Getting Financial Aid Part 2

Getting financial aid

First, you need to determine your expenses for college such as tuition, books, transportation, housing costs and food. Then you need to determine how much you and your family are able to contribute to your education. The difference between these amounts is considered your financial need.

Applying for financial aid requires effort and determination. Each college has a financial aid office. When you are visiting schools, it is a good idea to stop by this office, ask questions and pick up the paperwork necessary for application. Some colleges offer need-based financial assistance. In these situations, the less money you or your family has, the greater the chance that you can receive financial assistance from the college.

It’s also important to find out how each school defines part-time and full-time students. Your financial awards could be affected by how many courses you take each semester. For example, allowances for room and board may be eliminated entirely for students enrolled less than half time. Be sure to check with the financial aid office about all options available at the college.

You can count on having to fill out the Free Application for Federal Student Aid form that is online at www.fafsa.ed.gov. Many libraries and financial aid offices also have a hard copy. Start looking into this your senior year and check your college’s due date. You will also need your tax return from the previous year and your pay stubs. Additional information may be required. You can send this application to six schools. Being early and accurate in your application is considered to be one of the most important steps in securing aid.

Check with your guidance office to see if there is a specific person that works with students on financial aid options. Often schools will hold meetings during the evening or at other times for students and families to learn how to complete a FAFSA form, or the guidance office will provide Web sites for you to explore various scholarship or loan programs.

Scholarships

There are several ways to locate scholarships. Each scholarship has different criteria, application processes and deadlines.

1. Check the College Board Web site to search scholarships.
2. Ask at your high school for information about local scholarships.
3. For scholarships for persons with disabilities, see pages 15-19 of Creating Options: 2007 Financial Aid for Individuals with Disabilities [PDF].

Budgeting your money

Learning to manage your money goes hand in hand with getting financial assistance. You may be surprised how many credit card companies are willing to issue a card to you. Many times, you will be walking around campus and you’ll find a credit card representative wanting you to sign up for a credit card. Usually they will try and entice you with a freebie like a T-shirt. It is important to talk with a family member or someone who knows you well to discuss obtaining a credit card. If you are not a good money manager, it is not recommended to accept and use these cards while at school. Many companies charge high interest on unpaid balances.

Getting Financial Aid Part 1

Money matters

Going to college is expensive, but you do have some financial options. Generally, community colleges are the least expensive, followed by four-year public colleges, with the most expensive being the four-year private universities. Don’t rule out an expensive college of your choice until you have researched the array of financial aid options available to you. Most people will create their own financial aid packages that include dollars that their family can contribute, personal savings, awarded scholarships and federal loans.

What is financial aid?

Financial aid is monetary assistance that allows individuals to pay the costs of attending college when their own resources are not enough. Some aid, such as scholarships, does not need to be repaid, while other assistance, like loans, does need to be repaid.

There are four types of financial aid (Heath Resource Center, 2007):

1. Grants – Aid that generally does not have to be repaid.
2. Loans – Money borrowed to cover school costs, which must be repaid, usually with interest, over a specified period of time, typically after the student has graduated or left school. The interest on these loans is often reduced from general public rates.
3. Work-study – Employment that enables a student to earn money toward a portion of school costs during or between periods of enrollment. These usually on-campus positions are supplemented by the federal government. Students are awarded work-study positions through the Federal Student Aid application. However, a student must interview and be hired for each position that is worked.
4. Scholarships – Gifts and awards based on a student’s academic achievement, background or other criteria. Sometimes scholarships are one time only; others require the student to maintain a specific GPA to be entitled for renewal.

Online Resources - General/Financial Aid

General/Financial Aid

Mapping Your Future
http://www.mapping-your-future.org/

FAFSA on the Web
http://www.fafsa.ed.gov/

PIN Registration
http://www.pin.ed.gov/

U.S. Department of Education
http://www.students.gov/

The Financial Aid Information Page
http://www.finaid.org/

NCAA Guide for the Student Athlete
http://www.ncaa.org/cbsa

Black Excel: The College Help Network
http://www.blackexcel.org/

Hispanic Scholarship Fund
http://www.hsf.net/

Step #7: Paying for College

A college education costs quite a bit of money and is often one of the biggest expenses parents and college students have to incur. You can, however, receive help for college costs. This help comes in the form of grants, scholarships and student loans. While, it may take some time paying off a college degree, it is the finest investment anyone can make.

Be a Smart College Consumer

Consider the following information about a school before you enroll:

• Keep copies of all forms that you submit to the school in a safe place.
• Read and be aware of the implications of all forms before you sign them. Remember -- loans must be repaid and grants are free.
• Financial aid applications are available starting every January 1 -- the earlier you apply for financial aid and scholarships, the more money you may receive.
• Notify your school and lender(s) of any changes in your name, address, or enrollment status.
• Ask for help when you need it. Write down the date and the name of the person who helped you.
• Have your academic and financial aid transcripts sent from the school that you previously attended to the school that you are going to attend.
• If you are denied admission to a college or financial aid, you can appeal. You may also decline any portion of your financial aid offer.
• If you have student loans, you must attend a financial aid exit interview.
• Be certain to contact your lender if you are having difficulty repaying your loans. They may allow you to postpone or reduce your payments.
• Be aware - fees are taken out of your student loans before any loan monies are disbursed.
• Depending on the cost of the school, all of your financial aid may be used to cover tuition and fees.
• Be familiar with the policies of the school regarding registration, withdrawals, refunds, and fee payments. This information can be found in your college catalog.
• If you plan to transfer to another school, you need to check with that institution to verify the acceptance of the credits you are now taking. Some schools participate in articulation agreements with other institutions to ensure smooth transfer for students.
• When the need arises, look for outside resources to help you understand the financial aid, admissions, and scholarship processes.
• Borrow only what you need. Be realistic about what you can repay when you graduate. A repayment calculator can help you decide how much money you can afford to borrow.

College Planning For the First in the Family

For students who are first in the family to attend college, the planning process can be particularly emotional and challenging. Several resources exist to help first families throughout the decision-making process. Family Firsts, a series of booklets from ACT, was created for first-generation college students and their families to assist with college planning. To access the booklets, visit www.act.org/path/secondary/resources.html.

A key to the process is learning about the college planning calendar. Most two-year and four-year schools follow approximately the same admissions schedule. ACT offers online checklists for keeping all students on track to a college education. Visit actstudent.org to see the steps you should be taking in each year of high school.

Many potential first generation students and their families believe that funding is unattainable. However, several websites are available to help explain financial aid and other resources for paying for college. Learn more by visiting:

• www.studentjobs.gov/e-scholar.asp – A list of federally funded scholarships, fellowships, grants and internships geared to high school, undergraduate and graduate students.
• www.fafsa.ed.gov – The Free Application for Federal Student Aid (FAFSA) website. This is where you start when you are ready to apply for financial aid.
• www.eCampusTours.com/payingforcollege/default.htm – Features a free scholarship search as well as information on grants, scholarships, savings programs, and loans.
• www.act.org/fane – A financial aid need estimator.
• www.hsf.net – A Hispanic Scholarship Fund website that features scholarships for Hispanic students and research reports on the education of Hispanic students.
• www.studentaidalliance.org – Student success stories and descriptions of need-based financial aid programs.

Tips for First Generation College Students

Being the first person in your immediate family to attend a postsecondary institution may seem daunting. Without help from family members, you may not even know where to begin the college planning process, much less know what to expect once you get to college. The following info should give you a better understanding of the postsecondary route and help ease your anxiety of being a first generation college student.

College Planning

Planning for college is often more difficult for first generation college students because they probably don't have assistance from a knowledgeable family member. If you need help with the college planning process, here are some tips:

Get acquainted with your high school counselor. As someone who wants to be a first generation college student, you will need a lot of help from your school counselor. Throughout your four years of high school, your counselor will be there to answer any questions about the different aspects of college planning, so be sure to utilize him or her as a valuable source.

Look for outreach programs that can provide mentoring services to help you prepare for college. Your high school may even offer this service as an after-school program.

Get your parents involved in the college planning process. Since planning for college will be a new experience for them as well, you should try to keep them informed about what needs to be done. Encourage them to meet with your high school counselor too. Often, a parent's biggest concern is how to pay for college, so try to get your parents to attend a financial aid workshop in your area. Keep in mind that if you are a dependent student, your parents will have to sign the FAFSA (Free application for Federal Student Aid) in order for it to be processed. The FAFSA is the form you and your parents must fill out in order for you to be eligible for state and federal financial aid. It is very important to fill this form out as soon as possible after January 1st of your senior year of high school. And remember: you must reapply for financial aid as soon as possible after January 1st each year that you are in college by filling out a renewal FAFSA.

Stay on track. Make sure to do each of the following so you stay on the postsecondary path:
• Register for appropriate classes. Meet with your school counselor during your freshman year of high school (preferably earlier) to discuss what classes you should be taking for all four years.
• Keep your grades up.
• Get involved in extracurricular activities.
• Research colleges and careers.
• Take the PSAT.
• Take the SAT and/or the ACT.
• Attend college fairs.
• Visit college campuses.
• Attend a financial aid workshop.
• Research/apply for scholarships.
• Submit your college admissions applications. Watch out for deadlines.
• Submit the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1st of the year for which you are requesting aid.
• Review your financial aid award letter and accept the awards you would like to receive.

Helpful Website for Your College Planning 3 of 5

Planning for college can be overwhelming. Where do you even begin? Here are some helpful websites that should make planning for college a little easier.

FAFSA.ed.gov

The first and most important step in getting money for college is to fill out the Free Application for Federal Student Aid (FAFSA) at fafsa.ed.gov. The FAFSA is the form you need to complete in order to see if you are eligible for any kind of federal financial aid, such as grants, student loans, and work-study. Even if you don't think you are eligible for financial aid, you should still fill it out because many states and schools also use it to award non-federal aid. You should submit the FAFSA as soon as possible after January 1st of the year for which you need aid. When filing the FAFSA be sure to use fafsa.ed.gov because other similar sites may charge a fee to submit the form. Use this site to get information about the following:

1. Before Beginning a FAFSA
2. Filling Out a FAFSA
3. FAFSA Follow-Up

For more information about planning for college, please contact your high school counselor or an expert, like me.

Transitioning from a Community College to a Four-Year School

If you want to start out at a community college (or are already enrolled in one) and then transfer to a four-year school, make sure you have a plan. If you try to make the switch without mapping out your steps, then your transition will be harder. Here are the steps you should take to transition from a community college to a four-year school.

Make a list. Come up with a list of objectives to help you determine the right path for you. Think about where you see yourself in five or ten years. Here are some questions to consider:
• What career would you like to pursue?
• What academic preparation is required to enter this career field?
• Which four-year institution has a good academic program for your field of interest?
• What are some of the characteristics you are looking for in a four-year school?

Choose a transfer school. The earlier you can select a four-year institution to attend, the better off you will be. Universities and colleges differ widely in the courses they accept for transfer. By choosing a transfer school as early as possible, you will save a lot of time and effort because you will know in advance which courses will transfer to your selected school. When choosing a transfer school, check to see which schools have articulation agreements. Articulation agreements provide specific transfer policies that make it easier to transfer from one school to another. Be sure to visit schools and take virtual tours of campuses to help you pick a four-year school.

Meet with transfer advisors. Because not all universities and colleges accept the same courses for transfer, it is critical that you work with a transfer advisor at your community college as well as one at the school to which you want to transfer. These advisors will help you map out courses to meet graduation requirements at your community college and transfer requirements for your chosen four-year institution.

Focus on academics and extracurricular activities. Most community colleges operate under an "open admissions" policy, which means that anyone with a high school diploma or GED may attend, regardless of prior academic performance and extracurricular involvement. However, to be accepted into your four-year school of choice, you need to stay focused on academics, achievements, and extracurricular activities. Keep your grades up and become involved in your community. Your transfer school wants well-rounded students.

Research financial aid options. Four-year institutions are more expensive than community colleges, so be sure to look into your financial aid options. Look for scholarships by performing a free scholarship search (never pay for that service). You should also complete the Free Application for Federal Student Aid (FAFSA) to apply for state, federal, and institutional aid. Even if you don't think you'll qualify for need-based financial aid, you should still complete the FAFSA to be eligible for low-interest student loans. The FAFSA can be completed online at www.fafsa.ed.gov as soon as possible after January 1st of the year for which you are requesting aid.

For more specific information on transferring to a four-year school, contact your community college transfer advisor.

Get to Know Your High School Counselor

While your school counselor is there for you if you ever have a problem, he is also there to assist you with college planning. Be sure to make the most of your counselor's help.

Why Should You Get to Know Your Counselor?

Your school counselor plays a big role in helping you with the college planning process. Your counselor can:
• Help you determine your abilities and interests in future educational and occupational choices.
• Make sure you select the right courses and are on the appropriate track for the kind of post-secondary education and occupation(s) you would like to pursue.
• Help you in selecting and registering for appropriate college admissions tests, and then explain the results of these tests.
• Encourage you to participate in college fairs and financial aid workshops.
• Give you information on different schools (entrance requirements, curricular offerings, costs, etc.) and occupations.
• Encourage you to visit college campuses.
• Teach you about early action and early decision admission programs.
• Help you create a timeline, so you won't miss any deadlines associated with the admissions process.
• Write letters of recommendation for you.
• Help you develop interviewing skills and encourage you to participate in college admission interviews.
• Give you information about financial aid, such as scholarships, grants, and student loans.
• Assist or help you find assistance in filling out the Free Application for Federal Student Aid (FAFSA).
• Help you prepare for your transition to college.

How Can You Get to Know Your Counselor?

Because your school counselor can play such a critical role in the college planning process, it is important that the two of you get to know each other. Be sure to:

• Visit your school counselor early. You should develop a relationship with your counselor during your freshman year of high school. This will give your counselor sufficient time to get to know you and your family, and therefore let you know about any college information or pre-college enrichment programs that come up along the way.

• Visit your counselor often. Be sure to visit your counselor at least twice a year during your freshman and sophomore years. Beginning your junior year, you will want to start visiting your counselor a little more often, as college preparation becomes more critical. Visit your counselor at least once a month during your senior year to keep him updated and to ask any questions that may come up.

• Open up to your counselor. In order for your counselor to be able to assist you to the best of his ability and provide a quality recommendation for you, he needs to know who you are. Provide him with a list of your extracurricular activities, jobs, volunteer experiences, etc. Let him know what kind of occupation you are thinking of pursuing. Give him a list of schools that interest you.

Your school counselor is there to assist you in planning for college. However, keep in mind that you shouldn't let your counselor (or your parents, for that matter) do all the work. As the student, you need to be actively involved in planning for your future. Don't forget to send a thank-you note to your counselor at the end of your senior year.

If your counselor is unavailable, and most are not, or if you feel that there is more to be done or more you feel like knowing to prepare yourself for college feel free to read blogs such as this or contact a consultant like me to assist you.

Video Insights

Check out this video: An Insider's Guide to College Admissions

The Dean of Admissions at Vanderbilt University answers question about the application process and what is important to them and most colleges...

http://www.youtube.com/watch?v=kKARNadxshU

Areas of College Prep (& When to Focus on Them)

This a rough guideline for the main focuses for college preparation, readiness, and the application process. Each of these areas will be discussed in great detail in the coming weeks and months. As always, suggestions, comments, questions, and concerns are appreciated. That said, here we go:

Homework and Study Skills: (7th – 9th Grade)

A thorough understanding of the value of at-home reading and study skill development is critical to any student’s success, especially the college bound student. Understanding this area gives both parents and students the tools they need to identify different learning styles, develop and instill efficient and effective study habits or routines, and enhance academic skills including reading, writing, mathematics, as well as general study principals that will apply both to school and a future career.

It is essential that parents are provided with key strategies to assist with homework and become more effectively involved with their children’s education and academic development. Students need to learn that there are practical solutions to common problems and a wealth of suggestions depending on each student’s individual methods and styles (or personalities and interests) are out there.


High School, The Plan: (9th – 10th Grade)

Maximizing the student’s high school experience is a critical first step toward success in college admissions and readiness. Counselors, teachers, and parents should be available for and able to provide a complete guide to planning an appropriate academic program, standardized test calendar and preparation materials, extracurricular agenda and list of summer activities. Many of the resources are becoming increasingly available online and through organizations such as the Bing Foundation. Parents should also make an effort to ensure that they receive an overview of the college admissions process. Many parents now have either been out of school so long that they cannot remember what to do and when, or as I increasing find more common, parents never went to college. There should be a focus on including a detailed timeline and a comprehensive introduction to the specific components of an application.

Paying for College: (11th – 12th Grade)

According to some parents, including my own father, financial planning by both the student and the parents is invaluable to the family of any college-bound student. Financial aid options should be explained in-depth by someone with recent knowledge, preferably a financial aid specialist (many school districts have them now) or by a specialize college or career counselor. They should cover such topics as scholarships, grants, loans, and work-study programs as well as how to find, qualify, and apply for each. Remember that when it comes to money timing is always of the essence! Be aware of the deadlines, file your FAFSA as soon as possible, and whatever you do, never wait until 12th grade to look for funding... Families should be introduced to options they may have otherwise overlooked and gain a thorough understanding of how to effectively negotiate with financial aid offices, that’s right, I said negotiate. We’ll get to that later.

Selecting the Right College: (11th Grade)

Every student is different. Each individual has distinct desires and interests, skills and challenges. It is vital that the aspiring college student understand that every single college is different. There are 5000 colleges in the United States alone. Don’t even ask how many possible majors there are, you would believe me if I told you. What does this mean, there are options… and now there are ways to match each student with their interest, major, ideal school size, cost, preference for public or private, rural or urban, etc. Check out College Navigator (developed by the US Department of Education).

You should establish key criteria to identify colleges that are a strong fit for each student’s interests and qualifications. Parents and students can now access parameters that allow them to examine the student’s high school record, activities, and “extras” like a professional and objectively determine the strengths he or she may have within a given pool of potential applicants.

Preparing College Applications: (12th Grade)


Obviously, this is not something that is relegated only to seniors. But that is the label that it receives and here is why. Each college aspiring student (and parent) should make a strong, exerted effort to stay on top of all the deadlines, continue in relevant (and not fluff) classes (see the last post), routinely update their timeline, look for last minute options, apply for early decision, take the SAT/ACT, and manage everything else teenagers do as they near completion of their secondary school career. I advise all students and their families to make and follow a thorough, detailed, and practical guide to the 12th grade year and producing a successful college application. After gaining a thorough understanding of how an applicant’s file is ultimately reviewed, parents and students must carefully and thoughtfully complete their applications.

Always remember that there are essential strategies for crafting an engaging essay and developing a unique personal theme that will help them stand out from the crowd. Resources such as these should not be ignored. Essays should be edited and re-written, letters of recommendation should be found, and all the applications filed, paid, and sent to the correct place. Follow that guide. Follow the timeline. Don’t make a mistake if you can avoid it.