Tag Archives: financial aid

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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admissions, college costs, financial aid

Breaking Down the Award Letters

award letters

It’s a joyful day for your high school senior when an offer of college admission arrives, and the joy is magnified by a financial aid award.

Award letters arrive along with (or soon after) acceptance letters. I remember the first time I saw one, my daughter’s senior year. Quite honestly, it was Greek to me.

How were we supposed to compare the offers? The letters included the same basic categories — loans, work-study, grants and scholarships — but without understanding what each category meant it was hard to tell whether or not the college was meeting all of our financial need (Total Cost of Attendance minus our Expected Family Contribution, or EFC). Every college was different and every award letter was different!

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admissions, financial aid, financial planning, scholarships

6 Ways to Search for College Scholarships

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college scholarships

For college-bound students, scholarships can fill in the gap between what you can afford and the cost of the school. Most students believe college scholarships are a pipe dream if they aren’t athletes or 4.0 students. But nothing could be further from the truth. There are thousands of scholarships available for the taking. You just need to find them.

There are six key places to look. But remember: Finding them is half the battle. You have to put in the effort to apply and be vigilant in paying attention to requirements and deadlines.

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FAFSA, financial aid, financial planning, parenting

Just for Parents: Understanding the FAFSA

understanding the fafsa

For many parents, understanding the FAFSA can be complicated. It’s not meant to be, but as with all government forms, it can be daunting.

The Free Application for Federal Student Aid (FAFSA®) form is the student’s responsibility, but when a student is considered a dependent student for FAFSA purposes, parents have a large role in the application process. Educate yourself about the process and opportunities so you can provide the guidance your child needs to do their part. 

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college news, FAFSA, financial aid, financial planning

Changes Coming to the FAFSA in October

FAFSA CHANGES

This year’s FAFSA changes are mainly cosmetic. The online FAFSA form is receiving a visual update that gives it a similar look and feel that puts it more in line with other tools featured on StudentAid.gov. A new simplified form being released in October of 2022 also has just 36 questions to answer, down from the 108 of previous years.

Noticeable changes you may see if you fill out the FAFSA later this year include:

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financial aid, financial planning, scholarships

STEM Scholarships

STEM scholarships

STEM careers have become a national priority and students who aspire to careers in science, technology, engineering, and math will be happy to know that STEM scholarships abound.

Often, when you apply for scholarships in a specific area of interest, the competition is much less than if you apply for national scholarships with thousands of applicants. The fact there are fewer applicants improves your odds of being offered the scholarship.

STEM scholarships may be plentiful but how do you find them?

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admissions, college planning, college prep, FAFSA, financial aid, financial planning

Do You Understand the EFC?

EFC

I will never forget the moment we received our Student Aid Report and I saw the EFC (Expected Family Contribution) on the right-hand corner. I was in shock as most parents are. How could the powers that be believe we could afford to pay that amount for college? It was a mystery to me how they came up with that number, as it is to most of you.

The EFC determines how much financial aid the colleges will award to your student. You can’t receive any federal or institutional aid without getting an EFC when you complete the FAFSA. We are stuck with it and will probably never truly understand how they use to determine how much money your family can afford to pay.

If you are going to need financial aid for college (and who doesn’t?), you will need to understand the EFC.

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admissions, college costs, college guidance, college planning, financial aid, parenting

Weighing Your College Options

college options

It’s that time of year when seniors will be weighing their college options. Choices will be made as parents and students evaluate colleges who offered admission.

The long wait is over and it’s time to make a decision. Which college will your student attend? This decision feels like the most important decision in his life up to this point and will weigh heavily on his mind and yours over the next month.

Before your teen makes the decision, however, you should weigh your college options. You would never purchase a home without determining its value, its fit for your family, or even its location. This college decision should be approached in the same manner. And to complicate matters, the decision has to be made in a timely manner—the National Candidate’s Reply Date is May 1st.

If your student didn’t get an offer of admission from his first or even second choice college, or he is accepted without enough financial aid, it’s time to re-evaluate the colleges on his list. Your teen should take a closer look at those schools on the list that weren’t on top. If he did his homework before applying, these schools should be more than sloppy seconds.

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