Affording College

• The Free Application for Federal Student Aid (FAFSA) form is required for anyone applying for financial aid. It is due as soon after January 1st of your senior year as possible. You can indicate the schools you want to receive this report when filing or make these additions later.
• Many private institutions and agencies also require the CSS Profile form. Filing with this form is a two-step process that can begin early in the fall of the senior year. When you submit the form, you should indicate which schools you want a report sent.
• Some schools also require their own institutional form often found in their application packets. You must fill these out in addition to the FAFSA and CSS Profile.
• All colleges and universities (in the U.S.) are now required by law to have a Net Price Calculator available on their website. While these programs do vary, they do provide as accurate a picture as possible of what you can expect in terms of out of pocket expense.
• There are some scholarships and aid awarded on the basis of need and others awarded based on merit. Make sure you are aware of what the specifics of all scholarships you may apply for.
• Financial Aid awards are given for one school year. You must re-apply each subsequent year; it is therefore a good idea to get to know the financial aid officers at your school.
• Need-based aid is awarded in packages consisting of grants, loans and work-study. Individual schools can “play” with the relative levels of the components, but the total award should be roughly the same at every school. You can chose not to take the loan or work study components of a package, but you will have to come up with an alternate source for these funds.
• Receiving aid from St. Mark’s does not guarantee that you will be eligible for need-based aid in college. It also does not guarantee that you will be awarded aid in a similar proportion to the cost of the school.
• Schools in regions beyond New England more frequently offer more extensive Merit Aid programs. Some of these programs require special applications while others are awarded automatically upon receipt of your application.
• There are a relatively small number of truly “need-blind” colleges and as such admission officers do sometimes consider how much a student will “cost” them if admitted. Such decisions usually occur in the absolute final stages of shaping the class and will not include students who are clearly admissible based on academic qualifications. Because of this situation, students should apply to several colleges where their credentials will place them among the strongest in the applicant pool.
• It is possible for a school to admit you but not award you any aid, or to provide you with an aid package that meets only a portion of your overall need. This process known as “gapping” is unfortunately becoming more prevalent.
• If you know financial aid will be important in your ultimate decision about where to go, you must include a financial aid “safety” on your list of schools. This “safety” must be a sure thing or foundation school for you in terms of admission as well. A state school often fits this bill.
• Always, always, always make and keep copies of all financial forms you submit.
• You should ask admission officers how their financial aid packages will change during your tenure at their school. Do they “front load” their packages, making them more attractive at the start as a recruiting tool and then not give as much in subsequent years? Or, do they adjust financial aid packages along with rises in overall costs? Do they change your package based on your academic performance?
• If there arespecial circumstances, delineate them carefully on a separate sheet andsend to each admission office, NOT to FAFSA or PROFILE. Supplyas much documentation as possible.
• It is perfectly acceptable to call the financial aid office after receiving your award letter to seek clarification or in the case of new or changed information, appeal an award.
• Beware of solicitations promising to find either more aid or scholarship money; unfortunately, there are people out who are ready to capitalize you’re your fear about how to afford college.

• Receiving aid from St. Mark’s does not guarantee that you will be eligible for need-based aid in college. It also does not guarantee that you will be awarded aid in a similar proportion to the cost of the school.
• All colleges and universities in the US are required by law to have a Net Price Calculator available on their website. While these programs do vary, they generally provide a fairly accurate picture of what you can expect in terms of out-of-pocket expense.
• If you plan to apply for financial aid, you must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is required by all colleges in the United States and for some programs available to students attending college outside the US.
• FAFSA deadlines vary by school. They are generally similar to application deadlines, but check each institution’s website carefully for details.
• Many private institutions also require the CSS Profile, a form that asks for more detailed information about your family’s financial circumstances, and some have their own institutional forms. Each school’s website will make clear whether they require the CSS Profile and/or an institutional form in addition to the FAFSA.
• Financial aid awards are given for one school year at a time; you must reapply each subsequent year your child is enrolled.
• Make sure you fully understand a college’s financial aid policies. Are you guaranteed to receive the same level of support all four years if there are no changes to your family’s circumstances? Is financial aid tied to academic performance?

• If you know financial aid will be an important factor in your decision about where you go to college, make sure your college list includes at least one school that you can definitely afford and to which you are highly likely to be accepted. A public university in your home state is usually a good choice.
• There are a relatively small number of truly “need-blind” colleges that do not consider a student’s ability to pay at any point in the admissions process. Admissions officers at “need aware” schools do sometimes consider how much a student will “cost” them if admitted. Such decisions usually occur in the absolute final stages of shaping the class and will not affect students who are clearly admissible based on academic qualifications. Hence, students who need financial aid should apply to several colleges where their credentials are among the strongest in the applicant pool.
• Need-based aid may consist of grants, loans, and work-study. Individual schools may offer different levels of aid within these categories, but the total award should be roughly the same at every school.
• If there are special circumstances that you need to explain about your application for financial aid, describe them carefully and in detail in a separate letter that you send to each admission office, NOT to FAFSA or the CSS Profile. Supply as much documentation as possible to support your letter.
• Always, always, always make and keep copies of all financial forms you submit!
• You can choose not to take the loan or work study components of a financial aid package, but you will have to come up with an alternate source for these funds.
• It is perfectly acceptable to call the financial aid office after receiving your award letter to seek clarification or in the case of new or changed information, appeal an award.
• It is possible for a school to admit you but not award you any aid, or to provide you with an aid package that meets only a portion of your overall need. This is known as “gapping.”

• At many colleges and universities, all applicants are automatically considered for merit scholarships. At others, however, applicants must meet certain deadlines and/or eligibility requirements and submit additional materials. Your child should check each college’s website carefully and by no later than September of VI Form to determine whether there are scholarship programs of interest with specific deadlines or applications.
• Schools in regions beyond New England more frequently offer more extensive merit aid programs.
• If you apply for outside scholarships, make sure you talk to the financial aid offices at colleges to which you are applying to understand how the college factors outside funding into your financial aid package. Do they reduce loans or grants if you have an external scholarship?
• When searching for scholarships, beware of websites that charge money to find you aid. Unfortunately, there are people out there ready to capitalize on your fears about affording college.

A: The first place to go is the Net Price Calculator available on every school's admission or financial aid website. You may also want to check the Estimated Family Contribution (EFC) calculator program available at www.finaid.org.

A: Perhaps merit scholarships could help. Public universities with a lower price tag should also be considered. You can also look into payment plans and options individual schools offer.

A: If a college is need-aware (and most colleges are), a student's financial need may indeed affect the admission decision. In most cases, this happens only at the very end of the admission process and applies to only a handful of marginally qualified students each year.

A: Yes, absolutely! Education is an important investment in your future, and you should plan to go into debt to fund it if required. However, you also MUST be realistic about how much you can afford to pay back. The average debt load for undergraduate study is going way up, so you should not be surprised by $4,000-$5,000 per year in loans. If you are facing more than that, think hard about how much you are likely to make when you graduate, given your probable fields of interest. For instance, a future chemical engineer can probably handle more debt than a future musician. Also, consider whether graduate school is a desired option for the future; this can quickly multiply your debt.