Paying for College...Time to Get Started

As you are all aware, this is both a stressful and exciting time in your lives as seniors and parents of seniors. Many of you have applied to colleges, and others are working on submitting their applications in the next couple of months. Now there is quite a bit of time between waiting for an admission decision, discovering the financial aid package, and selecting the college you will attend. In many cases, a big part of selecting a college will depend on the ability to actually pay for that school. Although most private colleges and universities will average anywhere from $40,000-$60,000 per year in total cost of attendance, the financial aid they offer will vary greatly from next to nothing, to a whole lot of dough.

In order for families to be considered for any type of financial aid, families must complete the FAFSA (more information on this below) after January 1st. Many schools also require families to complete the CSS Profile, which can be completed now. Both of these systems will allow colleges to assess how much need a family has for paying for college. It’s simple, if you do not fill out the FAFSA and/or the CSS Profile, the student will receive zero financial aid. It is still possible they will receive merit scholarships, but they will be given no money in financial aid (grants, work study, loans).

It can often take a long time to receive each school’s financial aid package. To get a good idea of where you might stand now, you can check out two different sources. The first is called the Net Price Calculator (NPC), and is a free tool on each college’s website. The NPC will give a close estimate for the family’s total cost of attendance after financial aid and merit scholarships. The second is called the FAFSA4CASTER, which can be found by clicking the link. This will give the family an estimate of their total Expected Family Contribution (EFC), the number colleges will eventually use to determine how much they will give in financial aid. Although none of these are perfect, it is important to research as much beforehand, to help with the college decision process.

For more information on financial aid, please read the following:

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!

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!


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
College Counselor

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