Financial Aid 2012-13:
3 Ways to Plan Ahead
Regardless of income all families should apply for financial aid each year. Colleges award financial aid based on need, merit, or a combination of these two elements. Each college has it’s own financial aid policy and your family can benefit from knowing which college is likely to give your student more aid. Planning ahead is key to understanding your options, knowing the proper aid applications to file, and how to adhere to deadlines. Here are a few ways to help your family plan ahead this year.
1. Starting October 29, 2011 all colleges will be required to offer an online Net Price Calculator to help families better understand what their student will receive in financial aid based on their individualized situation. In the past, it has been difficult to anticipate or accurately predict what a student might receive in financial aid. This new tool will help families choose colleges that are affordable based on their aid policy and financial needs. Please note this is a new tool and industry experts are not sure of the accuracy of these calculators.
2. Each college can require up to 3 separate financial aid applications in order to receive aid at their institution. The Free Application for Federal Student Aid (FAFSA) is required at ALL colleges and can be filed at www.FAFSA.gov . The CSS PROFILE is required at 500 private colleges nationwide. The College Board offers the online CSS PROFILE at www.CollegeBoard.com . Finally, the college itself may request an Institutional form. Receiving the maximum aid is dependent upon filing all of the correct applications and ensuring they are submitted on time!
3. Coordinating the deadlines for each of these applications is critical in order to receive aid from any college. The CSS PROFILE typically has the earliest deadline. Check each college’s Financial Aid website for their FAFSA, PROFILE, and Institutional application deadlines. The FAFSA has an established stated deadline but the college can set an earlier deadline. Always adhere to the earliest deadline.
Knowing more about how to properly file these financial aid applications, the financial aid timeline, and how financial aid is awarded will instill confidence and lower stress during the academic year. Learn more about applying for financial aid through our seminar series. We look forward to seeing you at our next event.
