If your student came home for the holidays unenthusiastic about their school and considering transferring, your first impulse might be to tell them to tough it out for the year and reconsider come summer. While that’s probably good parenting advice, it might not be good financial advice. In fact, students who are thinking of transferring are usually best off making the decision sooner rather than later.
Why? Because most schools offer substantially larger financial aid packages to incoming freshmen than to transfer students, and only those with less than a set number of post-high school credits qualify as incoming freshmen. Furthermore, once students have accumulated a certain number of college credits, their transfer application is based on their college GPA, not high school. A student who did well in high school but then underperformed in college will probably want their high school GPA to be the basis of an admissions decision.
The differences can be huge. For example, the highest merit award for incoming freshmen at the University of Oregon is $15,000 annually (a student receiving the Summit and Presidential award), and those scholarships renew automatically for four years. Transfer students, on the other hand, are eligible for a maximum of $3,000 in merit aid and must reapply every year. Similarly, the University of Florida offers up to $10,000 in merit aid to freshmen; as for transfer students, “While the Office of Admissions does not offer scholarship opportunities for transfer students, there are two scholarships offered by the Office of Undergraduate Affairs dedicated to Florida College Transfers.” These are a maximum of $4,000 and offered to a total of 12 students, with only two receiving the maximum $4,000 award.
If your student is thinking of transferring, they should research transfer vs freshman requirements and financial aid eligibility at the school they’d like to transfer to ASAP because this is one instance where a quick decision is often the best decision.
Who knew we’d be a week away from the end of the year at this point? Kidding of course. If you’re among the many who want a year-end to do list, here goes! Continue reading What to do now?
Many families think there’s no point in doing the FAFSA because they assume they don’t have financial need. That reflects a fairly limited view of the FAFSA; in fact, there are plenty of good reasons why every family of a student who’s even potentially college-bound next year, regardless of the family’s financial position, should do it. Continue reading Haven’t Done the FAFSA Yet? Here’s Why You Should
It’s time for my annual financial aid presentation at my kids’ high school. This year the topic is Five Questions for College-Bound Students, which your families might also want to discuss. Continue reading Five Questions for College-Bound Students
The FAFSA gets a lot of attention right around now, but it’s only one of two financial aid forms. The other is the CSS Profile, used primarily by private colleges and universities.
The Profile differs from the FAFSA in several major respects: Continue reading FAFSA vs Profile
Isn’t it horrible that organizations like US News & World Report rank colleges? Remember the good old days when you could just go to college and not worry about rankings? When admissions departments focused on finding best-fit students, not best test score students? Continue reading College Rankings
High schools and others often promote AP, IB and dual credit classes as a way to save money on college, and for some students that’s certainly true. These classes have plenty of benefits other than saving money; however, I’m all about saving money on college so that is what I’m writing about. Continue reading Do AP and IB Classes Save Money on College?
Student income seems pretty straightforward on the surface. Students get an income protection allowance of $6,840 plus the same tax allowances as parents. Income in excess of the allowance is assessed at 50%. Given the prevailing minimum wage, it would appear that student income is not much of a factor. However, there are a few big items that get added into student income: Continue reading FAFSA Basics: Student Income
I’m taking a brief break from the programming I outlined for myself a week or so ago. It’s September and that means that many people are looking seriously at college for the first time. They may be parents of seniors, parents of freshmen, parents at any point who think now is a good time to start investigating this big future step. And after a few google searches or conversations with friends or counselors, they have concluded, “This is overwhelming! Where do I begin?” Continue reading “Where Do I Begin?”
Last week, the Department of Education released the FAFSA Formula Guide for the coming FAFSA. Before I give you that link, I want to share some basics about the FAFSA. I’ll also break out each section of it in depth in the coming weeks– hopefully before the new FAFSA arrives on Oct. 1. Continue reading EFC Formula Guide 2020-2021 & FAFSA Basics