Show Me the Money!

"If you don't know where you're going, you might end up some place else."
Lawrence Peter Berra (AKA - Yogi)

By now seniors should have some idea of what their plans are after high school. Optimally, applications should have been sent and efforts now should be focused on finding the money to fulfill your goals. You should have made alternate choices for reach and safety schools, not just academically, but also financially. The letter most anxiously awaited after the one from the admissions office is the one from the office of financial aid. We'll be discussing different sources of aid in the next few posts. FAFSA forms are currently available in high school guidance offices. All schools from whom you wish to receive aid will require this form to be filed before they will offer a financial aid package. The sooner you can send in a complete and accurate form the better, as schools award monies available as they receive requests from eligible accepted students.

There is an excellent resource to help you estimate your financial aid needs and determine your Expected Family Contribution (EFC). FinAid, the Smart Student Guide to Financial Aid, provides an explanation of the methodology colleges use to determine a student's financial aid and an EFC calculator. The website is: http://www.finaid.org/calculators/finaidestimate.phtml

On the www.college.gov site I first blogged about in 2010, there is a section titled, "How to Pay". There is also a portal to completing the FAFSA online. A simple and brief explanation of the financial aid process is provided as well. Links are available to federal and state scholarship searches. On the Federal Student Aid site there is also a "Student Aid on the Web's Financial Aid Wizard" which takes you through the process in "8 easy steps". "State Higher Education Agency Listings" on www.college.gov provides links to each state's Higher Education Agency sites. These agencies provide information on programs specific to each state. Under the "How to Pay" tab there is a "be money smart" heading. It includes tips on how to avoid fee based scholarship scams and where to find more FREE sources of financial aid assistance.

The financial aid process may seem daunting but all the information is within easy reach. With some effort and perseverance, you may be able to find the money you need so you won't "end up some place else".