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With Rachel Korn, former admissions officer at several top universities.
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Discuss Financial Aid As a Family
HEAD Start
TASK: The big financial discussion. Once you have some ideas about schools that could fit you, talk to Mom and Dad to figure out what financial limitations you have. If you are seeking financial aid, you will want to make sure that the schools to which you want to apply will offer a good chance of giving you "what you need."

WHY: It is best to know your family's financial situation and financial values so you are heading toward schools that will work out, meaning: if you get in, you should be able to go. Remember that schools can be generous with aid and/or scholarship money, if you qualify, so do not be too quick to only focus on public schools over private schools. Couple the answers to the questions below for your parents with research about your schools' financial aid policies - policies are likely different at each school and can make a difference in potential affordability - to determine how financial aid will impact your college applications and choices.

HEAD Lines
Questions you need to ask:
  • How much can the family afford to contribute?

  • Can you take loans and be okay with that? Who will pay them back after you graduate?

  • Do you want to only look at public schools where the sticker price is cheaper?

  • Should you consider private schools, assuming they could be as cheap as public schools if you qualify for need-based financial aid?

  • Are you interested in searching for and applying for scholarships?


Betsy F. Woolf
College & Graduate School Admissions Consultant.

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Discuss financial aid as a family by Betsy F. Woolf
I tell families these important points about financial aid:
  1. When figuring the cost of attending college, include tuition, fees, room and board, books, supplies (notebooks, art materials, computer), transportation, and personal expenses like laundry and entertainment.

  2. The deadlines for applying for aid are not the same as those for applying to college. Make sure you know them.

  3. Apply early - and on time.

  4. Find out which forms a particular college requires: FAFSA (Free Application for Federal Student Aid), and/or CSS PROFILE, and/or the college’s own application.

  5. Yes, filing the FAFSA is free.


The views expressed herein are those of their authors alone, and do not necessarily represent the views of Hundreds of Heads or of IECA.

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From Other HEADS
ALL YOU HEAR WHEN YOU’RE APPLYING is, "Don't worry about the money," but that's not always the best advice. I didn't realize how much that debt would affect my life. Now I'm about to graduate, and I'm facing all these loans. You have to wonder, was it worth it?

-- ANONYMOUS
AGNES SCOTT COLLEGE


MY FAMILY WASN'T REALLY THERE FOR ME financially, so I didn't have anyone when I was applying telling me, "Go into debt if you need to; it'll pay off in the long run." If I had it all to do over again, I would have focused more on where an education could get me, not how much it would cost.

-- MARY PERALTA
LOUISIANA STATE UNIVERSITY


Web Resources
FinAid.org has a wealth of Financial Aid calculators: www.finaid.org/calculators


HoH Tips
  • Your financial situation will dictate how much colleges can help you overall. 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.

  • 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.

  • Merit Aid isn't based on financial need. 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.
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