Over the years, I’ve had the privilege of helping many parents and students navigate through the world of college financial aid. It’s always a pleasure to steer people in the right direction. In fact, it’s what I love most about my job. Let’s face it; figuring out where to find financial aid and how to get it can seem like an impossible task sometimes. Who’s eligible? What makes one scholarship essay better than another? How much is available? These are all are great questions that repeatedly come up, but in the world of financial aid, there are no stupid questions. Over the next few weeks, I’ll be answering many of the questions I have received on Facebook, Twitter and other financial aid forums this year. I hope that sharing these responses will help make your experiences with financial aid a little easier and a lot less intimidating. Read the rest of this entry »
When I started the college planning process, I never thought about how I was going to pay for it all. Like some students, I assumed my stellar grades and extensive extracurricular activities would automatically have schools throwing money at me. Guess what? That never happened. I quickly found out that there are deadlines and applications involved, and that scoring scholarships can be just as competitive as getting into a college. I certainly wish someone would have given me some advice about what to ask the financial aid office, as it would have made the whole process so much easier. I was clueless about financial aid, how to get it, and how to keep it. To ensure you don’t follow in my footsteps, be sure to ask the financial aid office at each of your prospective colleges the following questions. Read the rest of this entry »
You’ve filled out the Free Application for Federal Student Aid (FAFSA), submitted your college applications, and have received your acceptance letters, so what comes next? Welcome to the confusing task of reviewing and understanding your financial aid award letter! If you’ve received your letter and are wondering what COA, EFC, Subsidized, and Unsubsidized mean, never fear, we are here to help!
First, it’s important to know how your college calculated your award package. When you completed the FAFSA, this information was sent to your prospective colleges and you were assigned an Expected Family Contribution (EFC). Colleges use this number, along with the Cost of Attendance (COA), to determine the amount of financial aid you may be entitled to receive. Each college has different variables when determining their COA, with many including tuition, fees, books and housing in the calculation. Read the rest of this entry »
Your dream college has accepted you for enrollment next fall and has mailed your financial aid package for review. The package includes a hefty scholarship from the college and federal loans and grants. However, you just received an award letter stating that you won a $10,000 scholarship from an external organization. Congrats! Will this $10,000 scholarship you earned affect your financial aid package? Unfortunately, the answer isn’t simple. It depends on the college’s policies.
Some colleges will treat the $10,000 as if you saved it and intended to use it for college expenses. If your financial aid is need-based, then the school’s financial assistance office may reduce the university’s scholarship they were going to give you. Read the rest of this entry »
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