FAFSA’s and CSS/Profile apps done? Check!
Now the wait. Some students may have already received “advance” award letters based on academic merit or talent (athletic, performance, etc.). Those letters awarded funds that weren’t dependent on a family qualifying for need through the FAFSA or Profile process. If you didn’t get one of those offers, not to worry – you still can possibly qualify for need based grants and loans. And possibly need based school specific scholarships.
Now what you should be anticipating, after your admissions letter of course, a financial award letter that attempts to meet your financial need for help to pay for college. If you received an advance award letter, those funds might be included as part of the funds that help the school to address the need you have. If you didn’t qualify for need then the advance award will reduce your families out of pocket expense. Next, you may see Federal aid awards – and yes, loans are considered part of your “award”. Federal aid typically comes in the form of Pell Grant and Guaranteed/Direct Student loan money. Then there may be additional aid (grants or scholarships and loans) awarded by the school itself.
Your next step, take all of your award letters and now compare what your family’s actual out of pocket cost will be: your current EFC (Expected Family Contribution) plus any gap or need that wasn’t met, up to the Cost of Attendance to attend each school. Now you can rank the schools according to your actual 1st year cost to factor your ability to afford the school (and remember it’s 4 years or more of this same thing) for the duration.
If you need us to do a comparison analysis and plan for financing college, please contact us to arrange a consultation!
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