ACT Parent Newsletter 19 Financial Aid Questions to Ask Here's an ideal scenario: You completed the Free Application for Federal Student Aid (FAFSA), received your SAR (Student Aid Report) and think your child's first-choice college will send a letter of acceptance! There's just one problem — you're not sure you have enough money to finance that dream education. Understanding the financial aid process can be hard, and you may not know where to turn for answers. The financial aid section of each college's website is a good starting point. If you don't find answers there, call the financial aid office. Here are 19 questions to ask:
What types of financial assistance do you offer: need-based, merit-based or both?
Can you provide an early estimate of what our financial aid award might be?
If we don't qualify for need-based aid, what alternative financing options are available?
What percentage of your student population receives financial aid?
How much does an average student owe on student loans when he/she graduates?
What forms are needed in order to apply?
When are financial aid applications due?
What costs for my student are considered by the financial aid office? For example, does the aid just take into account tuition, room, board and transportation? What about additional expenses such as books, fees, computers and personal expenses?
What is included in the comprehensive fee? For example, do students have to pay extra for computer time or to attend campus events (concerts, plays, films, lectures, athletic events, etc.)?
When will we be notified about the amount of assistance we can expect?
Does the institution have an appeal process to review special circumstances?
Is there a commitment for financial assistance beyond the first year?
If not, how and when do we apply for financial assistance after the first year?
What grants, loans and work-study opportunities does the college offer?
How long does it typically take a student to graduate from this college? Four years or longer?
What impact do scholarships from outside sources have on other financial aid?
Can we apply financial aid toward an off-campus study program, either in the U.S. or another country?
What happens if our family's financial situation changes substantially during the school year?
Are there payment options available, such as monthly or quarterly?
1. http://studentaid.ed.gov/students/publications/student_guide/index.html - This is the website for The Student Guide, a comprehensive resource on student financial aid from the U.S. Department of Education. Grants, loans, and work-study are the three major forms of aid available through the Department’s Federal Student Aid office. Updated each award year, The Student Guide tells you about the programs and how to apply for them. The Guide can either be accessed online or downloaded in PDF format.
2. http://www.finaid.org - FinAid is a comprehensive annotated collection of information about student financial aid. It contains a scholarship search, information on loans and college savings programs. Information on military aid programs and other forms of financial aid is also available. Tips and assistance in filling out financial aid forms is included and financial aid calculators can be accessed. Finally, an “Ask the Aid Advisor” section is available for personalized help.
3. http://www.educationplanner.com/education_planner/paving.asp?sponsor=2859 - This is the “paying” or financial aid portion of the Pennsylvania Higher Education Assistance Agency’s website. The Financial Aid 101 link includes a Financial Aid Tirneline, a Filling Out the FAFSA section, Financial Aid FAQ, a Financial Aid Literacy Quiz and a Glossary of Financial Aid Terms. The Grants and Scholarships link has a Scholarship Search, an NCAA Scholarship Limits section and a Scholarship Scams section. The Educational Loans link includes information on Stafford, PLUS, Perkins and private loans and information on choosing a lender. Finally, there are additional links for Work-Study Programs, Military Service and Loan Forgiveness programs. In the Scholarship Search the profile information includes such items as scholastic background, awards, leadership information, college major, student/parent affiliations and college profile information
4. http://www.collegeboard.com/pay - This is the web address for the “Pay For College” Section of The College Board’s website. The “Add It Up Link” has sections on College Costs, Saving for College, Financial Aid Basics and College Expenses. Under the “Scholarships & Aid” link are sections entitled Finding College Scholarships, Steps in Applying for Financial Aid, and The Family Share: Your EFC. The “Ways To Pay” link has sections on Understanding the Aid Award, If the Aid Award Isn’t Enough and Strategies for Paying the Bill. Under the “ Loan Center” link the sections include Education Loan Basics, Education Loans, Borrowing Responsibly and Parent Loans. Finally, under the “Tools” section links include Financial Aid Calculators, Scholarship Search, Compare Aid Awards, Apply for a Loan and CSS/Financial Aid PROFILE Online. The Scholarship Search is completed by establishing a profile based on personal, academic and affiliation information and type of award.
5. http://www.studentaid.org - This is the Cash for College website of the National Association of Student Financial Aid Administrators. At the site NASFAA provides information on the financial aid process and directs individuals to some of the more important and helpful financial aid guidance on the Web.
7. http://www.act.org/fane/index.html - This web address accesses the ACT’s Financial Aid Need Estimator. The Financial Aid Need Estimator allows you to calculate both your family contribution and costs at specific institutions by taking you through two steps. During the first step, the Financial Aid Need Estimator will help you estimate how much you and your family will be expected to pay. The result of this calculation is your expected family contribution which will be the same for all colleges you may consider attending. Using the second step, you may estimate the costs of attending specific institutions. Your results will show your eligibility for federal need-based financial aid based on both your expected family contribution and the costs of attending the institution you selected.
8. http://www.petersons.com/finaid/default.asp - This is the web address for the Financial Aid home page of the Thomson/Peterson’s website. Links on the site include Financial Aid Basics, Best College Deals, Scholarship Search, High School Funding, College Loan Center, Choosing the Right Loan and Calculators. The Scholarship Search requires you register on the site and create a student profile.
9. http://www.srnexpress.com/index.cfm - Scholarship Resource Network Exprcss is a search engine and database of private scholarships designed to assist students identify sources for undergraduate through postgraduate study.
10. http://www.scholaraid.com - SCHOLARAID.COM is a free college scholarship search & financial aid information resource, connecting students & parents with college funding opportunities.
11. http://www.princetonreview.com/college/finance - You can access the Scholarships & Aid section of The Princeton Review website at this address. The site has a Scholarship Search, Student Loan Providers section, Understanding Financial Aid segment and an Advice Library. Under the Understanding Financial Aid segment you will find a Tuition Cost Calculator, Fstimatcd Family Contribution Calculator, Aid Comparison Calculator and a link for FAFSA & CSS PROFILE Form Stratecies. You can search for scholarships through a partnership with FindTuition.com but registration is required.
12. http://www.theadmissionsoffice.com/finaid.htm - The AdmissionsOffice.Com provides access to a variety of financial aid and scholarship links in the financial aid section of their website.
13. http://www.xap.com/GetMouey - XAP.com’s “Get Money” section, Go To College has four sections. The “FINANCIAL AID Wizard” allows you to explore your financial aid needs and options with a step-by-step process for calculating your cost of attendance, expected family contribution, and discovering potential scholarships and loans available to you. The “Save for College” segment shows how you and your parents can start saving for college. Under “Pay for College” one can discover the many ways you can pay for college including scholarships, student loans, grants, work-study, merit money and institutional aid. Finally under “Scholarship Search” you will complete your personal profile to search different scholarship sources.
15. http://www.college-scholarships.com - This web page comes from the AmericanEducational GuidanceCenter . It is designed to offer college bound students, parents, and counselors easy access to information on free college scholarship and financial aid searches, SAT and ACT test preparation tips and colleges and universities throughout the United States
16. http://mach25.collegenet.com/cgi-bin/M25/index - There are two sections to the Scholarship Search section of the CollegeNet website. The Keyword Search provides a quick way to narrow down to a particular scholarship or group of scholarships by entering a keyword. With the profile search you can view awards afier entering your age, sex and college level (i.e., freshman).
17. http://www.mapping-your-future.org - Mapping Your Future is a national collaborative, public- service project of the financial aid industry - bringing together the expertise of the industry to provide free college, career, financial aid, and financial literacy services for students, families, and schools.
Financial Aid
ACT Parent Newsletter19 Financial Aid Questions to Ask
Here's an ideal scenario: You completed the Free Application for Federal Student Aid (FAFSA), received your SAR (Student Aid Report) and think your child's first-choice college will send a letter of acceptance! There's just one problem — you're not sure you have enough money to finance that dream education. Understanding the financial aid process can be hard, and you may not know where to turn for answers. The financial aid section of each college's website is a good starting point. If you don't find answers there, call the financial aid office. Here are 19 questions to ask:
1. http://studentaid.ed.gov/students/publications/student_guide/index.html - This is the website for The Student Guide, a comprehensive resource on student financial aid from the U.S. Department of Education. Grants, loans, and work-study are the three major forms of aid available through the Department’s Federal Student Aid office. Updated each award year, The Student Guide tells you about the programs and how to apply for them. The Guide can either be accessed online or downloaded in PDF format.
2. http://www.finaid.org - FinAid is a comprehensive annotated collection of information about student financial aid. It contains a scholarship search, information on loans and college savings programs. Information on military aid programs and other forms of financial aid is also available. Tips and assistance in filling out financial aid forms is included and financial aid calculators can be accessed. Finally, an “Ask the Aid Advisor” section is available for personalized help.
3. http://www.educationplanner.com/education_planner/paving.asp?sponsor=2859 - This is the “paying” or financial aid portion of the Pennsylvania Higher Education Assistance Agency’s website. The Financial Aid 101 link includes a Financial Aid Tirneline, a Filling Out the FAFSA section, Financial Aid FAQ, a Financial Aid Literacy Quiz and a Glossary of Financial Aid Terms. The Grants and Scholarships link has a Scholarship Search, an NCAA Scholarship Limits section and a Scholarship Scams section. The Educational Loans link includes information on Stafford, PLUS, Perkins and private loans and information on choosing a lender. Finally, there are additional links for Work-Study Programs, Military Service and Loan Forgiveness programs. In the Scholarship Search the profile information includes such items as scholastic background, awards, leadership information, college major, student/parent affiliations and college profile information
4. http://www.collegeboard.com/pay - This is the web address for the “Pay For College” Section of The College Board’s website. The “Add It Up Link” has sections on College Costs, Saving for College, Financial Aid Basics and College Expenses. Under the “Scholarships & Aid” link are sections entitled Finding College Scholarships, Steps in Applying for Financial Aid, and The Family Share: Your EFC. The “Ways To Pay” link has sections on Understanding the Aid Award, If the Aid Award Isn’t Enough and Strategies for Paying the Bill. Under the “ Loan Center” link the sections include Education Loan Basics, Education Loans, Borrowing Responsibly and Parent Loans. Finally, under the “Tools” section links include Financial Aid Calculators, Scholarship Search, Compare Aid Awards, Apply for a Loan and CSS/Financial Aid PROFILE Online. The Scholarship Search is completed by establishing a profile based on personal, academic and affiliation information and type of award.
5. http://www.studentaid.org - This is the Cash for College website of the National Association of Student Financial Aid Administrators. At the site NASFAA provides information on the financial aid process and directs individuals to some of the more important and helpful financial aid guidance on the Web.
6. http://fastweb.monster.com/index.ptmJ - FastWeb is one of the largest and most comprehensive scholarship search engines on the internet.
7. http://www.act.org/fane/index.html - This web address accesses the ACT’s Financial Aid Need Estimator. The Financial Aid Need Estimator allows you to calculate both your family contribution and costs at specific institutions by taking you through two steps. During the first step, the Financial Aid Need Estimator will help you estimate how much you and your family will be expected to pay. The result of this calculation is your expected family contribution which will be the same for all colleges you may consider attending. Using the second step, you may estimate the costs of attending specific institutions. Your results will show your eligibility for federal need-based financial aid based on both your expected family contribution and the costs of attending the institution you selected.
8. http://www.petersons.com/finaid/default.asp - This is the web address for the Financial Aid home page of the Thomson/Peterson’s website. Links on the site include Financial Aid Basics, Best College Deals, Scholarship Search, High School Funding, College Loan Center, Choosing the Right Loan and Calculators. The Scholarship Search requires you register on the site and create a student profile.
9. http://www.srnexpress.com/index.cfm - Scholarship Resource Network Exprcss is a search engine and database of private scholarships designed to assist students identify sources for undergraduate through postgraduate study.
10. http://www.scholaraid.com - SCHOLARAID.COM is a free college scholarship search & financial aid information resource, connecting students & parents with college funding opportunities.
11. http://www.princetonreview.com/college/finance - You can access the Scholarships & Aid section of The Princeton Review website at this address. The site has a Scholarship Search, Student Loan Providers section, Understanding Financial Aid segment and an Advice Library. Under the Understanding Financial Aid segment you will find a Tuition Cost Calculator, Fstimatcd Family Contribution Calculator, Aid Comparison Calculator and a link for FAFSA & CSS PROFILE Form Stratecies. You can search for scholarships through a partnership with FindTuition.com but registration is required.
12. http://www.theadmissionsoffice.com/finaid.htm - The AdmissionsOffice.Com provides access to a variety of financial aid and scholarship links in the financial aid section of their website.
13. http://www.xap.com/GetMouey - XAP.com’s “Get Money” section, Go To College has four sections. The “FINANCIAL AID Wizard” allows you to explore your financial aid needs and options with a step-by-step process for calculating your cost of attendance, expected family contribution, and discovering potential scholarships and loans available to you. The “Save for College” segment shows how you and your parents can start saving for college. Under “Pay for College” one can discover the many ways you can pay for college including scholarships, student loans, grants, work-study, merit money and institutional aid. Finally under “Scholarship Search” you will complete your personal profile to search different scholarship sources.
14. http://www.freschinfo.com - This is the website of the Free Scholarship Search.
15. http://www.college-scholarships.com - This web page comes from the AmericanEducational GuidanceCenter . It is designed to offer college bound students, parents, and counselors easy access to information on free college scholarship and financial aid searches, SAT and ACT test preparation tips and colleges and universities throughout the United States
16. http://mach25.collegenet.com/cgi-bin/M25/index - There are two sections to the Scholarship Search section of the CollegeNet website. The Keyword Search provides a quick way to narrow down to a particular scholarship or group of scholarships by entering a keyword. With the profile search you can view awards afier entering your age, sex and college level (i.e., freshman).
17. http://www.mapping-your-future.org - Mapping Your Future is a national collaborative, public- service project of the financial aid industry - bringing together the expertise of the industry to provide free college, career, financial aid, and financial literacy services for students, families, and schools.
18. http://scholarship.careersandcolleges.com/scholarship/login.do - Careers & Colleges magazine provides this college scholarship search. Registration and establishment of a profile is necessary.