Tag Archives: financial aid

college costs, college guidance, college planning, financial aid, financial planning

Are You Worried About Paying for College?

paying for college
Image from Pixabay

As a parent, I would say paying for college was on my top 10 lists of worries as my children entered high school. We were caring for my elderly father and great aunt, along with battling with breast cancer. It was all we could do to stay afloat with medical and elder care expenses breathing down our necks every month.

My son was looking at a military career, but I knew he wanted to go to college. He also knew that we could not afford to contribute. My daughter was two years behind him, and I knew she had her heart set on Boston University, an expensive private college in the northeast. I worried day and night that her dreams would not materialize, and my son would have few options other than joining the military out of high school.

My children were not first generation students. However, I did not attend college, and my spouse attended a local college that basically accepted anyone who applied. I was lost. My circle of friends were not college graduates and were not encouraging their kids to apply to college. My parents did not encourage me to attend college, so I was clueless about the process. I had no idea where to turn for help and the school counselor was responsible for hundreds of students at a large public high school. She had little time to advise students about colleges and even less time to help with figuring out how to pay.

Dealing with all the family drama and concerned about finances, my son made the decision during his junior year to join the Marines. I was supportive but worried the decision was forced on him because he felt he had no other option. The day he signed a letter of intent, I decided to focus the next few years on my daughter’s dream—attending college.

I knew I had to research colleges, look at finances, and make sure she had a stellar academic and extracurricular record to back up her applications. When she entered her senior year, we had a plan. Here’s what we did:

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college costs, financial aid, financial planning

Navigating Net Price Calculators

Net price calculators


Before your student applies to any college, it’s important to understand the cost of attendance as it applies to your family’s financial situation. Many disappointments can be avoided if this is the first step before applying to any college. We made that mistake with my daughter and although she got into her first-choice college, we simply could not afford it. If we had been realistic about the cost, we would have discouraged her from applying and steered her toward more affordable options.

With the rising costs of higher education, understanding the true financial implications of attending college has become increasingly crucial for students and their families. Net price calculators, often available on college websites, offer valuable insights into the actual cost of attending a particular institution after factoring in financial aid and scholarships. Here’s a comprehensive guide on how to utilize these calculators effectively:

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FAFSA, financial aid, financial planning

When Your Financial Aid Award Isn’t What You Expected

financial aid award

As parents, we often have high hopes and expectations for our children’s education, and financial aid plays a crucial role in making those aspirations a reality. However, what should you do when your student’s financial aid award isn’t what you anticipated?

In this guide, we’ll explore steps you can take to address the situation and ensure your child receives the support they need for their academic journey.

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FAFSA, financial aid, financial planning

Another Delay for the FAFSA

FAFSA

Another FAFSA delay, yet again.

The U.S. Department of Education announced Tuesday that colleges and universities won’t receive students’ FAFSA information until at least early March. The delay, they said, is the result of the department’s decision to fix an error in how a student’s eligibility is calculated.

In its statement announcing the latest delay, the department also acknowledged that students can’t currently make corrections to their forms and wouldn’t be able to do so until the first half of March.

“With this last-minute news, our nation’s colleges are once again left scrambling as they determine how best to work within these new timelines to issue aid offers as soon as possible,” Justin Draeger, president of the National Association of Student Aid Administrators, said. “Financially vulnerable students shouldn’t be the ones to pay the price for these missteps.”

An Education Department website lists a host of other issues on the new form that are affecting applicants, echoing parents’ frustrations over the last month.

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college costs, financial aid, financial planning, merit aid

Navigating the Path to Merit Aid

merit aid

As the cost of higher education continues to rise, pursuing financial aid has become a crucial aspect of the college application process for many students and their families. Merit aid, awarded based on a student’s achievements and abilities rather than financial need, can significantly alleviate the financial burden associated with attending college.

Both my children received merit-based aid because of their academic performance. The best path to this type of aid is to focus on academics. Start when your child enters high school by stressing the importance of a strong academic performance.

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college costs, financial aid, financial planning, parenting

How Much Should Parents Contribute Toward the Cost of College?

cost of college

There isn’t any definitive answer to how much parents should contribute toward the cost of college. Some feel it’s the parent’s responsibility to pay for the entire cost. Others feel that the student should participate financially. And still, others believe the student is responsible for securing the loans, grants, and scholarships themselves and the parents should not invest. Of course, there are always those situations when the parents, no matter how much they would like to help, are unable financially to contribute.

No matter which group you fall into, there are some important facts you should know about financing your student’s college education.

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college planning, FAFSA, financial aid, scholarships

6 Financial Aid Mistakes

financial aid mistakes

Financial aid is on the minds of every soon-to-be college student and their families. Will you qualify? How much will you receive? How do you apply? How do the colleges disperse the aid? No matter where you are in the college application process, you should avoid these six financial aid mistakes that could cost you thousands.

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college costs, financial aid, financial planning, scholarships, student loans

Understanding College Financial Aid

financial aid

Those two little words, “financial aid” can be music to a parent’s ears. I know they were to mine. But I had no idea the different types of aid available or the varying awards that colleges can make when they offer admission.

I was surprised to find that private colleges tend to be generous with their merit aid because they have institutional funds available; while public universities will offer less aid because of their strict budgets and large student populations. That’s why private colleges can often cost less than a public university even though their price tags are higher.

When my daughter applied to college we knew we were going to need help paying for it. Since we were not in the financial category that would receive federal grants, we hoped for other types of aid in the form of college grants and scholarships. Some of the colleges she applied to were private universities and some were public. When accepted, she received varying degrees of financial aid awards from the different colleges, both public and private.

One state university offered her aid in the form of student loans, but no grants or scholarships. Another private college offered her a full-ride in the form of a four year scholarship meeting 100 percent of the financial need. Her first choice college, a private university, offered her student loans, work study and parent loans, which did not meet the balance of our EFC (Expected Family Contribution). This is called “gapping” and colleges often do this to students who are accepted but do not qualify for merit aid. The college she chose offered a combination of awards: college grants, honor scholarships, student loans, and work study that met the difference between the cost of the college and our EFC. It wasn’t the full-ride or her first choice, but it was her second choice and was a perfect fit for her.

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financial aid, Scholarship Friday, scholarships

What Are the Odds of Winning a Scholarship?

winning a scholarship

Over 1.7 million scholarships are awarded annually; however, only 7% of college students will receive a scholarship. On average, first-time undergraduates who receive government grants and scholarships at a 4-year college receive about $14,890 annually. On average, a student who receives a scholarship or grant at a private 4-year college will receive $8,005 more than a student in a public 4-year college.

That sounds depressing and you might ask what are my odds of winning a scholarship, but all hope is not lost. Many students and their families have applied for scholarships and used them to pay for college. But, you need to know the facts.

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admissions, financial aid, financial planning, parenting, work study

Different Types of Financial Aid

types of financial aid

Those two little words — “financial aid” — can be music to a parent’s ears. I know they were to me!

What I didn’t know as I began the college application process with my daughter was that there are a number of different types of aid available. Not only that, but the awards colleges offer when they offer admission can vary tremendously.

I was surprised to find that many private colleges can be generous with merit aid because they have institutional funds to distribute as well as federal dollars, while public universities with tight budgets may offer less aid. This can result in a private college with a higher “sticker price” costing less to attend than a public university.

Back to the example of my daughter, who applied to a mix of public and private universities. We knew we would need help financing her education, so when she applied to college she also applied for financial aid and we completed two online forms: the FAFSA (Free Application for Federal Student Aid) and the CSS/Financial Aid PROFILE (administered by the College Board and required by many private schools and some flagship state universities).

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