I probably don’t qualify for aid. Should I apply for aid anyway?
Yes. Many families mistakenly think they don’t qualify for aid and prevent themselves from receiving financial aid by failing to apply for it. In addition, there are a few sources of aid such as unsubsidized Stafford and PLUS loans that are available regardless of need.
Do I need to be admitted before I can apply for financial aid at a particular university?
No. You can apply for financial aid any time after October 1. To actually receive funds, however, you must be admitted and enrolled at the university.
I got an outside scholarship. Should I report it to the financial aid office?
Yes. If you are receiving any kind of financial aid from university or government sources, you must report the scholarship to the financial aid office. Unfortunately, the university will adjust your financial aid package to compensate. Nevertheless, the outside scholarship will have some beneficial effects. At some universities outside scholarships are used to reduce the self-help level.
Why is the family contribution listed on the SAR different from the family contribution expected by the university?
The federal formula for computing the expected family contribution is different from those used by many universities. In particular, the federal formula does not consider home equity as part of the assets.
Are private colleges out of my reach?
You don’t have to rule out “expensive” schools. Keep in mind that private colleges usually offer generous financial aid to attract students from every income level. Plus, financial aid can come from different sources such as scholarships, grants, and loans, so don’t be afraid to apply to colleges you think you can’t afford.
What is a financial aid package?
A financial aid package represents the best efforts of the college financial aid office to meet a student's demonstrated need or to offer other suggestions for available aid. Some colleges are able to meet full demonstrated need, but some cannot. Financial aid packages generally include a combination of gift-aid and self-help aid.
What if I have special circumstances or need more aid?
Significant change in your family can lead to changes in financial aid. Let the college financial aid office know about changes such as:
Be prepared to provide documentation of any change. Adjustments to aid awards - especially need-based awards - are not made based on "negotiations" but on changed circumstances and new information.
How is financial aid determined?
Your eligibility depends on your Expected Family Contribution, your year in school, your enrollment status, and the cost of attendance at the school you will be attending. The financial aid office will determine how much financial aid you are eligible to receive. The financial aid staff starts by deciding upon your cost of attendance. They then consider your Expected Family Contribution (EFC). They subtract your EFC from your COA to determine the amount of your financial need and how much need-based aid you can receive.
Are college financial aid and scholarships the same thing?
In certain circumstances, scholarships may be considered a form of financial aid, but this may vary depending on the college. Typically, financial aid is awarded based on demonstrated financial need, whereas scholarships may have other eligibility requirements including academic performance, involvement, and/or other forms of merit. Some scholarships may require additional materials or supplements for consideration depending on the college.
Are DACA students eligible for financial aid?
Yes and no, check with your college to see if you should still complete the FAFSA and CSS Profile for college-based award.
(source/ finaid.org, collegeboard.org, cfnc.org, collegeadvisor.com)
Copyright © 2023 Amvision College Planning - All Rights Reserved.
Powered by GoDaddy
We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.