Financial Aid

Some of you are receiving financial aid here at College Prep; there is every reason to expect you can continue to receive aid in college — perhaps substantially increased amounts. And many of you who are not receiving aid here may well qualify for financial aid at colleges where costs are considerably higher. The trick is to know as much as possible about the opportunities available — and to be aware of some basic facts:

• Substantial financial aid is available.
  
• Students should apply for financial aid even if they aren’t certain they’ll qualify. Financial aid certainly will not be offered unless an application is submitted, and often students and families are surprised by what they may qualify for.
  
• Most financial aid is awarded on the basis of need (this is called "need-based aid"). Academic scholarships get the most publicity, but the bulk of financial aid goes to students who can demonstrate "financial need": financial need is simply the difference between the amount her family can pay--as calculated from the financial information in her application--and the cost of attendance.
  
• Family income is not the only factor used in determining how much a family can pay. How much the family can pay depends partly on family income, but other factors such as family size, number of children in college, and other expenses also are considered.
  
• Students should not eliminate any college from consideration based on costs alone. Because eligibility for aid is determined by subtracting the amount the family can pay from what it costs to attend the college, the amount a family can pay stays the same regardless of how much a college costs. A student usually will be eligible for more aid at a higher-cost college.
  
• Colleges expect both students and parents to contribute toward college costs. Financial aid is intended to supplement, not replace, a family’s own resources. Families should be prepared to help themselves and should start planning to meet their share of college costs well in advance.
  
• Students may receive different amounts or types of financial aid from different colleges. Even colleges that cost about the same may offer a student different types and amounts of aid, usually because their policies for awarding financial aid differ.
  
• The college that offers the most aid, or whose award letter arrives first, may not be the best one for the student to attend. Educational, not financial, considerations should remain central factors in selecting a college.

The most important things to remember are: 1) even if you don’t think you are eligible, consider applying for aid; and 2) the definition of financial need is simply the difference between what you and your family can afford and what the college you wish to attend costs. This means the net cost of attending an expensive private college or a lower cost state university may end up being about the same.

Some Financial Aid Resources

Scholarship Announcements for Seniors

Scholarship Announcements for Juniors

Financial Aid Information

A website that may be helpful for you as you complete the FAFSA: http://www.studentaid.ed.gov/completefafsa/

Hands-on help for completing the FAFSA in January and February: www.californiacasforcollege.org

Calculate your expected family contribution (EFC): College Board or Financial Aid

Cal Grants: Students who demonstrate financial need are eligible for grants from the State of California. The FAFSA must be filed in order to qualify-see website.

Scholarship directories: These websites may also be useful to students and parents regarding scholarships: http://www.fastweb.com/highschool, click on "Resources" and then click Student Bulletins." Also check Fastaid and College Quest.

Edfund: In association with California Student Aid Commission information about grants, scholarships, loans, and other financial aid for college.

Scholarship Scams: Be aware of the many misleading scholarship offers. Visit this website for more information.

Hispanic Scholarship Fund and United Negro College Fund: Specific scholarship opportunities available for students of color.

New for Parents! Information about college savings plans at www.savingforcollege.com

Athletic Scholarships and NCAA registration: NCAA website

General scholarship sources:

www.finaid.org
www.fastweb.com
www.scholarshiphunter.com
www.college.net
www.collegeboard.org
www.fafsa.ed.gov
www.ucop.edu/sas/publish
www.wellsfargo.com/per/accounts/student/finaid/collegesteps

Scholarship sites for students with special talents in music and/or dance:

The Music Teachers National Association
The National Dance Association
The Music Center in Los Angeles Spotlight Awards program
The Dance Council in Dallas
The National for Advancement in the Arts

How to Apply for Financial Aid

Regardless of how a college awards its financial aid, whether by need alone or need and merit, most colleges will expect that you will file at least one form: the Free Application for Federal Student Aid (FAFSA). It is produced by the US Department of Education and processed by Federal Student Aid Programs. This form must be filed every year and includes such information as income and asset information from both students and parents. (Typically the form asks for parent income information on the parent who provided the most financial support during the previous 12 months.) It also asks for a list of the colleges that you would like to receive your financial information; up to six colleges may be listed on the initial form, and additional schools may be added by phone (1-800-4FEDAID) once the FAFSA has been processed and you have received your Student Aid Report (SAR). Since these forms help to determine financial need and are based on total cost of attendance, it is suggested by most financial aid offices that you list these schools in order of expense starting with the most expensive, regardless of preference. This form is available in the Student Center and online and may be filed after January 1st.

In addition, there is a state form that must be filed to determine whether students are eligible for California State Grants; this form is called the Cal Grant Program Grade Point Average Verification Form, which must be submitted to the College Counseling Office for calculation of GPA before March 2nd.

Many private and independent colleges will request at least one additional form. Some will have their own two or four page Institutional Financial Aid Form that may come with the application for admission. Some will require that you file a form known as PROFILE. It is produced and processed by the College Scholarship Service (CSS), a division of the College Board (the SAT people). This form is available in early fall and typically asks for more specific information about assets and home equity. The individual institutions may then send an additional list of questions specific to their criteria for determining financial aid eligibility. These forms should be filed as soon as they are available!

Both forms will be available in the counseling office beginning in the fall. Check with each institution to see which forms are required and what the deadlines are. Be sure to keep copies of each form you submit for your own reference and in case there are any problems.

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