College Admissions: 5 Things to Do about Financial Aid Right Now

Monday, January 03, 2011

Cristiana Quinn, GoLocalProv College Admissions Expert

January is a key time for students to apply for financial aid. Whether you are a senior in high school or presently a college student, here are five tips to help you navigate the complicated process:

1. For high school seniors

Read the financial aid section of each Web site where you are applying to college and understand the filing dates and forms that you must submit. Don’t hesitate to call the financial aid offices at colleges. They exist to help you navigate the process, and they have a wealth of knowledge. Take note of both need- and merit-based aid categories, awards and qualifying criteria.

2. For college students

Don’t assume that because you didn’t get aid last year, that you may not qualify this year. Rules and funding formulas change, another sibling may be heading off to college, or your parents’ financial situation may be different. All these factors can mean that you suddenly qualify this year. For those students already receiving aid, remember that you must file forms each year.

3. File your FAFSA in January

College-based money is most plentiful early on, and waiting until spring will hurt your chances for getting the best package. So, parents should do an estimated 1040 now to collect all the financial information you will need, and then fill file the FAFSA in January. You don’t need a final tax form for 2010; estimates will suffice based on your end of year W-2 and 2009 taxes. Always use the official FAFSA website; this form and filing it are free.

4. File the CSS profile immediately after your application

...if you are applying to one of approximately 250 private colleges that require it. This form allows you to qualify for college-based aid, as opposed to the FAFSA which is required for federal aid. A list of CSS Profile member colleges and forms can be found online, here. There is a charge to file the CSS Profile, but fee waivers are available for students without funds.

5. Make note of special hardships

...if your family has unusual medical bills, a sudden loss of income or other issues that may not be evident on your forms. Write a letter to the financial aid office detailing your circumstances and asking for special consideration. Make sure that you include documentation to support your claims.

The economy may be tight, but there is money out there.

And remember that there are also many sources of private scholarships. A free and reputable site to research opportunities is www.fastweb.com. Remember though, that when you receive private money, you are obligated to report it to your college. They may then reduce your financial aid package because of it. So, take into consideration if it is better to get the scholarship for one year, if you may potentially lose an equivalent amount of college-based aid which could last for four years.

Cristiana Quinn, M.Ed. is the founder of College Admission Advisors, LLC, a private college admissions counseling company based in Providence. www.collegeadvisorsonline.com

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