Financial Aid Overview
How to Apply for Financial Aid
The first step is to file the Free Application for Federal Student Aid, known as the FAFSA. (also see the next section for more information on FAFSA) This application is used by to determine college aid. The FAFSA is available for free through the Department of Education's website. Families can begin filling out the form as early as Oct. 1 for the following academic year.
Some schools use a supplemental form called the College Scholarship Service (CSS) Profile. The form is more detailed than the FAFSA. "Only about 250 colleges require the CSS Profile. Generally, it's more elite colleges that require the CSS Profile," says Joseph Orsolini, president of College Aid Planners Inc.
Some schools use a supplemental form called the College Scholarship Service (CSS) Profile. The form is more detailed than the FAFSA. "Only about 250 colleges require the CSS Profile. Generally, it's more elite colleges that require the CSS Profile," says Joseph Orsolini, president of College Aid Planners Inc.
Different Types of Financial Aid
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Types of Federal Student Aid
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Types of Financial Aid
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Federal need-based aid is determined by the FAFSA.
How Do Schools Award Aid?
College financial aid officers say that while there are many similarities between how schools award aid, each has its own unique process for processing applications and awarding aid. Some schools offer larger financial aid packages than others, just like some institutions charge higher tuition rates compared with other schools.
When Will I Receive a Financial Aid Award Letter?
Financial aid award letters typically arrive in early spring – usually after or at the same time as a college acceptance offer.
- Federal student loans. These are fixed-interest-rate loans. The interest rate for each academic year is set on July 1, and that rate is secured for the life of the loan. Under the program, undergraduate students can borrow direct subsidized or unsubsidized loans.
- Subsidized: loans available to students who demonstrate financial need on the FAFSA. the US Department of Education pays the interest on these loans when (1) you're in school at least half-time, for the first (6) months after you leave schools, and (3) during a period of deferment.
- Unsubsidized: loans available to all students regardless of financial need. The student is responsible for the interest on these loans.
- Federal grants. This federal money doesn't need to be repaid. The most well-known higher education grant for college is the Pell Grant. Most families who earn less than $50,000 for their household income typically qualify for some amount of Pell. The maximum Pell for the 2019-2020 school year is $6,195.
- Work-study. This program provides part-time work, typically on campus, to help students cover college-related expenses. Students must demonstrate financial need through the FAFSA to qualify.
How Do Schools Award Aid?
College financial aid officers say that while there are many similarities between how schools award aid, each has its own unique process for processing applications and awarding aid. Some schools offer larger financial aid packages than others, just like some institutions charge higher tuition rates compared with other schools.
When Will I Receive a Financial Aid Award Letter?
Financial aid award letters typically arrive in early spring – usually after or at the same time as a college acceptance offer.
Information taken from U.S. News Website Articles. See here for full articles
Videos taken from U.S. Department of Education's Federal Student Aid YouTube Channel here
The Free Application for Federal Student Aid (FAFSA) is the application colleges use to determine eligibility for federal, state, and college-sponsored financial aid.
It is also important for your family to make contact with the financial aid office with the colleges the student applies to in order to ensure they have received all the necessary information by the deadline. Keep copies of everything you send.
- The FAFSA is a requirement for ALL college admissions!
- If your family does not qualify for financial aid, the FAFSA is still required!
It is also important for your family to make contact with the financial aid office with the colleges the student applies to in order to ensure they have received all the necessary information by the deadline. Keep copies of everything you send.
All college students are expected to contribute towards their education costs. How much you and your family will be expected to contribute depends on your financial situation — is called your Expected Family Contribution (EFC). The FAFSA determines your EFC. The government conducts a “need analysis” based on financial information, such as income, assets, and other family information, which you (and your parents if you are a dependent student) will be asked to provide. Beyond this, college financial aid is available to fill the gap in cost. College financial aid helps students pay for higher education expenses, such as tuition and fees, room and board, books and supplies, and transportation. Different types of aid are provided through various sources, such as federal and state agencies, colleges, high schools, foundations and corporations.
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FAFSA Overview
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How to Fill Out FAFSA
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How to Create Your FSA ID
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After the FAFSA
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WASFA (Washington Application for State Financial Aid) State Financial Aid for Undocumented Individuals and Select Non-CitizensWashington State offers financial aid programs to students who aren’t eligible for federal financial aid because of immigration status.
To determine your eligibility, complete the confidential WASFA questionnaire
Application Resources: WASFA Application Guide
Residency & Citizenship
Colleges determine residency based on individual circumstances, but typically students with resident status meet one of the following standards:
Resources
To determine your eligibility, complete the confidential WASFA questionnaire
Application Resources: WASFA Application Guide
Residency & Citizenship
Colleges determine residency based on individual circumstances, but typically students with resident status meet one of the following standards:
- Have lived in Washington for three consecutive years prior to graduating from a Washington high school or earning a GED.
- Have ever had DACA (current or expired) and have lived in Washington for one year prior to enrolling in college.
Resources
- WASFA Flyer (Spanish)
- Contact the Washington Student Achievement Council with questions at [email protected]
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Responsible Borrowing
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Repayment Options
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Public Service Loan Forgiveness
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Loan Simulator
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Protect Yourself from Student Loan Scams
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This type of aid is awarded based on academic, athletic, artistic or special-interest merit. Merit aid might cover a student's entire tuition or be a one-time award of a few hundred dollars.
Some important things to know about merit-based aid:
"You don't have to be a class valedictorian to win scholarship money," Valdes says...many awards emphasize areas ...leadership or school involvement.
Ivy League universities don't offer merit aid
Ivy League schools, as well as several other very selective schools like Stanford, MIT and Caltech, do not give any academic merit scholarships. While they don't offer merit aid, Ivy League schools are known to be generous with meeting full financial need.
Some colleges offer merit aid to reduce costs
Colleges with high sticker prices often offer awards to qualified students who have shown that they can't afford the school's full price. Out-of-state students may receive more merit aid than in-state students. Merit aid is often used to offer more competitive prices in an effort to draw students from other states.
Students may need to maintain a certain GPA
Some merit-based aid is only renewable if certain conditions continue to be met; usually, it's a GPA requirement. Other requirements might include enrolling in and passing certain courses or filling out a form by a stated deadline each year. Students should check with their financial aid office to ensure that they understand all of the requirements of the merit aid they've been offered.
Community organizations offer merit scholarships
Community organizations often award scholarships to local students, experts say. "Many of these scholarships are not heavily advertised, so you aren't likely to find them on well-known scholarships search engines," says Olivia Valdes, a college admissions consultant and founder of Florida-based Zen Admissions. "Instead, try a few online sleuthing strategies. Check out the websites of all the high schools in your area and look for a counseling or college advising page, where you may find lists of local scholarships."
Merit aid can be one-time only
Scholarships and grant aid can be nonrenewable, meaning the aid is available only for a specific term or academic year. Typically, upperclassmen receive less grant aid than freshman and have higher out-of-pocket costs.
Some important things to know about merit-based aid:
"You don't have to be a class valedictorian to win scholarship money," Valdes says...many awards emphasize areas ...leadership or school involvement.
Ivy League universities don't offer merit aid
Ivy League schools, as well as several other very selective schools like Stanford, MIT and Caltech, do not give any academic merit scholarships. While they don't offer merit aid, Ivy League schools are known to be generous with meeting full financial need.
Some colleges offer merit aid to reduce costs
Colleges with high sticker prices often offer awards to qualified students who have shown that they can't afford the school's full price. Out-of-state students may receive more merit aid than in-state students. Merit aid is often used to offer more competitive prices in an effort to draw students from other states.
Students may need to maintain a certain GPA
Some merit-based aid is only renewable if certain conditions continue to be met; usually, it's a GPA requirement. Other requirements might include enrolling in and passing certain courses or filling out a form by a stated deadline each year. Students should check with their financial aid office to ensure that they understand all of the requirements of the merit aid they've been offered.
Community organizations offer merit scholarships
Community organizations often award scholarships to local students, experts say. "Many of these scholarships are not heavily advertised, so you aren't likely to find them on well-known scholarships search engines," says Olivia Valdes, a college admissions consultant and founder of Florida-based Zen Admissions. "Instead, try a few online sleuthing strategies. Check out the websites of all the high schools in your area and look for a counseling or college advising page, where you may find lists of local scholarships."
Merit aid can be one-time only
Scholarships and grant aid can be nonrenewable, meaning the aid is available only for a specific term or academic year. Typically, upperclassmen receive less grant aid than freshman and have higher out-of-pocket costs.
Information taken from U.S. News Website Articles. See here for full article
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How to Read Financial Aid Offers
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How to Compare Financial Aid Offers
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Financial aid award letters are created by each institution to provide information on the cost of attendance and to detail grants, scholarships, work-study opportunities and loans the student is eligible to receive. The exact timing of when the letters are sent – and whether by mail, email or both – varies across institutions. Each college will have its own unique financial aid award letter.
Accurately comparing and understanding financial aid offers will require some research!
For each financial aid aware letter:
SAMPLE COLLEGE FINANCIAL AID PACKAGE LETTER:
Accurately comparing and understanding financial aid offers will require some research!
For each financial aid aware letter:
- Make sure you understand the terms the college uses. The definitions can very by school: (example: net price, which is defined by the Department of Education as the cost of college after gift aid is applied – even though some colleges define it as the cost of college after all aid, including student loans, is applied). Make a list of any words you're unfamiliar with to follow up on later.
- If the cost information is not included look up the full cost of attendance at the college. Full cost of attendance will include indirect costs such as books, supplies, transportation, and miscellaneous expenses.
- Separate grants and scholarships from other kinds of aid. Make sure you understand the terms and conditions of money that doesn't have to be repaid.
- Multiple types of loans may be included in the award letter. Clearly distinguish between the government loans and private loan offers.
- Compare how much aid being offered that doesn't have to be repaid versus the government and private loans being offered.
- Make sure you pay attention to if the grants and scholarships are renewable each year or if they are one-time-only. If your grants and scholarships are not renewable your cost of attendance might increase dramatically the next academic year. This is an important to consider if you plan on attending the same college of university to obtain your degree(s).
SAMPLE COLLEGE FINANCIAL AID PACKAGE LETTER:
Information taken from U.S. News Website Articles. See here for full article
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How Much Is College Tuition
Tuition and fees vary from college to college. Among ranked National Universities, the average cost of tuition and fees for the 2019–2020 school year was $41,426 at private colleges, $11,260 for state residents at public colleges and $27,120 for out-of-state students at state schools.
Differences Between Tuition and Fees
The biggest chunk of college costs is usually tuition – the amount of money required for instruction. However, students are often required to pay fees. "It really all should be called tuition, but some play a little shell game when they don't want to advertise tuition increases. So they increase a fee over here, and you end up with something complicated like that. Others include it all as one straight fee," says Nate Johnson, founder and principal of Postsecondary Analytics, a Florida-based higher education research firm.
Tuition Calculators & Net Price
The cost of attendance isn't always clear, since many families don't pay the sticker price once financial aid and institutional grants are factored into the bill. "I would advise all families to fill out the net price calculator on the website for each school under consideration to have the best possible understanding of the costs involved at the various options," says Colleen Ganjian, founder of DC College Counseling. Net price is the amount students pay to attend an institution for an academic year after subtracting scholarships and grants. In essence, net price is the final price a family can expect to pay, and it's often lower than the published price! Federal guidelines require colleges and universities to provide an online net price calculator.
Least Expensive Colleges
Attending a state school as an in-state student is usually the least expensive option. However, don't rule out private schools, since these institutions often offer tuition discounts that may make them competitive with state school prices. A student can sometimes get a better financial deal to attend a private school than if they were to attend a public school. A big factor in this is the institutional scholarship. The scholarship at a private school may be larger than a public school to make their overall cost out-of-pocket more competitive to a public school," says Andy Stiles, director of admissions at Ottawa University. This practice among private institutions of offering grants, scholarships and fellowships to offset the sticker price is known as tuition discounting. This practice began in the 1970s and become more common in the 1990s as an enrollment tool.
Most Expensive Colleges
Colleges with the highest prices are typically the highly selective four-year institutions. "Typically, private liberal arts colleges have the highest sticker price, but that doesn't mean they won't be competitive with other universities given their large endowments – especially if you qualify for financial aid and scholarship opportunities," says Amy Goodman, master college admissions counselor at IvyWise, a New York-based admissions consulting company. Some schools with expensive published prices offer generous financial aid packages.
Tuition and fees vary from college to college. Among ranked National Universities, the average cost of tuition and fees for the 2019–2020 school year was $41,426 at private colleges, $11,260 for state residents at public colleges and $27,120 for out-of-state students at state schools.
Differences Between Tuition and Fees
The biggest chunk of college costs is usually tuition – the amount of money required for instruction. However, students are often required to pay fees. "It really all should be called tuition, but some play a little shell game when they don't want to advertise tuition increases. So they increase a fee over here, and you end up with something complicated like that. Others include it all as one straight fee," says Nate Johnson, founder and principal of Postsecondary Analytics, a Florida-based higher education research firm.
Tuition Calculators & Net Price
The cost of attendance isn't always clear, since many families don't pay the sticker price once financial aid and institutional grants are factored into the bill. "I would advise all families to fill out the net price calculator on the website for each school under consideration to have the best possible understanding of the costs involved at the various options," says Colleen Ganjian, founder of DC College Counseling. Net price is the amount students pay to attend an institution for an academic year after subtracting scholarships and grants. In essence, net price is the final price a family can expect to pay, and it's often lower than the published price! Federal guidelines require colleges and universities to provide an online net price calculator.
Least Expensive Colleges
Attending a state school as an in-state student is usually the least expensive option. However, don't rule out private schools, since these institutions often offer tuition discounts that may make them competitive with state school prices. A student can sometimes get a better financial deal to attend a private school than if they were to attend a public school. A big factor in this is the institutional scholarship. The scholarship at a private school may be larger than a public school to make their overall cost out-of-pocket more competitive to a public school," says Andy Stiles, director of admissions at Ottawa University. This practice among private institutions of offering grants, scholarships and fellowships to offset the sticker price is known as tuition discounting. This practice began in the 1970s and become more common in the 1990s as an enrollment tool.
Most Expensive Colleges
Colleges with the highest prices are typically the highly selective four-year institutions. "Typically, private liberal arts colleges have the highest sticker price, but that doesn't mean they won't be competitive with other universities given their large endowments – especially if you qualify for financial aid and scholarship opportunities," says Amy Goodman, master college admissions counselor at IvyWise, a New York-based admissions consulting company. Some schools with expensive published prices offer generous financial aid packages.
Information taken from U.S. News Website Articles. See here for full article
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ycg.org Free resource to help students develop a plan for next steps after graduation
collegesuccessfoundation.org Great resource for students interested in STEM in Washington State
www.checkoutacollege.com Washington state community and technical colleges
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www.gearup.wa.gov tips and advice to easy access to forms, worksheets and guides for Washington Students
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