Financial Aid & Scholarships

The Big Questions

The following section takes a look at some of the important questions that all students and families applying for need-based aid should feel free to ask of admission representatives as well as financial aid professions. Often times answers to these and other questions regarding financial aid in the college process can be invaluable to students and families as they plan for college.

Q) Is your school need-blind? If you are need aware, could you explain what, exactly, that means?
A) Only a small handful, and that would generally include the most selective colleges in the nation, are actually need-blind. Rest assured that if admitted to a school that is truly need-blind, you will be aided to the fullest extent you possibly can. Schools that are need aware do their very best to meet 100% of every admitted student's financial need, but simply do not have the financial aid budget to do so. As a result, some students, and it's usually those who are very marginal applicants, are either denied admission because of a lack of funding, waitlisted or, in some instances, admitted but are offered only a percentage of their full need.

Q) Does financial need have an impact on admission decisions?
A) This is a tricky one…of course, need-blind schools would never consider the ability to pay as a condition of an applicant's candidacy for admission. However, there are other schools where the ability to pay may indeed have an impact on a candidate's candidacy for admission. The prospects of finding this out are not good, though increasingly colleges with relatively limited financial aid budgets are indicating that the ability to pay, particularly for the final few offers of admission, can result in a waitlist or a deny.

Q) Does the decision to apply for early admission (ED or EA) impact in any way need-based financial aid awards? How will I know if my entire need has been met through the early round at your school?
A) Traditionally, we have not encouraged needy students to opt for Early Decision programs, due in large measure to their binding nature. If admitted (and the aid award is sufficient), then the student was bound to attend. Instead, we felt it was in a student's best interests to be able to compare aid awards in April and to investigate options. These days, it seems that an increasing number of needy students who are involved with early programs (ED/EA) are being aided favorably. Bottom line—as each student has different needs and interests, and each college does things in their own way, it makes sense to speak with your counselor about an appropriate strategy.

Q) Does your institution offer other financial aid programs such as merit awards or outside scholarships that do not include consideration of financial need?
A) Many colleges do grant merit-based financial aid as a reward for excellence in certain specified areas (academics, sports, leadership, etc) that do not take into consideration a family's ability to pay. It's wise to investigate these types of awards as a means of managing the cost of attendance. It does fall to the student and his or her family to investigate these types of awards whenever possible.

Q) Will I continue to receive comparable need-based throughout my four years at your school?
A) As a generally rule, students who receive need-based financial aid as freshmen will continue to receive comparable aid awards throughout their time as undergraduates provided they make satisfactory progress academically and they remain in good standing at their schools. However, some schools may "tweak" aid awards to include a higher percentage of self-help and/or loan. In other words, colleges do have the ability to "adjust" student packages as they see fit, sometimes cutting back on grant aid and increasing student indebtedness. So while the overall amount of financial aid a student receives from the college will likely not change over four years, how the aid is apportioned (grant/loan/self help) can be adjusted depending on changes in family situation or how a student actually performs.

Q) What is the average indebtedness of your students when they graduate from your institution?
A) This is an important question to ask, as it can reveal a good bit about a college's commitment to supporting its financial aid students. While every student and family circumstance is unique, as a general rule it's best to leave college with as little debt as is possible. Keeping student indebtedness under, say, 20,000 (and hopefully less!) should be a realistic goal for every undergraduate.

Q) Do outside scholarships detract from my need-based aid award from your school?
A) It's not uncommon for students and their families to apply for outside funding, which often are local scholarships, to offset the cost of a college education. While it's always a good idea to consider applying for these types of scholarships, it's also a good idea to find out whether any outside monies will result in a lowering of the grant portion of a need-based aid award. For example, a student applies for and wins both a $1,000 scholarship from the local PTA and a $1,000 scholarship from the town business association, which is great, the student's total bill for the year is $2,000 cheaper, right? Unfortunately, some colleges simply lower the grant portion of the student's financial aid package; thus, the student's family is still paying the same overall cost of attendance while the college just saved $2,000 dollars. The far better scenario is when the college reduces the student's loan or self-help portion of the aid award by $2,000 instead.

Q) Are there other ways to help finance my education, such as off campus work in the community? Will the college help me to locate these types of jobs?
A) Most colleges will list on-campus work opportunities, and quite often they will be helpful to students who may want to look off campus of other types of employment. It's best to ask financial aid and career services about such outside opportunities.

Q) When will I be notified about financial aid decisions?
A) This is a very important question to ask. Traditionally you would learn of your financial aid award when you received your letter of acceptance, and in many instances that is still the case. However, with the growth of such early programs as Early Decision, Early Action, and Rolling Admission; it has become a bit more difficult to know when the aid award will arrive. College financial aid offices try their best to push aid awards out in a timely fashion, but delays in the receipt of important financial aid information (FAFSA, CSS Profile) will surely make getting the aid awards out much more difficult. So, always…always…try to get your financial aid paperwork completed and submitted as early as you possibly can!!!

Financial Aid…Other Questions To Consider When Choosing a College

1. Are there any other costs not accounted for in the aid offer that I should plan for, such as expenses for books, room and board, transportation, or personal needs?

2. If I/we cannot meet the financial responsibilities from current income or assets, what financing options are available to help them pay their share?

3. If the financial aid award package is insufficient to make it possible for me to attend this institution, under what conditions, if any, will the aid office reconsider its offer?

4. Regarding renewal, what are the academic requirements or other conditions for the renewal of financial aid, including scholarships?

5. What impact will cost increases have on my financial aid package? What will happen if my family's financial situation changes?

6. When can my family expect to receive bills from the college? How many times a year will we be billed? If the bill is not paid by the deadline, will there be penalties? Does the college accept payment by credit card? Is there an option to pay monthly?

7. Is all financial aid credited to my student account, or will I receive checks for some or all of the financial aid awarded? What about my employment earnings? If aid exceeds billed charges, how does the student receive the funds?

8. How much money will I need during the first week of school for things such as books, a parking permit, etc.? Can I use financial aid to pay for books and supplies? Can books and supplies be charged to my account? What typical out-of-pocket expenses do most students have during the year?

9. Is information provided regarding budgeting resources, money management, and credit card usage?

10. Are there banking services with fee-free ATMs and/or check cashing on or near campus?

11. Will the college be responsive to midyear changes in family financial situations?

12. Regarding student employment, including federal work-study: How are jobs assigned? How many hours per week will I be expected to or allowed to work? How often and in what manner will I receive earnings payments? Will earnings be automatically credited to my account?

--Taken from The College Board

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