A quick overview of how FAFSA works
Schools that meet 100% of Demonstrated Need (Not Complete List)
Frequently Asked Questions (FAQ)
However, since we do not live in a perfect world, only the more selective or prestigious university or colleges are able to meet 100% demonstrated need of families. Since only these schools have enough financial resources through endowments (alumni contributions, etc.) to provide families with 100% of their financial needs. These colleges are also usually need-blind, meaning that they do not take into account that you may require financial assistance when you apply to these colleges.
Colleges or Universities who do not say they will meet 100% of your demonstrated financial need will offer you a financial package which will have a “gap” between the aid they give you and the costs of attending. That gap will be the cost that you will have to pay via loans or another means.
So how do colleges determine your demonstrated need? Almost all colleges will require you to fill out a FAFSA (Free Application for Federal Student Aid.) The FAFSA should be filled around January and February and must be renewed each year. Some schools require in addition to FAFSA, CSS/Financial Aid PROFILE, check with each university/college.
When the college acceptance letters begin to arrive, financial aid packages should either be included or will be coming soon. The tough decision is when families have to balance what school the student may want to go and family’s financial need. I personally suggest that parents and applicants should have a conversation about financial constraints before students begin to set their heart to a school, to only find out later that it is financially unfeasible and out of reach.
For parents this may be an especially difficult and personal decision because no one knows your financial situations as well as the parents. Many parents are against taking on a large amount of debt when they may be about to enter retirement or because of an unstable economy.
Parents and their children should consider a wide variety of schools, even state schools. If you have a bright student, you may want to look into colleges and universities where your child may be at the top of the applicant pool, therefore having a larger chance of receiving good merit aid/scholarships. Also looking into the elites and Ivy Leagues is recommended because these schools with huge endowments, which tend to give large amounts of grants or aid that you don’t have to pay back. However admission into these schools is extremely difficult, but it is worth a shot.
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March 26, 2007 @ 7:47 pm