A few things you need to know about applying for aid

Your financial situation will dictate how much colleges can help you. If you and your family have little money, schools can be very generous with financial aid and scholarship money, and private schools can be just as affordable as public schools. There are two financial aid processes you need to complete—one for the national aid, filling out a CSS-PROFILE form, which is obtainable in your high school; and one for the school-specific aid, obtainable from the schools themselves with the admissions applications.

TIP: Some private schools will not tie admission to financial aid requirements, but some will. You will find "need-blind" schools, in which the admissions committees make decisions without seeing financial aid forms and without considering financial situation, and "need-aware" or "need-sensitive" schools, in which a portion of their admissions hinges on ability to pay. This usually occurs with the last candidates in the pool and will vary by school. Ask your prospective schools if they are need-blind or need-sensitive.

TIP: Apply for aid even if you suspect you may not qualify for it. Colleges take into account many factors you may not realize, such as the number of your siblings in college, as well as assets and income tax forms. Families making $100,000 or more can still qualify for aid. If you do not apply for aid at the outset, you are usually unable to apply for aid at a later date.

MERIT AID: To boost enrollment of the top portion of their applicant pool, some schools will offer merit scholarships on top of need-based aid. Merit scholarships are monies granted—no payback required—as a reward for a strong and interesting academic or extracurricular profile.