Important Financial Aid Numbers
Financial aid consists of three major components; grants (scholarships), low-interest loans, usually with extended time limits for payback, and student employment.
The
generic formula for financial aid is:
Cost
of Attendance (tuition and fees, books and supplies, cost of
transportation, room and board, miscellaneous items) minus Expected Family Contribution
(EFC) equals Need for Assistance.
The
EFC is determined by a Need Analysis based upon information given by the family
in the Free Application for Federal Student Aid (FAFSA) and The CSS
(College Scholarship Service Financial Aid PROFILE and/or another
institutional form. (Some colleges have
their own aid forms in addition to the two listed above. You need to check with
each college and follow their instructions.)
All colleges require the FAFSA.
It determines a student’s eligibility for all forms of Federal Student Aid and
the state scholarship program if applicable.
The FAFSA must be filed after January 1, and before your
earliest financial aid deadline.
The
FAFSA can be downloaded by going to www.fafsa.ed.gov. The FAFSA is also usually available by
December in the Guidance Office.
The
CSS PROFILE is required by many private colleges and some scholarship
programs. A directory located on the
back of the form lists all colleges and scholarship programs that require
PROFILE. Unlike the FAFSA, PROFILE is
not free – there is a fee for filing.
However, PROFILE can be filed before January 1.
PROFILE
is usually available in Guidance in the early Fall.
Many
high income families believe that they would not qualify for aid and do not
file. This may be a mistake. Regardless of income and other assets,
parents may qualify for the Federal PLUS loan or the Connecticut Family Education Loan
Program (FELP). Both programs
enable families to borrow up to the full cost of education (less other aid) at
very attractive interest rates.
Questions you need to ask each college:
œ Are you “need blind”? (A “need blind” school college does not review the student’s financial circumstances until after the admission decision has been made. Nowadays, many colleges are “need aware”. This means that when considering students with equal academic records who are “on the cusp” of acceptance, preference will be given to the student who demonstrates ability to pay.)
œ Can you meet 100% of demonstrated need? (Some schools do not have the funding to meet 100% of demonstrated need in all cases. This is known as “gapping”.)
œ What is your policy regarding outside scholarships? (Let’s say you get some local awards that total $1,000. Some school will deduct that amount from your grant money.)
œ “Packaging Policy”
Questions:
o
What
percent of your aid package is grant money vs self-help?
o
Does
the aid package change over four years?
o
Do
you have a “preferential packaging” policy? (Some schools will give a better
aid package to a student with a stronger academic profile or to a student
entering a certain field.)
o
Do
you give comparable aid offers to applicants under early and regular decision
programs?
o
Do
you give any type of merit-based aid ?
How do I apply?
Some
final things to remember:
œ If you think there is a chance you might need aid at any time over four years of college – apply now – because some colleges do not let a student apply at a later date if they did not apply as a Freshman.
œ Don’t feel that you must avoid the “expensive” schools because you need aid. Those schools usually have proportionately more funds to offer so that your aid package may not cost you any more “out of pocket” than one from a school that has a lower tuition.
œ Don’t be shy about calling the Financial Aid office of any school you are interested in. The staff are there to answer your questions.
œ Don’t, under any circumstances, pay a company or individual for “lists” of scholarships and aid-related information. It’s all free and readily available in our College/Career Center, at the local library, and at websites given below.
Important Financial Aid
Numbers
Federal Hotline - 800-4FEDAID
(8 a.m. - 8 p.m.)
Connecticut Hotline -
800-407-3147
CSS - Financial Aid PROFILE
800-778-6888
(8 a.m. - Midnight - 7 days a
week)