INTRODUCTORY ADVICE ABOUT FINANCIAL AID Plan ahead! If you think that you will need financial aid at any time during your college years, apply as a freshman. Some colleges will not allow you to apply later if the application is not completed in the first year. The process may seem cumbersome, but we will help you. College is expensive, and for many families this will be a major part of your application process. Read all materials from colleges regarding financial aid policies and procedures. Note and meet all deadlines. A missed deadline can be costly! Are you “need-blind” in your admission policy? A college that is “need-blind” makes admission decisions without regard to the student’s ability to pay. The “need-blind college” does not review the student’s financial circumstances until after an admission decision is reached. Some colleges, when considering students with equal academic records who are “on the cusp” of acceptance, will give preference to the student who is able to pay. This practice is “need-aware” or “need-conscious.” You should ask what the policy is for each school you are considering. Do you meet 100% of demonstrated need? To be eligible for financial aid, families complete several forms (see descriptions below) and a determination is made regarding a family’s economic need. Some schools meet 100% of your demonstrated need with an aid package that includes grants (scholarships), student loans, and work-study. Other schools do not meet full need. This is called “gapping.” Families, not schools, are responsible for finding alternative ways to finance the “gap.” What is your “packaging policy?” Most schools give an aid package that includes grant money (scholarships), loans, and/or work-study. Ask the following questions: In general, what percentage of the aid package from your college is grant vs. self-help (loans, work-study)? How does an aid package change over four years? Some colleges entice freshmen with large grants for the first year and then switch to a much heavier loan burden in sophomore and subsequent years. Some increase in loans over a four-year period is typical, but you want to avoid a “bait and switch” situation. Do you have a “preferential packaging” policy? For example, if two students have equal demonstrated financial need, do you give more grant aid (or a better overall aid package) to the student who has a stronger academic profile? Do you give better aid packages to students entering certain fields of study? Do you give comparable aid offers to applicants under early and regular decision programs? Is a student needing financial aid better off applying early or regular at your school? Do you give any type of merit-based aid (scholarships for students with high academic profiles regardless of their family’s financial circumstances)? N.B. As a rule, merit aid is about “buying talent,” in other words, about inducing students whose record could help raise the college’s profile to matriculate. The more selective a college, the less likely it is to offer merit aid since its profile is already very strong. What types of work-study opportunities are available and how accessible are they? QUESTIONS TO ASK WHEN VISITING A COLLEGE
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