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COLLEGE BOUND
THE NORTH PLATTE TELEGRAPH
SEPTEMBER 2021
Avoid these common FINANCIAL AID MISTAKES
3. The FAFSA is a student form Even though parents are typically filling out the form, the questions are directed to the stu- dents. Keep in mind that the CSS Profile, an additional financial aid form required by many private colleges and universities, is directed to the parents. One of my favorite books that comes out each year is Princeton Review’s “Paying for College: Everything you need to maximize Financial Aid and Afford College” by Kalman Chany, a national- ly recognized college funding expert. In the recently released 2021 edition, Chany re- ports that roughly 39% of high school graduates failed to complete the FAFSA in 2019. Chany’s advice applies the strategic planning techniques traditionally used by tax accountants in the world of financial aid. His recommenda- tions take into account year-to-year changes in both the aid application forms and the formulas used to determine aid offers. The edition even offers guidance on dealing with COVID-19 college funding issues. Lee Shulman Bierer is an independent college adviser based in Charlotte, N.C. Visit her website College Admissions Strategies.
with high school seniors and found that 53% of eligible families didn’t bother applying for aid through the FAFSA. This can be a very costly mistake. Many institutions, and especially private col- leges and universities with the highest price tags, offer generous merit-based aid. These packages aren’t based on financial need, but rather on talent and future potential for im- pact on the college campus. Many schools award these automatically based on GPA, rank in class, test scores, etc., while some schools require students to complete scholarship appli- cations. 2. Errors and omissions It has been reported that more than 80% of sub- mitted FAFSAs contain at least one error. One example is that money in a retirement account WON’T count against you, but money in a check- ing account WILL. This difference can obviously have a huge im- pact on your final Expected Family Contribution (EFC). Also, make sure to fill in all the fields of the form. If a question doesn’t apply to you, fill in with a “0” or “not applicable.”
LEE SULMAN BIERER Tribune News Service S
oaring student debt is a hot topic. The average debt of a senior graduating from college is nearly $38,000. Student loan debt has reached an estimated $1.56 trillion in the United States. That figure is even more frightening when
you consider that many families are able to send their children to state universities and incur no debt at all, so for the average debt to be near- ly $38,000 means that there are thousands of students graduating with over $100,000 in loan debt. Yes, the financial aid forms can be intimidat- ing, but here are a few tips to help you avoid the most common mistakes. 1. Not filling out the FAFSA The FAFSA is the trigger to financial aid. It may not be surprising, but the single biggest mistake is not filling out the forms because you assume you won’t receive any aid. Scholarship Advisors (myscholarshipadvi- sors.com) conducted a survey among families
WHY Hastings ? 1 2
Go Somewhere Your transition from college to a career begins your first semester. Every class, internship, research study and extracurricular activity adds to your experience. You’ll become your best self, ready to go somewhere. We Invest in You Our students are amazing — they earn at least $12,000 in scholarships. But most receive $15,000-20,000, making our premier education an a ff ordable option. Will you earn more? Accountability We provide all required textbooks plus an iPad and Apple Pencil. Yes, this saves you $1,000 a year (or more). But, more importantly, when everyone has the tools they need, there’s more accountability, fewer excuses and more success . Stress Less Our block schedule. It’s a di ff erence maker that lets you take just one or two classes at a time. Focus more intently. Absorb more information. The result? Students report less stress. And professors? They see improved performance. Intentional Experience Every student takes a travel course, including the opportunity to study abroad — and we cover the costs! These intentional travel experiences push you out of your comfort zone. The growth…it’s transformational.
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