What You Need to Know About Financial Aid

Always apply for financial aid, even if family financial resources seem too high. Most students or parents will qualify for some type of financial aid whether it is student loans, grants, or scholarships. Do not over-report assets. The federal financial aid form does not require disclosure of retirement accounts like IRAs, 401(k), 457, 403(b) plans, or equity in a primary home.

Often unsecured debts like consumer loans, credit card balances, and personal loans do not count when colleges calculate financial aid awards. Thus, paying off your credit cards and other debts generally qualifies you for more aid.

Find sources for funding scholarships early. Start the search for scholarships in 7th or 8th grade if possible and follow up. Continue the search through college. At the latest, begin by the junior year of high school. Apply for many scholarships to have a chance at getting a few. You have to apply to win scholarships. It takes time and dedication.

12 Questions to Ask Financial Aid Officers

The following questions should be directed to financial aid officers when considering financial aid.

1. What is the college's average percentage of financial need met? (Need is the difference between the expected family contribution and the total college costs.)

2. If aid is requested, will it affect the ability in being admitted?

3. If the parents are separated or divorced, is financial information necessary for just the custodial parent or both parents?

4. What is the school's policy on treating outside scholarship awards?

5. Will receiving outside scholarships affect the ability to qualify for financial aid?

6. Are there any aid awards through the college that are based on merit? If so, how does one go about applying for these awards?

7. Which loan programs are available for college costs that aid will not cover?

8. What other forms/applications are necessary to apply for all kinds of aid through the college?

9. Can payments be made to the college through an installment plan?

10. What are the college's deadlines for each form/application?

11. When will applicants be informed how much aid is available to them?

12. What procedure should be used to appeal?