Families who are a few years out from college should calculate their EFC, but as college approaches and students start identifying schools they’re interested in, net price calculators become far more valuable. There can be vast differences between EFC and net price, and even significant school-to-school differences in net price due to different aid policies. Continue reading EFC vs Net Cost
Another school year is drawing to a close, meaning that free time and mental bandwidth are about to become available for many students. Here are some things high school students may want to spend some time on this summer: Continue reading What to do this Summer
Many schools’ FAFSA deadlines are rapidly approaching, or even past. Whether or not you think you’ll get need-based aid, you should be completing and submitting the FAFSA (and PROFILE, if applicable).
What happens if you miss your school’s deadline? Each school has its own policies so Continue reading Do the FAFSA. Really.
Outside scholarships are those that come from someone other than the federal government or your school. Examples include National Merit Scholarships, scholarships from your or your parents’ employers, or from other civic institutions. Although these scholarships can be very valuable, there is a big difference between them and institutional grants coming from your school: You have to report them on your FAFSA or Continue reading Outside Scholarships
The change in the FAFSA’s timing from winter to fall has some potentially unforeseen consequences. One is student summer jobs. Even at minimum wage, a student who worked full-time for the summer may have earned $3,000 or more. Students who saved their summer income with the intent to spend it over the course of the school year may Continue reading What to do with Summer Job Money?
Q: I won’t qualify for financial aid. Do I need to fill out the FAFSA?
A: Yes! Regardless of whether you think you’re eligible for aid, you should complete the FAFSA. You have to complete it if you (or your student) intends to take out federal student loans, which are available to anyone regardless of need. If you have any intention of borrowing, the Direct Student Loan should be your starting point. Plus, some Continue reading FAFSA FAQs 2
Here is an article I wrote for another advisor’s site on college affordability.
If you’ve been reading this blog for a while, this is a bit of a refresher post.
There are three aid formulas: Federal methodology (FM), based on the FAFSA; Institutional Methodology (IM), based on the CSS PROFILE; and Consensus Methodology (CM), which uses both aid forms. Each is a different way of calculating a family’s Continue reading Aid Formulas
With price gains in most housing markets nationwide over the last few years, parents need to understand how aid formulas treat home equity. The good news: the FAFSA doesn’t consider home equity. The bad news: the CSS PROFILE requests information on home equity, and schools using the CSS PROFILE may calculate your home equity’s value for EFC purposes in one of three different ways: Continue reading Home Equity and Aid Formulas
Perhaps the #1 most-frequently-asked question about the CSS/PROFILE is “How am I supposed to answer question 160A?” (“Enter the amount your parents think they will be able to pay for your 2017-18 college expenses.”) It’s a trap, right? A higher-stakes version of the “name your price” offers musicians put out there for concerts and downloads. Answer too high and you might be giving up aid; answer too low and your student might Continue reading CSS/PROFILE Question SR 160A