Tips for navigating the financial aid & scholarship process
As students and families begin organizing, positioning, and preparing themselves for the after high school years, the question of navigating the financial aid process can become overwhelming. Parents of freshmen, sophomores, or juniors should work on this now.
Take note of 10 tips to make things manageable, achievable, and hopefully stress free.
- Pay attention to deadlines for merit and need based scholarship deadlines. Very often students must apply early (around the early action deadlines) to be considered.
- Visit colleges this spring and set up an appointment with a financial aid officer at each school. Colleges handle aid opportunities in very different ways. Learn what they offer and what the process is for applying. Make sure you keep organized notes and send a thank-you after meeting.
- Start managing your student application materials – activity log (resume), high school course work checklist, SAT/ACT current scores if any (or plan test schedule for fall 2011), teacher recommendations, portfolio, personal statement essay.
- Share any special circumstances that may affect your family financial picture. Future changes like job loss or medical expenses can be considered.
- Meet with your financial advisor as soon as possible for current law considerations and creative ways to position your family for the best aid opportunities.
- Get an estimate of what your EFC (Expected Family Contribution) will look like. This will help empower your family and give you the knowledge needed regarding financial requirements and where you can go for help.
- If your student applies for and secures a grant or scholarship from a corporation/foundation, understand how it will be treated by the individual colleges you plan to apply.
- When it comes time to do the Free Application for Federal Student Aid, FAFSA (early January), have everything ready to go and complete it as soon as possible. According to finaid.org 2/3 of all families qualify for aid.
- Research free on-line scholarship websites like fastweb.com, collegeboard.com, and scholarships.com.
- If your family needs money for school be prepared to put the time in! Set aside three to five hours each week for research, knowledge building, and planning ahead. Knowledge is power and money for college! Good luck!
Posted: April 21st, 2011 under Uncategorized.
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