THE FINANCIAL AID PUZZLE SET YOURSELF UP FOR SUCCESS
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n spite of being fairly familiar with the college admissions process through my work with The Pittsburgh Promise, even I found myself caught off-guard when we got a letter from my daughter’s high school at the beginning of her junior year inviting us to a college planning night. It seemed a bit ahead of schedule, but we soon discovered there are real advantages for students who get an early start! Students can get a head start during their junior year by registering to take the SAT and/or ACT exams, beginning to research schools, meeting with college admissions folks who visit high schools or college fairs, and even taking some campus tours. Junior year is also a great time to consider which teachers may provide recommendation letters, and ask them. Over the summer before your senior year turn to essay writing, taking or retaking the SATs or ACTs (or seeking preparation help if needed), and continue the research already begun on schools. Starting this process early provides definite advantages later that impact financial aid. Namely, that applications can be completed and filed earlier, permitting students and families to move on to the financial aid process sooner. Ideally, students should decide which schools they will apply to by the end of the summer following their junior year. Application deadlines vary from November for early decision, to January and February for regular decision. Experts recommend applying to at least four schools: one safety school (a school they know will admit them), one reach school (a school whose academic requirements are slightly beyond the student’s achievements), and two others that are a good academic match. One of the reasons for the “4-School Rule” is that generally, students perform their best when they attend more selective schools. In addition, having several financial aid packages offers more options. When selecting schools to apply to, students should include a mix of public and private colleges in order to be able to compare financial aid packages. Grants and other awards often reduce the “sticker” price and make private schools more affordable.
the EFC amount from the total cost of attendance published on their website and work from there to provide as much aid as they can, within the parameters of their financial aid policies and the funding they have available. Government money (Pell, PHEAA, and Federal Supplemental Educational Opportunity Grants) is always applied first, followed by other grants and scholarships. The Pittsburgh Promise scholarship is added after these grants and scholarships. Grants and scholarships are funds that students do not have to re-pay. Loans and work study are applied last. Starting early and getting college applications filed in the fall frees up more time to research and apply for scholarships. There are many online resources (see page 17 for a few to get you started). You can also inquire at the schools that you’re interested in; they may have private scholarships just for students who attend their school. Once students receive financial aid packages they should ask questions to be sure they understand clearly what the college is offering. If scholarships are included, are they for four years? What academic requirements are tied to keeping the grants each year? The Promise requires students to complete 24 credits per year and maintain at least a 2.0 cumulative GPA. Most scholarships have similar requirements. Finally, financial aid is sometimes negotiable. Don’t hesitate to call and ask for additional help. Students need to be comfortable talking to the financial aid office. Asking for book vouchers or short-term loans, understanding the cost of your education and the annual requirements for grants and loans are all important training and experience for life. Let it begin now. Shawn Butler is the Director of Programs at The Pittsburgh Promise.
Public schools, such as community colleges and state schools, generally do not provide grants and scholarships based on financial need; they primarily award funds for exceptional academic or athletic achievement, or what is referred to as “merit awards.” Private schools generally award both need-based aid and merit awards. Grants and scholarships provided directly by a school are referred to as “institutional aid.” The first step to applying for financial aid at all schools is the Free Application for Federal Student Aid (FAFSA). The word “free” means that there is no charge to complete the FAFSA. The FAFSA has sections for both student and parent information, and it is filed online at www.fafsa.gov. Filing the FAFSA is how students qualify for federal government aid, or the Pell grant, which can be as much as $5,800 for students with the greatest need. After filing the FAFSA for the first time, applicants are asked if they wish to file the PA State Grant Form (PHEAA). This is very important because students who don’t qualify for federal money may still qualify for state funds. Many students qualify for both. PHEAA grants can be as much as $4,700. The state form only has to be filed once, in the freshman year, unless the student changes schools. The big news for the high school graduating class of 2017 is that the FAFSA will be available months earlier than it used to be. Students planning to attend post-secondary schools in the fall of 2017 may begin their FAFSA submissions as early as October 1, 2016. Furthermore, students and parents will use their prior year tax returns (2015) eliminating the race to get taxes filed in order to complete the FAFSA. One of the biggest advantages provided by the “Early FAFSA” is that schools will be able to provide financial aid packages earlier, and students will be able to make well-informed decisions about the school they choose to attend with a complete picture of their financial obligations. It is important to know and meet the financial aid deadlines for each school applied to because some operate on a first come, first served basis when awarding aid. Once the FAFSA is filed, students will receive an Expected Family Contribution (EFC). This is the amount the government calculates the student and their family can contribute toward the cost of education. Schools use this number to begin putting a financial aid package together. In general, they deduct
Kayla Bowyer Communications 2011 Amachi Ambassadors Coordinator Amachi Pittsburgh
mercy Carlow is driven by mercy, and justice, and service. When you think about how these align with your own personal values, choosing a college is a no-brainer. Today, I help young people discover their greatness. I help them realize the power in their own stories and how they can impact the lives of others. You may be just one person, but you can do a lot. You can truly make a difference.
What drives you? | carlow.edu
11 ideapod // FALL 2016