Financial Aid
Most families are understandably concerned about meeting rising college costs. Consequently, the financial aid process is an important part of many students' college planning. College costs include a number of things: tuition, room & board, fees, transportation, books and incidentals such as clothing, telephone, social life, etc. Most families need help in meeting these costs.
"Need" is the basic consideration in colleges awarding financial aid. Financial need is the difference between what it will cost a student to attend a college and the family contribution, often referred to as the EFC - Expected Family Contribution. The family contribution includes a parent contribution, student income contribution, and student contribution from assets and/or benefits. Your family’s income, assets, debts, family size and extenuating circumstances are considered when determining the family contribution.
After your need has been determined, most colleges will award financial aid as a "package". The package may include a combination of scholarships or grants (money that does not have to be paid back), loans (to be paid back), and campus employment (money earned while in school and sometimes related to the student's field of study).
Applying for Financial Aid
Requires filling out the FAFSA (Free Application for Federal Aid). You will need to request a PIN # for both the STUDENT and PARENT/GUARDIAN. Many private colleges also require the CSS PROFILE. To find out what is required, check the college website under Financial Aid or ask during a college visit.
- To request a PIN # and/or to file a FAFSA app online: http://www.fafsa.ed.gov/
- To file a CSS PROFILE app online: https://profileonline.collegeboard.com/index.jsp
- To estimate your EFC: http://www.finaid.org/finaid/calculators/estimate.html
