Cadser, One Exchange Place,
Suite 1000, Jursey City, New Jersey 07302,
United States.
Suite 1000, Jursey City, New Jersey 07302,
United States.
Financial aid and scholarships come in a variety of forms that are described here. Some families wonder if they will qualify for need-based aid. Because need is determined in relation to the cost of the colleges, we encourage families to file a Foreign Student Financial Aid Application (FSFAA) if in doubt. There is no harm done in going through the process, and given the high cost of colleges, some families are surprised to find out that they do qualify for some need-based aid. If you have more than one child in college, you are even more likely to qualify for aid.
While financial concerns may influence the mix of colleges to which you apply, you should not rule out a college simply because of the cost of attendance. Until you have completed the process for admissions and financial aid, you will not have all the information you need to determine the colleges that will be most affordable. If you qualify for financial aid or if you receive merit-based scholarships, you may get enough to attend a college that at first seemed beyond your means.
After a senior has finalized her list of colleges, it is important to keep track of required financial aid forms and deadlines, as these requirements will vary among colleges. The financial aid officers at a college can often answer your questions about need and merit-based financial aid. They are an excellent resource that you should utilize.
All colleges offer need-based financial aid, which is given according to the student's demonstrated financial need. The Expected Family Contribution (EFC) is determined when you file the FSFAA and is based on your income, assets, family size, number of family members attending college, and other related factors. This is the amount of money your family is expected to contribute to the cost of education. To determine your financial need a college will subtract your EFC from the cost of attendance at that college. The difference between these two figures is your demonstrated financial need. Some colleges will meet 100 percent of your financial need, other colleges will meet a portion of your need, but may not have the resources to meet all of your financial need as calculated. It is important to note that a variety of factors will impact the financial aid package that you receive from a college, including how the college determines need and the resources available at that college. Some families find that when they take their financial package into account, the cost of a private college might be similar to a public university. Need-based aid comes from federal, state, and institutional (the college) sources and usually consists of a combination of:
Grants and Scholarships (gift money, which does not need to be repaid)
Loans (financial aid that must be repaid, with interest)
Work-Study (a federal program that provides students with part-time employment during the school year—usually on campus)
Many colleges (but not all) also offer merit-based aid as a way to discount tuition for families and attract strong applicants. Merit-based aid is not typically tied to financial need and is usually awarded to students based on academic, athletic, or artistic ability and talents. Many colleges that offer merit-based aid automatically consider all applicants for these awards. At some colleges, merit scholarships require a special application. Information about merit-based aid is available in college application materials and on college websites.
Scholarships from private sources (foundations, non-profits, businesses, service organizations, etc.) are available in varying amounts. Most private scholarships are based on merit (as defined by the organization giving the money) and require a separate application. There are websites and guides that list the availability of outside scholarships.
At most, but not all, American colleges, international students are not eligible for need-based financial aid. All federal student aid is reserved for U.S. citizens, though a few colleges have private financial aid funds available for students who are not U.S. citizens. Your counselor will have a list of these institutions. Some colleges offer merit scholarships (that is, awards not based on financial need) to students with exceptional academic, athletic, or other ability. International students may be eligible for these scholarships. Students do not generally apply for these grants. Instead, the college might offer them upon receipt of the application.
Foreign Student Financial Aid Form (FSFAA)
All students applying for need-based aid must file the FSFAA. Some colleges ask that you complete
the FSFAA to
qualify for merit-based aid as well. There is no charge for filing the FSFAA.
Federal law requires that you provide a completed “Certification of Finances” form to each college to which you apply.It guarantees that your family has the funds necessary to support you while you are in college. Your parents and their bank must fill out this form; you should make a notarized copy for each college to which you apply, and each should be individually signed, since many colleges require an original bank signature. You must complete this form even if you plan to apply for financial aid. It is a good idea to obtain these signed forms during the summer before your senior year so that you will have them ready when you complete your applications. Without a Certification of Finances form completed, colleges will not issue an I-20 form. Speak with our consultant about how and where to obtain the forms.
In addition to the FSFAA, some colleges also require that you complete a CSS Profile. This forms provides colleges with additional financial information and is utilized in awarding nonfederal student aid funds. This form is also used for awarding financial aid to students applying early decision at a college. This form is available online during the fall of the senior year. You first need to register to complete this form and then complete and submit the form. The Profile is available at www.collegeboard.com (go to “Pay for College”) There is a fee for completing the Profile.
Some colleges also have their own financial aid form that you need to complete to qualify for need based aid. Go to the college's website and locate information on financial aid. Check to see what forms the college requires and what the deadlines are for filing forms.
Assemble the records you will need:
Complete all the required sections of the form.
If the instructions tell you to skip a question, leave it blank. If your answer to a question is “none” or “zero,” put a zero in the answer space.
Keep a copy of all forms for your records.
Financial aid letters may accompany letters of acceptance; often they are sent separately. When letters are sent early in the year, some colleges may not specify the exact amount of state and federal aid they are offering you, but rather an estimated award. You will receive exact figures in another, later letter. Here are suggestions on how to read and respond to a financial aid letter:
Look at the combination of awards in the “package.” As we have mentioned, it will consist of two types of aid: “gift aid” (such as grants that do not have to be repaid), and “self-help” (usually a combination of work and student loans).
In comparing your different packages, pay attention to two things: your net cost to attend each institution after financial aid, and the proportion of grants to loans. Do not be dazzled by the total amount of money a college offers you; focus on how much you will have to pay out of pocket, both as tuition expenses during your college years and as loan payments afterwards.
Look for special conditions or requirements attached to your awards. For instance, some institutions require financial aid recipients to maintain a certain grade-point average in order to continue receiving merit awards.
If you have questions about your financial aid award, or if you or your family believe that it does not meet your needs, call the college's financial aid office. Be polite; do not panic or become angry. You will find that most financial aid officers are very helpful. Review any circumstances you think may have been overlooked, and be prepared to offer concrete information if you want them to review your award. The college may be able to adjust your package based on new information, or they may match an offer from another college. Not all colleges will negotiate financial aid awards, however; each institution has different priorities and policies.
If you are considering more than one college, wait to receive a financial aid letter from each school before making a final decision. While every college will ask you to accept or decline their offer of aid by a specific deadline, they will usually extend the deadline upon your request if you are still waiting to hear from other institutions.
Once you make a final decision, do not miss the reply deadline; if you do, your money could go to someone else! Follow very carefully the instructions in your award letter, which may ask you to provide more information or to select a lender for a student or parent loan. Complete and sign the necessary forms and send it in. Be sure to notify the other colleges that accepted you that you will not be attending. This important courtesy will allow the institutions to re-allocate your funds to someone else.