It’s time to chat about everyone’s favorite taboo topic – not politics, not religion (though we have some outstanding Jesuit colleges we could recommend…) – but money! Specifically, what do you need to know to secure the dollars (or financial aid) needed for your child’s college degree?
The dream of a college education is often overshadowed by the looming (and valid) concern of its cost and potential return on investment. With this in mind, each year, the Colledge Team walks through all things financial aid to help our community optimize their options as college costs continue to rise.
Watch the Dollars & Degrees recording above for:
- An overview of must-know financial aid terms
- 2023-24 FAFSA updates
- How to read and compare Financial Aid letters
- What you need to know about “Professional Judgment” if your financial aid package isn’t enough
Financial Aid Pro-Tips
Below, we’ve outlined 4 Pro-Tips that Kelsey and James noted in their conversation. With these valuable resources for financial aid and scholarships, we hope to shed light on the path to making college more affordable for your family.
#1: Use Colleges’ Net Price Calculator
One of the first steps in demystifying the college cost equation is to use the Net Price Calculator (NPC). This nifty tool is available on the financial aid websites of most colleges and universities. By searching for “NPC” followed by the name of the institution you’re interested in, you can gain access to this tool and quickly get a fairly accurate estimate of how much attending that specific college will actually cost given your specific financial profile. It takes into account factors like your family’s income, assets and expenses. This tool provides clarity on the real cost of attending your dream school.
#2: Unlock Federal Funding with FAFSA
Completing the Free Application for Federal Student Aid (FAFSA) is crucial when seeking federally funded financial aid. The FAFSA simplifies the application process for grants, loans, and other forms of federal assistance. By minimizing questions and making the form more user-friendly, the government aims to ease the financial burden on families. It’s important to note that the FAFSA becomes available on December 31st, so be sure to mark your calendar and complete it promptly, even if you’ve already been given a tentative financial aid package.
#3: Explore Private Schools’ Merit Aid (AKA Scholarship) Options
While public institutions and federal aid are essential resources, don’t overlook the opportunities offered by private colleges and universities. Many private schools provide substantial tuition discounts through merit aid programs. These merit-based scholarships can cover a significant portion of your educational expenses, sometimes up to half or even the full tuition. And they’re not just for the perfect student.
While the vast majority of scholarships are awarded automatically upon application, some require additional materials or even an additional financial profile. To tap into this resource, consider completing the CSS Profile, a separate form that many private institutions use to assess your family’s financial situation and some use for the purposes of merit aid.
#4: Diversify Your College List
In the ever-evolving landscape of college admissions, diversifying your college list is a crucial strategy. With admission rates becoming increasingly competitive, it’s essential to have a well-rounded list that includes likely, possible, and aspirational schools. These categories represent the schools’ varying levels of competitiveness and are designed to increase your chances of gaining admission to at least one institution that aligns with your academic and personal goals.
By diversifying your college list, you not only hedge your bets but also ensure that you have a range of exciting options to choose from when it comes to both financial aid and the overall college experience. This approach increases the likelihood of finding a college that not only meets your academic aspirations but is also financially feasible.
Navigate College Costs with Our Best Right-Fit Resources
The cost of college education may be a significant concern, but with the right knowledge and tools, you can navigate the financial challenges and make higher education more attainable. By leveraging the right resources, you can take a big step toward securing a bright future through higher education.
The college application process is different for everyone. For help building a college list that maximizes your options, schedule a call today.
