AFFORDABILIT Y
UNDERSTANDING FINANCIAL AID The college choice will be heavily influenced by how you and your student perceive cost and the financial aid process. Be sure to make decisions based on accurate information. You don’t want to rule out schools based on sticker shock when financial aid could bring those schools within reach.
WHAT CAN WE DO TO MAKE COLLEGE AFFORDABLE?
AFTER FILING THE FAFSA, WHAT COMES NEXT?
File your Free Application for Fedral Student Aid (FAFSA),
The FAFSA allows your student to select up to 10 schools to
and file it as early as possible. The FAFSA is the gateway
automatically receive your family’s FAFSA information. Each
to state and federal financial aid, and universities use this
school that has accepted your student for admission will
information to determine your student’s awards. The FAFSA
then send a financial award letter outlining the federal, state
can give access to grants as well as loans that tend to have
and institutional aid for which your student is eligible.
lower interest rates with the most advantageous payback schedules. Some state grants have limited resources. It’s important to file as soon as possible
WHEN CAN WE FILE THE FAFSA? You can now file the FAFSA at fafsa.gov beginning Oct. 1, for the following school year. You previously had to wait until Jan. 1, but the government moved up the filing date so you can have your financial aid picture sooner and longer to best prepare for the start of school. Another improvement: You’re able to pull financial information directly from electronic tax documents into your FAFSA form. 22 OLIVET.EDU
WHAT ROLE DO STANDARDIZED TEST SCORES PLAY? It’s important to find out how each admissions office handles test scores, as each school is different. If your student takes the ACT or SAT more than once (not required but permitted by both testing organizations), some universities take the highest score, while others take an average. A higher test score could improve an academic scholarship by thousands of dollars per year.