Naturally, every family looks to apply for college funding assistance, but there are a lot of elements involved in making that a reality. In addition to the reams of paperwork for you and your child to wade through, your student needs to pull his/her weight in racking up the best grades and entrance exam scores possible. And atop all of these worries, you’ll probably want to arrange your family’s finances so as to bring in maximum aid possible, while keeping the taxes at a minimum. How is all of this possible?
Well, fortunately we have closely observed this cycle a few times, and we’ve put together this list of “Six Important Things To Know...” before you send in the forms! We hope that you find them useful in your own preparations.
1. Private scholarships are nice... but don’t bank on them!
Considering college costs these days, it is no surprise that people tend to immediately think about private scholarships when they look at college funding. Scholarships are great – they consist of free money awarded to a student for excellence in academics, athletics, or other pursuits... but like most free things, there are some challenges involved!
For example, while you may see listings for “thousands” of scholarships available, there usually are not very many that match up with the specific backgrounds of most students. As a matter of fact, only a tiny percentage of financial aid comes in the form of scholarships at all. You will find that the bulk of financial aid is made up of loans, grants, and work-study programs coming directly from the government or the schools. In addition, while scholarships look great on the resume, they usually tend to “nickel and dime” the overall cost of college – you’ll get a few hundred dollars here or there, but most private scholarships won’t come close to covering a university education.
With that rather sobering thought in mind, please remember that we do not recommend that you ignore scholarships altogether! Certainly every bit of money helps, and we have already mentioned that being awarded a scholarship always looks good later on. If you and your student don’t mind putting forth some time and effort in the library (or on-line) you may find some promising organizations and places to apply.
A word to the wise, however. If your child is selected for a scholarship, it is possible that his/her college of choice may actually reduce their own financial aid package! While you might be able to negotiate this fact with the school, it is possible that your extensive efforts may have garnered a scholarship into the coffers of the institution, and not for your child. Scholarships or no, you simply can’t replace the reliability of a complete funding package.
2. The early bird gets the worm... but there are still a few out there.
In a perfect world, everyone would submit their FAFSA and CSS PROFILE documents as early as possible. In real life, however... well, let’s be honest. Not everyone manages to get this important step done as quickly as they hoped. Happily, if you have a student in your home who plans to begin college this fall, and you still haven’t submitted your financial aid forms, there is still a little time to pick up some college money.
When we say a little, though, we are not kidding! Latecomers are definitely under the gun to send those forms in right now. The reason for this is that such a high percentage of the funding has already been awarded that you will need to jump right on it in order to receive any of the assistance that’s left.
Remember that this is an exercise that will bring you dividends both now and in the future! This important first year of college is the always the very best chance to come up with a good financial aid package for your child. This is in part because schools will often utilize their most competitive financial aid offers to try to encourage incoming freshmen to their doors, which will raise enrollment and usually ensure their attendance throughout an entire degree program! Therefore, the deal you negotiate with the school for this first year will affect future years, as well!
If you have a graduating senior and your forms aren’t submitted yet, now is the time! Complete and submit those applications today.
3. Applications are like anniversaries – they come every year, and you don’t want to forget them.
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