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Tips
& Resources | Paying for College
- Use this valuable tool
to compare your financial aid awards
- Financial aid and scholarship applications are due soon, and
you should check the financial aid websites for each of your
colleges to see which forms are required. Access to scholarship
applications are available online, and spending some time researching
these can be invaluable.
- This is a good time to review the financial aid and scholarship
pages for each of the colleges on your list. Some scholarships
require an additional essay, but others will be assigned based
on a student’s profile in the admissions application. Submission
dates may be earlier than the regular admissions deadlines.
Becoming familiar now with the financial aid application process
is also beneficial, as there are more funds available at this
early stage. Some colleges will require documentation through
the CSS
Profile (available October 1, 2007) and others will require
the FAFSA (available January
1, 2007). Estimated income information is acceptable, with amendments
following after taxes are complete in 2008.
- The Department of Education has introduced a new tool, The
FAFSA4caster, for families to more easily determine whether
or not they are eligible for federal aid and how much their
Expected Family Contribution (EFC) will be. Another benefit
to using the FAFSA4caster is that information entered by students
is transferred onto the FAFSA application. In September a newer
version will be available with more features including case
studies to help students determine how much and what kinds of
aid they may expect to receive.
- Learn
how more colleges are moving to recalculate the value of home
equity in the financial aid analysis.
- September is a great time to check the financial aid pages
of the colleges on your list to determine if there are any scholarships
that require an extra essay and an early submission.
- For information on financial aid myths and misconceptions,
click
here.
- If you are starting college in the fall of 2007, you can submit
the FAFSA online anytime after January 1, 2007. While it is
easier to fill out after completing your tax forms, you can
estimate your income now and revise it later if necessary. It
is definitely the early bird that gets the worm in the case
of aid, as many schools give out aid on a first-come, first-serve
basis. Many colleges also require the CSS
Profile. Check the financial aid websites of the colleges
on your list to see what they require.
- Some colleges have October deadlines for their scholarship
applications, so check the financial aid pages at each school
on your list for more details.
- Read
more about possible tuition hikes at the University of Washington.
Many colleges offer merit aid to their top applicants to entice
them to enroll. Merit aid is not based on financial need and
is offered at the time of acceptance. Do not rule out more expensive
college options until you have had the chance to evaluate their
offers, which are made by May 1st.
- As you prepare to fill out your financial aid forms, there
are many tools to help you estimate your family's situation.
One
tool allows you to estimate your expected family contribution
for tuition, and another
is a worksheet to help you prepare for completing the FAFSA
(Free Application for Student Aid) required by colleges.
- Free registration for scholarship updates and financial aid
forms: Fastweb,
FAFSA and the CSS
Profile
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