Tag Archives: financial aid

When Your Teen Gets Into Their Dream College—But You Can’t Afford It

dream college
Image by Carla Bosteder from Pixabay

When my daughter opened the email, I saw the joy light up her face. Congratulations! She got in. She did it. Her dream college, the one she had been talking about for years, was offering her a spot.

For a moment, everything felt perfect.

I let myself soak in her excitement. I hugged her tightly. I even let myself imagine what it would be like—move-in day, walking around that beautiful campus, wearing the school sweatshirt with pride. I thought about all the years of hard work, the late-night study sessions, the endless applications, the moments of doubt she had overcome. This was supposed to be it.

Then, the financial aid package arrived.

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Will the Funding Freeze Impact Federal Direct Loans and Pell Grants?

funding freeze
Photo by Tim Gouw on Unsplash

There has been a fury of panic over the last several weeks as students and families received the news of federal funding freeze. Students all over Reddit were having meltdowns fearing they would not be able to finish college without this funding. That is not the case.

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Understanding the Nuances of Applying for Financial Aid

Navigating the financial aid process can feel like wading through a maze of forms, deadlines, and unfamiliar terms. It can seem overwhelming for many parents, especially first-time or first-generation college families. But with a little guidance, you can make a significant difference in your student’s ability to afford college. Let’s break it down step by step to help you confidently tackle the process.

1. Know the Key Financial Aid Forms

The first step in applying for financial aid is understanding the forms you must complete. The most common ones include:

  • FAFSA (Free Application for Federal Student Aid): This is the gateway to federal grants, loans, and work-study opportunities. Many states and colleges also use FAFSA information to determine their aid packages.
  • CSS Profile: Some colleges, particularly private institutions, require this additional form to award institutional aid. It digs deeper into your family’s financial situation than the FAFSA.

Make sure to check the requirements for each college your child is applying to and note whether they require just the FAFSA, or both forms.

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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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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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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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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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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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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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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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