What is the typical financial aid process? In the midst of it all...

[J-rap]

Even though we have three kids presently in college, none have gone the typical route and all have found themselves in unique situations where tuition has not been much of an issue (that's another story!).

 

Now, we finally have one going through the whole traditional process.  She has applied at five colleges, and so far been accepted at four.  Those four have all offered her a type of merit scholarship (between 1/3 and 1/2 of tuition), which is a start, but of course we're hoping for more.  She is now in the process of applying for additional, smaller scholarships (which range between $1,000 and $5,000/year).  So then, I suppose our next step is the FAFSA, which we do after the year end.  And then hopefully the schools will come back to us with additional aid?  At what point would I also make a special request due to special circumstances (husband's long-term disability and neither of us being able to work right now --and indefinitely -- because of it)?  Is there anything I'm leaving out?

[JFSinIL]

Odds are the schools WILL offer additional aid, once they get the FAFSA results, in the form of grants, work study, and student loans, probably even a PELL grant.  You can then contact the financial aid office of each school and request whatever form they use for special circumstances (we have had to go this route with our two in college since hubby lost his job).  Some states also have grants (here in Illinois it is the MAP grant) for low income students.  We got the PELL and the MAP grant after sending in our formal request for more money and now our college senior is at a $44,000ish school for $303 dollars tuition this year.  Son is at a private school (LAC).  He is able, thanks to summer jobs and work study, etc., to cover his own living expenses this year. 

 

Refuse to even consider PARENTAL loans if offered - not a viable option for many of us!

 

Do the FAFSA as soon as possible after the first of January - you can guesstimate on it, and correct it later on-line when your taxes are done (we do this) so the schools can make their financial aid offer and you can then ask for more aid (if still needed).  

 

 

[J-rap]

Thanks for this info.  It's very helpful!  Wow, your son has a great deal!  It would be wonderful if we could get something along those lines!  :)  So do you actually complete and send the FAFSA with your estimate, and then correct later?

 

 

 

 

 

 

Odds are the schools WILL offer additional aid, once they get the FAFSA results, in the form of grants, work study, and student loans, probably even a PELL grant.  You can then contact the financial aid office of each school and request whatever form they use for special circumstances (we have had to go this route with our two in college since hubby lost his job).  Some states also have grants (here in Illinois it is the MAP grant) for low income students.  We got the PELL and the MAP grant after sending in our formal request for more money and now our college senior is at a $44,000ish school for $303 dollars tuition this year.  Son is at a private school (LAC).  He is able, thanks to summer jobs and work study, etc., to cover his own living expenses this year. 

 

Refuse to even consider PARENTAL loans if offered - not a viable option for many of us!

 

Do the FAFSA as soon as possible after the first of January - you can guesstimate on it, and correct it later on-line when your taxes are done (we do this) so the schools can make their financial aid offer and you can then ask for more aid (if still needed).  

 

[JFSinIL]

Yes, just estimate as best you can for the FAFSA - it is hard to get taxes done when you don't get the whatdoyoucallthem (W2s?) from various employers, etc.    The FAFSA folks know many people will need to tweak their forms later.  When this is done they send the new numbers on to the colleges - colleges can then adjust their financial aid offerings as needed.

 

DS had the highest merit award the college offered, also a small grant from them, another thousand a year from them for doing well on a biology test, work study, student loans, and a small $2,000 per year outside scholarship.  This school also grants $500 each year if the FAFSA is done before a certain date (and it can still be corrected later!!).  We were paying (before hubby lost his job and we qualified for PELL and MAP grants too) a couple thousand LESS than our FAFSA recommended EFC thanks to the merit aid.

 

The last week before the May 1st deadline to pick a school, ds and I were on the phone with two LACS - it came down to which one would cost us the least as otherwise the schools were equal (each even a three hour drive from home, although in different directions).  One school wanted ds more than the other.  If it comes to it, you can let the admissions folks know in April that you need to base your decision on finances (this assumes you have done the extra paperwork to prove the circumstances behind your requesting additional financial aid). 

[J-rap]

That's funny, I'm not sure how my last response ended up inside of your quote!

 

Anyway, this helps a lot -- thank you!  It is pretty much how I envision it happening -- kind of a back and forth game (not quite the right word) until the very end.  In our case, all of the colleges are quite similar and even in the same city, so it will probably boil down to which one offers the best financial package. 

 

 

Yes, just estimate as best you can for the FAFSA - it is hard to get taxes done when you don't get the whatdoyoucallthem (W2s?) from various employers, etc.    The FAFSA folks know many people will need to tweak their forms later.  When this is done they send the new numbers on to the colleges - colleges can then adjust their financial aid offerings as needed.

 

DS had the highest merit award the college offered, also a small grant from them, another thousand a year from them for doing well on a biology test, work study, student loans, and a small $2,000 per year outside scholarship.  This school also grants $500 each year if the FAFSA is done before a certain date (and it can still be corrected later!!).  We were paying (before hubby lost his job and we qualified for PELL and MAP grants too) a couple thousand LESS than our FAFSA recommended EFC thanks to the merit aid.

 

The last week before the May 1st deadline to pick a school, ds and I were on the phone with two LACS - it came down to which one would cost us the least as otherwise the schools were equal (each even a three hour drive from home, although in different directions).  One school wanted ds more than the other.  If it comes to it, you can let the admissions folks know in April that you need to base your decision on finances (this assumes you have done the extra paperwork to prove the circumstances behind your requesting additional financial aid). 

 

[*LC]

If your income is about the same this year (2013) as last year (2012), you can just enter in last year's income tax numbers as your guesstimate. It will give you that option. That was easier for me than guesstimating.

[regentrude]

Yes, just estimate as best you can for the FAFSA - it is hard to get taxes done when you don't get the whatdoyoucallthem (W2s?) from various employers, etc.    The FAFSA folks know many people will need to tweak their forms later.  When this is done they send the new numbers on to the colleges - colleges can then adjust their financial aid offerings as needed.

 

So you are saying do the FASFA now before January 1st with just estimates?

Even if the college's deadline is not until the spring?

[J-rap]

If your income is about the same this year (2013) as last year (2012), you can just enter in last year's income tax numbers as your guesstimate. It will give you that option. That was easier for me than guesstimating.

Unfortunately our income is drastically different, since we sold our business last year.

[J-rap]

So you are saying do the FASFA now before January 1st with just estimates?

Even if the college's deadline is not until the spring?

 

I think she was saying as soon as you can after January 1.  I tried to quote that part but haven't yet figured out how to multiquote.

[Kathy in Richmond]

So you are saying do the FASFA now before January 1st with just estimates?

Even if the college's deadline is not until the spring?

 

The FAFSA for the 2014-2015 academic year won't be available until Jan 1, 2014.  You can request your PINs now, however, so you don't have to wait later.

[regentrude]

Thanks, Kathy, that's what I had thought. We'll be sure to have it ready to go as soon as January comes. After all, just having completed the CSS profile, FASFA should be a piece of cake, right?

[J-rap]

Thanks, Kathy, that's what I had thought. We'll be sure to have it ready to go as soon as January comes. After all, just having completed the CSS profile, FASFA should be a piece of cake, right?

 

This is something I don't quite understand.  None of the colleges my daughter has been accepted to even mention the CSS profile, only FAFSA.  Is the CSS something I can/should do anyway?  I know it gives you the opportunity to put in more details, which would be helpful to us given our situation.

[J-rap]

Just a little "tip" (if it ever comes up).  If at the end you don't get enough money, and you feel you have a compelling reason to need more, ASK.  It happened to me a couple of times.  They gave me my FA and then I didn't have enough to cover everything.  And I did not have the money.  My parents did not either.  Ya can't squeeze blood out of a rock.  So I went to the FA office really freaked I wouldn't be able to continue and told them I don't have enough money.  They had additional forms.  I filled them out and within a couple of days they gave me the money I needed. 

 

The thing with the FAFSA form is that it does not take every detail into account.  In my case, my parents had a lot of health problems and pretty much anything that could have been considered discretionary income for them was not because they spent it on medications, etc.  It doesn't even need to be as "noble" as that.  It could be your mortgage is higher than usual.  Whatever.  Always ask.

 

Good to know.  We'll get ready to freak!  :)

[Myra]

This is something I don't quite understand.  None of the colleges my daughter has been accepted to even mention the CSS profile, only FAFSA.  Is the CSS something I can/should do anyway?  I know it gives you the opportunity to put in more details, which would be helpful to us given our situation.

 

 

You need to check with the school's webwsite or admissions to see if they require the CSS profile.  If the college doesn't consider the CSS profile in their financial decisions then even if you filled it in, it wouldn't be sent to them and they wouldn't see it! 

 

Myra

[regentrude]

This is something I don't quite understand.  None of the colleges my daughter has been accepted to even mention the CSS profile, only FAFSA.  Is the CSS something I can/should do anyway?  I know it gives you the opportunity to put in more details, which would be helpful to us given our situation.

 

Only some schools use the CSS profile, mostly private colleges. You should inquire with the college whether they 1. would even have access to the profile if you make one, I don't know how that works internally. (I would suspect the college have to pay money to obtain a CSS code and use the profile) and 2. consider the information if it is not require by them.

[Kathy in Richmond]

Thanks, Kathy, that's what I had thought. We'll be sure to have it ready to go as soon as January comes. After all, just having completed the CSS profile, FASFA should be a piece of cake, right?

 

Yeah, FAFSA is easy peasy after the Profile. And then you're done with the finaid forms (unless you "win" the random lottery for Fafsa Verification...but we won't tell you about that yet, heehee...)

 

This is something I don't quite understand.  None of the colleges my daughter has been accepted to even mention the CSS profile, only FAFSA.  Is the CSS something I can/should do anyway?  I know it gives you the opportunity to put in more details, which would be helpful to us given our situation.

 

Here's a list of schools currently using the CSS Profile.