College FAQ>
What is Financial Aid?
Student financial aid is funding that is intended to help students pay education-related expenses including tuition and fees, room and board, books and supplies for education through a college or university.
Am I eligible for Financial Aid?
There are two types of financial aid available. Merit based and Need based.
♦ Merit based financial aid comes in the form of grants or scholarships that do not need to be paid back. Merit-based scholarships are typically awarded for outstanding academic achievements and maximum SAT or ACT scores, although some merit scholarships can be awarded for special talents, leadership potential and other personal characteristics. These are normally given out by the college or university and outside organizations.
♦ Need based financial aid is awarded based on the financial needs of the student. This type of aid comes as loans, grants that do not have to be repaid, and self help aid like a work-study program. The Free Application for Federal Student Aid application (FAFSA) is generally used for determining federal, state, and institutional need-based aid eligibility. At private institutions, a supplemental application may be necessary for institutional need-based aid. There are many factors including family size, income, assets, and outside resources used to determine need based aid.
Should I only apply at state colleges if my family is worried about the cost of private school?
You should identify your goals and consider costs, class size, culture, and environment before choosing between a public and private school for your college experience. The cost of a private college could end up being close to the cost of a public college due to the increased use of merit based aid to attract high performing students. It is good to apply to a mix of both state and private schools.
Do I need to fill out more than just the FAFSA form?
Every U.S. college requires you to complete the FAFSA form. In addition some schools will also require that you fill out a Profile application. Some schools will also have their own financial aid forms to be completed. Some states also have their own financial aid applications to fill out. In New York for example there is the Tuition Assistance Program also known as TAP.
Should we fill out the financial aid form even if we do not think we will qualify for financial aid?
Yes. Often parents or students will think that they do not qualify for aid when they really do. While most financial aid is awarded based on financial need, some grants, loans, and scholarships are available regardless of need.
Does my family need to have completed their tax returns before we can file?
No. Many times a college’s recommended filing deadlines are prior to when the tax returns are completed. It is better to file prior to the deadline using estimated income than to miss the deadline to use exact figures.
Student financial aid is funding that is intended to help students pay education-related expenses including tuition and fees, room and board, books and supplies for education through a college or university.
Am I eligible for Financial Aid?
There are two types of financial aid available. Merit based and Need based.
♦ Merit based financial aid comes in the form of grants or scholarships that do not need to be paid back. Merit-based scholarships are typically awarded for outstanding academic achievements and maximum SAT or ACT scores, although some merit scholarships can be awarded for special talents, leadership potential and other personal characteristics. These are normally given out by the college or university and outside organizations.
♦ Need based financial aid is awarded based on the financial needs of the student. This type of aid comes as loans, grants that do not have to be repaid, and self help aid like a work-study program. The Free Application for Federal Student Aid application (FAFSA) is generally used for determining federal, state, and institutional need-based aid eligibility. At private institutions, a supplemental application may be necessary for institutional need-based aid. There are many factors including family size, income, assets, and outside resources used to determine need based aid.
Should I only apply at state colleges if my family is worried about the cost of private school?
You should identify your goals and consider costs, class size, culture, and environment before choosing between a public and private school for your college experience. The cost of a private college could end up being close to the cost of a public college due to the increased use of merit based aid to attract high performing students. It is good to apply to a mix of both state and private schools.
Do I need to fill out more than just the FAFSA form?
Every U.S. college requires you to complete the FAFSA form. In addition some schools will also require that you fill out a Profile application. Some schools will also have their own financial aid forms to be completed. Some states also have their own financial aid applications to fill out. In New York for example there is the Tuition Assistance Program also known as TAP.
Should we fill out the financial aid form even if we do not think we will qualify for financial aid?
Yes. Often parents or students will think that they do not qualify for aid when they really do. While most financial aid is awarded based on financial need, some grants, loans, and scholarships are available regardless of need.
Does my family need to have completed their tax returns before we can file?
No. Many times a college’s recommended filing deadlines are prior to when the tax returns are completed. It is better to file prior to the deadline using estimated income than to miss the deadline to use exact figures.