Financial Aid Process

Gaining the Best Financial Aid Packages

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

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.

A Question of Financial Aid

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.