So seniors…you are beginning to hear back from the colleges you
applied to and most are happy to hear that you have been accepted to many of
the schools. However, in the majority of cases, that initial joy inside you and
your parents goes away when you see the amount of merit scholarship you are
receiving. Sure, $10,000 is a big amount of money to earn in merit scholarship
awards and is a great start…but for numerous schools, this is just 1/5th of the total amount it costs to
attend. As countless private schools are reaching $40,000- $50,000 each year to
attend, a $5,000-$10,000 merit scholarship just is not enough. So what do you
do? Are you just expected to give up on a college that you think it a perfect
fit? Well before you do that, check out these options that can help subsidize
the total COA (cost of attendance) of college!
FAFSA - January 1st is the official start date to complete and submit the FAFSA to colleges. Many colleges have deadlines (that are not that far away) to submit the FAFSA, so make sure this is finished soon! Most people have heard of the FAFSA, which stands for the FREE Application for Federal Student Aid; however some families choose not to take the time to apply because they do not believe they will receive any aid. Although this is a family decision, we really do urge all families to complete this form. This is one of the only ways a student can receive government aid (also check out the CSS Profile, which some colleges use to calculate financial aid.) Schools receive the FAFSA report that gives them the EFC (Expected Family Contribution), and colleges will decide how much financial aid they will give to families. So please, take the time to get this application completed and sent to all of the schools you apply to!
Naviance Scholarship Page- All
juniors, seniors, and their parents should have a Naviance account. Check this
page out for additional college-specific scholarship, and organizational
scholarships. Details on each scholarship, including how to apply, amount
awarded, and due date are all there. This page is updated throughout the year,
so please check the site regularly!
Online Scholarship Finder Websites- There are a multitude of online sites available
to find scholarships to college. For many of these, all you need to do is put
in your basic information, and it will find scholarships that match your
criteria. The three that come highly recommended are: CollegeBoard, Fastweb, and FinAid. Also check out www.collegescholarships.org.
Just click on the links, and start applying!
Loans- Although it is ideal to avoid
loans, it is not always possible. Here are two websites that help out with
understanding and getting started with federal loans: www.direct.ed.gov and http://www.studentloans.gov/
Project on Student Debt - This has a list of schools that have made the pledge to limit or
eliminate student loans from financial aid packages, which reduces cost of
college for students and their families. It may be too late for seniors, but
juniors should definitely look at this list and see if there are any schools of
interest.
Call College Financial Aid Departments- Often families will receive financial aid
reports from colleges and will feel that they are not receiving nearly enough
of aid for their income and family situation. Since on the FAFSA you are using
the previous year’s tax return, it is very possible that there have been some
changes in parents’ job and income situation. Also, there may be some special
circumstances that financial aid counselors at colleges are not aware of (i.e.
high medical bills). You have every right to call the counselors at the
colleges and explain your situation. Schools will respond differently, but some
may very well give you more financial aid, so it is definitely worth a shot!
Also, please remember that every school is required to have a Net
Price Calculator on their website. This can also be found on CollegeBoard. A
Net Price Calculator will give families a better idea of what they may have to pay out of pocket
or borrow for each college earlier on in the college search process.
Finally, please check each college’s website in which you were
accepted and see if there are any additional merit/need-based scholarships you
can apply to. Remember to apply to as many scholarship opportunities as
possible, because every dollar will help!
-Joseph D. Korfmacher, MA