It is always a happy time in the lives of students and their families when they prepare to go to college. Financial planning for the future and searching for the right college are two things, but maximizing financial aid is critical. As tuition prices continue to climb, the hunt for more “free money”, i.e., grants and scholarships is paramount. It is always more effective to go through the process with the assistance of an expert in the field of financial aid who will help families navigate the tricky waters of applying for aid. They work with the family to accurately complete the financial aid forms, assure timely submissions, and analyze the financial awards to determine if appealing for more aid is appropriate. Ideally, they seek to decrease the out-of-pocket cost of sending your student to college.
Some essential services a professional consultant provides include:
– Completing the FAFSA application to get the most grant and federal, state, and college-based need-based financial aid opportunities. The tiniest errors could result in missed opportunities to receive thousands of dollars in aid.
– Completing the CSS Profile if your college requires it to obtain institutional funds. As observed above, precision improves one’s likelihood of qualifying for a program.
– Exploring other forms of funding for the school, college, or university besides federal and state funding. Every dollar you gain or lose in this game counts.
– Developing recommendations that can assist families to maximize aid, with consideration of changes to federal guidelines and law. As with most things in government, knowledge is power, especially regarding financial aid formulas.
– Providing possible approaches toward how parents might be able to set aside college funds in the years leading up to, and during college.
Getting to the point of Need-Based Financial Aid
Need-based financial aid is based upon the completion of the FAFSA, and with many college, the CSS Profile. This aid can include:
– Federal and State Grants: money that students do not have to repay (e.g.,Pell grants, SEOG grants, and state grants, etc).
– Institutional Aid: in the form of Grants and Scholarships.
– Work Study Programs: On-campus work opportunities that cover the cost of books and other out-of-pocket expenses. Lastly, the sooner you complete the necessary financial aid forms, the better. In current practice, aid budgets result from annual appropriations and awards are often based on the first come, first served basis. Therefore, to avoid last-minute panic, it is best to plan ahead.
As previously indicated, even minor mistakes on the FAFSA or the CSS PROFILE can lead to the loss of financial aid. A financial aid consultant will help you avoid common errors, including:
- Omission of a non-custodial parent income and assets
- Entering erroneous Social Security numbers
- Failure to scan and uploading of all necessary documents to the college
- Miss priority deadlines established by the colleges.
The saying ‘every little thing counts’ holds. It is much better to have someone who knows what they are doing to guide you so you do not get set back right from the start.
Is applying for financial aid nerve-wracking and a headache?
Yes, the forms are repetitive and could take quite some time. Rules seem complex. However, knowledge and preparation ensure that the work is well-ordered and completed accurately. Working with a knowledgeable and experienced financial aid consultant means having confidence that all the paperwork and processes have been completed correctly. They know about the current policies concerning financial aid and the formulas used to calculate them. Let them be the ones to deal with it so you can focus on selecting, and getting admitted to, the right college
