grants, loans or work-study jobs. Here is the URL for information about and the form itself:
The other is the CSS PROFILE, a financial aid form provided by the College Board and required by many private colleges for students seeking financial aid. Here is the URL for information and the form itself for this source:
https://profileonline.collegeboard.com/index.jsp
EARLY PLANNING FOR THE FINANCIAL COSTS OF COLLEGE
Many parents want to know how to plan for the financial aspect of college admissions. To this end, the U.S. Department of Education has a new, simplified version of the FAFSA (Free Application for Federal Student Aid) that helps families get a preview of the financial aid for which they might be eligible. Their site also offers advice on how to pay for college. By the way, it is offered both in English and Spanish.
The link is: http://www.fafsa4caster.ed.gov/
TIMELINES FOR FINANCIAL AID
College Financial Aid Forms
Most colleges have their own form for financial aid that students must complete and these forms are often due before the application deadlines. Students can find out what these deadlines are on each admissions website of the colleges to which they are applying.FAFSA Forms
Students complete the FAFSA after January 1 of their senior year.PROFILE Forms
Students can complete the PROFILE form during the fall of their senior year.
Admission Possible Tip:
The best source of financial aid information is from the Financial Aid officers at each college.
RECOMMENDED BOOKS
Many parents ask for good books about financial aid. Here is a list of books that National Association for College Admissions Counseling (NACAC) professionals recommend on their listserv. They are also all five star recommended books on amazon.com:
Davis, H. & Kennedy, J. L., College Financial Aid for Dummies, Foster City, CA, IDG Books, 1999.
Higgins, Tim, Pay for College Without Sacrificing Your Retirement, Pt. Richmond, CA, Bay Tree Publishing, 2008.
Hurley, J. F., The Best Way to Save for College: A Complete Guide to 529 Plans, Bankrate Inc., Pittsford,New York, 2008.
Leider, A., The A’s and B’s of Academic Scholarships, Alexandria, Virginia, Octameron, 2007.
RECOMMENDED WEBSITES
The National Association for College Admissions Counseling has also put together a list of useful websites. You can access that information at:
http://www.nacacnet.org/StudentResources/OnlineStudentResources/Pages/FinancialAidResources.aspx
Who/what Is NACAC?
Just in case you want to know, the National Association for College Admission Counseling (NACAC) is a professional association made up of 11,000 college admissions professionals around the world who are in college admissions offices, serve as high school counselors in private and public high schools and are independent admissions counselor offering private admissions consultation.
