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
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