It’s important that every student applying to college fill out a FAFSA form. If you’re wavering, or if you assume you won’t qualify for any scholarship assistance it’s still a good idea to submit a FAFSA form. Let me list some of the reasons.
College Coop Programs
In Germany, the economic powerhouse of the European Union, its century old Apprenticeship program, also called the Dual System, is a critical component in its current economic prosperity. The program integrates apprenticeship with ‘vocational schooling,’ and involves the cooperation among businesses, government, and ‘chambers’ (employers’ organizations). This apprenticeship program transitions students, year after year, into world-class workers with real responsibilities. Wouldn’t it be interesting if the US had something similar?
Gaining the Best Financial Aid Packages
Financial aid is confusing. It’s even worse than income taxes. According to the American Council on Education, in 2006, 1.8 million students who would have qualified for federal and financial aid failed to apply. There is no reason to be among that number.
The fundamental precept of financial aid is filing the FAFSA as soon after January 1st of senior year as possible. The whole idea is to be at the front of the line when scholarships and grants are being allocated. At most of the public schools, including the University of California system, only filing the FAFSA is required. This vastly simplifies the process. Filing solely by the federal method (FM) makes applying to state schools almost a pleasure.
College Admissions is a Four-Year Process
Portions of the college admissions process should be performed each year in high school. Steady, cumulative completion of set tasks is vastly more effective than cramming everything into the waning moments of senior year. Take control of your admissions process and it will entice you to take control of your future—that is a skill rarely learned in any institution and will serve you well throughout your life.
Canadian Universities-Exploring an Alternative Undergraduate Experience
A lot of students and their families are justifiably concerned about the cost and quality of education in the United States. A hundred US colleges now have a cost of attendance (COA) exceeding $50,000; 2 years ago, only 5 did. Worse still, the price tag continues to escalate at around 4% per year, with no end in sight. Add to this state of affairs the revelations contained in the book Academically Adrift: Limited Learning on College Campuses, which asserts, “36 percent of students ‘did not demonstrate any significant improvement in learning’ over four years of college,” and you have every reason in the world to look elsewhere for alternative educational opportunities. The world, however, might very well be on your doorstep in the form of our Canadian neighbors to the north. Canadian universities have a high standard of educational rigor, their COA (depending on province) is lower, and most award degrees in three years, not the six, it seems to be taking at many US schools nowadays.
The Financial Aid Award Appeal Process
Usually along with your offer of admission comes your financial aid letter. Some schools, like Cal Poly San Luis Obispo, however, send a link to have you log on to their financial aid site to view your financial aid package. Whether paper or digital, the key question is: does the financial package offered allow you to attend without incurring painful debt?
Last year, I had a number of students who were admitted into some of the top liberal arts colleges in the country: Reed, Whitman, Occidental, and Vassar among them; yet, their joy of being accepted was soon forgotten by financial aid packages that did not adequately address Need (as you might remember: Cost of Attendance (COA) – Effective Family Contribution (EFC) -which is calculated from the FAFSA form-= Need).
A Question of Financial Aid
As your acceptances begin to pour in, it’s critical to review each school’s financial aid package. The best way of evaluating the offers is by placing them on a spreadsheet, or a big piece of paper, and writing down the following information for each of your schools:
Line 1: The Total Cost of Attending (tuition + room & board + books + any fees + any projected travel) [COA]
Line 2: Your Effective Family Contribution (calculated by the FAFSA form) [EFC]
Line 3: Your Need (calculated by: Line 1 – Line 2)
Line 4: The detailed financial package you’ve been offered.
The above is the fundamental financial aid formula. If you hate formulas, please read on anyway; the information might prove useful.
Colleges and the Financial Crisis
Few of us have escaped the economic impact of what some economists are calling the worst financial disaster since the Great Depression. The colleges haven't escaped either. Many, whether public or private, are more vulnerable than you might suppose. It's a good idea to be aware of how they will be affected, especially if you're planning to join their campuses either this fall or next.