I make too much money to qualify for financial aid. Should I fill out the FAFSA?
Absolutely! Merit-based financial aid is not based on how much money you make, but in order to receive merit aid, many colleges require that you fill out the FAFSA.
When is the best time for me to start planning for college?
If you haven’t started yet, when a student enters high school, it is time to start thinking about college admissions and financing. The classes you take, the grades you get, your community involvement, will all affect your admissions (and scholarship) opportunities. By the junior year, it is time to start focusing on college and “getting it done”! Do not wait until the senior year to start!
If my Expected Family Contribution (EFC) is $7000, and I receive a $2000 scholarship from my high school, will that reduce my EFC to $5000?
It may reduce your financial aid package, if you are receiving any need-based financial aid. You are expected to report any scholarships you receive outside the college. The college will most likely reduce one area of your financial aid package. Call the college to ask them how that works! Hopefully they will reduce your loans rather than your grants. So in other words, typically getting a scholarship helps the college more than the student! Bummer!
How many times can I take the ACT/SAT? And does it matter which test I take?
You can take the tests as many times as you like. We recommend 2-3 times. The SAT and ACT are different types of tests and colleges accept either. You may do better on one than the other. Stick with the one that gives you the best score! We can help you determine the best test for you!
I have been told that early decision admission is not always a good idea. Why is that?
It is not always a good idea for the same reason it is not usually good to say, “I’ll take it” before you know the price of a new car. Early Decision (ED) may give you an admission advantage, but you may also pay retail for your education. Early Decision is binding. If you are positive about where you want to go and price does not matter, then Early Decision is an okay choice. But if you are unsure of your college choice or cost is a factor, then DO NOT apply Early Decision.
Is it true that most students take more than 4 years to finish college?
Yes. And 47% of the students need more than 6 years to finish college or they do not finish at all. be sure you find a school with a decent graduation rate!
Can my CPA or financial planner help us with the college funding process?
For the most part, CPAs and financial planners are not familiar with all the nuances of the financial aid process. They may be able to help with filling out financial aid forms.
I am going to save as much as possible for college. Is this a good idea?
Yes, BUT…… The FAFSA will count the parent’s assets at 5.6% but the student’s assets will be counted at 20%. It is better to have assets in the parent’s name, rather than in the student’s name. The financial aid process is complex.
My friend’s parents have about the same income as my parents. My friend’s Expected Family Contribution (EFC) is much less than mine. How did that happen?
There are many factors that determine the EFC. Just because you make the same amount of money does not mean you will have the same EFC.
Will any college that accepts me give me 100% of my financial need?
No is the simple answer, although there may be a few colleges that meet 100% of your need. Colleges may provide anywhere from 40% to 100% of your need. It varies from college to college. You should figure out the % need met before getting too excited about a particular college.
Am I allowed to question the Student Aid Report (SAR) when I get it?
Yes, and please do. Financial aid officers make mistakes. It is up to you to review your SAR for errors.
