financial aid tips — part 1
How in the world am I going
to pay for this? Perhaps this is one of the most common phrases uttered
by college bound students and their families.
Even after you have gained acceptance to the school(s) of your choice,
the financial obligation is a significant hurdle to overcome for many
families.
"Financial aid package” is one of the terms that you will probably
hear when working with admissions and financial aid offices. This term
refers to the total financial aid assistance that you will receive,
including: federal and state grants, loans, college work study, outside scholarships,
and institutional aid.
Although some of the suggestions below touch on different types of
financial assistance, the type of aid that this article will focus
on is institutional
aid. Generally speaking, federal and state grants are determined by
family need, not necessarily by the school's financial aid office.
However,
institutional aid represents the grants and scholarships which the
college or university itself offers prospective students. It's important
for
students to know that they can influence institutional aid. So how
do you convince the financial aid office to offer you the most institutional
aid possible?
You need to recognize that each college and university is different
and not every suggestion will apply equally to every school. However,
keep
in mind that if a school has offered you acceptance, they want you
to enroll! Take heart in knowing that many schools are eager to put
together
a strong financial aid package in order to encourage your enrollment.
Students and their families should realize that there is a correlation
between the college's level of interest in a student enrolling and
the amount of financial aid they are willing to offer that student.
Colleges
and universities may offer academic scholarships, leadership grants,
achievement grants, art and music scholarships, special talent grants,
minority student scholarships, athletic grants, need based grants,
out-of-state grants, etc. because they want and need gifted students
on their campus.
The suggestions below are designed, at least in part, to help you present
yourself in a manner that will demonstrate that you are a student who
will contribute to the college community.
1. Apply Early For Financial Aid
Some students may think they can relax and let the college or university
worry about their financial aid. Although a college or university may
want you as a student, they also have hundreds or thousands of other
students they would like to enroll. It's important to realize that
some colleges or universities may have certain financial institutional
aid
programs that are limited. Don't miss out on a grant, scholarship or
loan for which you are eligible because you did not apply for financial
aid earlier.
You should do your taxes (both student and parent) as early as possible.
Financial aid forms are based on your families income from the previous
calendar year. For example: Joe Student graduates from high school
in June of 2005, planning to enroll in college in September of 2005.
Joe
and his family should be applying for financial aid in January of 2005,
midway through Joe's senior year. Therefore, it is the 2004 income
figures that are used on the financial aid forms, not income from 2005.
January
of 2005 would be the earliest that Joe could apply for financial aid
for the upcoming school year.
At times, there can be a change in family income after the first of
the year due to a job loss or other financial difficulty. If this occurs,
even after completing your financial aid forms, inform the financial
aid office(s) and they may be able to direct you regarding how they
can
make some type of adjustment.
2. Ask In Advance About Scholarships And Grants
It's impossible to apply for a scholarship that you don't know exists.
Ask the school for a comprehensive listing. The school may have such
a list in a financial aid brochure or in the college catalog. In my
experience, students seldom asked how they could apply for a particular
scholarship.
It's great to know that there is a leadership grant, but it doesn't
help you a bit if you have no idea how to get it. Learn the criteria
for each
scholarship the school offers.
Do not assume that a college or university will automatically offer
you a particular grant. You need to take the initiative regarding each
individual
scholarship/grant for which you believe you may be eligible. You will
want to communicate your desire to receive the best financial aid package
possible!
It's wise to ask questions early. If you meet the criteria for a certain
scholarship, learning that in advance will help you when it comes time
to put together your financial aid package. Your persistence and courteous
questions may provide you with a scholarship or grant that you would
not have otherwise received.
3. Market Yourself
You should take the time to provide a list that includes all honors,
activities, community service, church functions, and volunteer positions
you have held throughout high school. Remember to make it as easy as
possible for the admissions and financial aid office to view all of
these activities. It surprised me when I found awards and accomplishments
mentioned
in recommendations or on transcripts that were not even listed on the
student's application.
Send a copy of this list to the financial aid as well as to the admission
office. Include a letter with your honors and activity list saying
that you would appreciate consideration for specific scholarships X,
Y and
Z based on the enclosed information. If you have followed the above
suggestions, you should already know the criteria for these scholarships.
Be specific
about the scholarships and grants for which you would like to be considered.
This will show that you have done your homework and encourage the financial
aid office to seriously consider you for the appropriate scholarships.
If you do not receive the scholarships, you will have a written document
to refer to when you politely ask the financial aid office why you
did not receive a particular grant/scholarship.
NOTE: It may not be too late to add to your list of honors and activities.
Get involved! Even one year of activities can make a difference.
4. Contact The Financial Aid Office Directly
You should make every effort to speak with a financial aid officer.
You can call them to confirm receipt of your honors and activity sheet
or
to ask any financial aid questions that may arise. Hopefully, the initial
contact will be in person when you visit the campus. The objective
is to relay your sincere interest in the college/university and your
desire
to receive the best possible financial aid package.
You will want to have your name in front of the financial aid office,
demonstrating your strengths and the positive impact you can make on
campus. Strive to have all your questions answered throughout the process.
However, be careful to not go overboard. Make certain that your contact
with the financial aid office is positive and honest.
5. Take the SAT/ACT AGAIN
Have you considered taking the SAT/ACT test again, even after you have
been accepted? Depending on the school(s) from which you are planning
to receive financial aid packages, this may be a wise idea. You may
find that the college has academic scholarship scales based, at least
in part,
on your SAT or ACT score. You should review the criteria for receiving
an academic scholarship to determine if you would qualify with a higher
score. Of course, it's also important to learn if the school will consider
your new score. You should determine whether you are reasonably close
to the score needed for an academic scholarship, or to increase an
academic scholarship you are already receiving.
Remember to confirm that the school will look at your best SAT or ACT
score, not the most recent. If this is not the case, you may want to
reconsider taking the test again. Some schools have generous academic
scholarship scales. It may be well worth enduring a few more hours
of pain if you have a realistic chance of gaining an academic scholarship
that can be worth hundreds or thousands of dollars per year.
This article continues here:
INSTITUTIONAL FINANCIAL AID – PART 2
Financial Aid – an
overview, by Brian Madden
Institutional Financial Aid
- Part 1
Institutional Financial Aid
- Part 2
College Tips Home
Selecting the college that’s best for you
College application tips
Career planning
The articles,
information and links included on Discover Colleges, Inc. are provided
as a service to our visitors. Discover Colleges,
Inc. is not responsible for the views, link content or information provided.