Don’t Wait to do Your FAFSA!
As students finalize their college list, it’s important to factor in tuition. Ivy Link believes in finding the best-fit college for every student, and that includes tuition costs. While some students each year receive Pell Grants or scholarships, the vast majority will need to take out student loans. Just like admissions, there are certain steps required to apply for financial aid, and it’s crucial that your student understands each part of the process.
Complete the FAFSA in October
The application for Federal Student Aid (FAFSA) opens on October 1 and the deadline is typically June of the following year. Since many schools award their aid on a first-come, first-serve basis, the sooner you apply, the better chance at more money. Also, it will give you more time to plan for the costs associated with going to college.
Use the Net Price Calculator
The sticker price for tuition may not be what you actually need to pay. Schools typically include a Net Price Calculator on their site to estimate how much you’ll have to pay based on a questionnaire that assesses your financial situation and background. The calculator will indicate an amount based on your Expected Family Contribution (EFC), which is determined by your FAFSA application.
After Your Packages Are Approved, Try to Get More Aid
An approved package isn’t the final say on how much you can receive in aid! If you have a better offer from a rival college, you can negotiate for more money by filing an appeal. Contact the school’s financial aid office to ask how to appeal and explain your financial needs.
Understand Subsidized vs. Unsubsidized Loans
Not all financial aid is free money. It also consists of loans and work-study programs. Subsidized loans are granted by the federal government, have the lowest interest rates, and the highest likelihood of forgiveness and the best terms. However, there’s only so much you can get — usually no more than $23,000 over four years. If you need to borrow more, you could take out unsubsidized (PLUS) loans or borrow from private lenders, but these have higher interest rates and are the least likely to be forgiven.
Compare All Your Financial Aid Packages
Don’t focus only on numbers - some schools may offer merit aid while others have better work-study programs. Start your research early to consider all components of each package. An open mind will allow you to choose the college that is best for both your academic and financial needs.
The process can feel overwhelming on top of the lengthy admissions process, but Ivy Link is here to help. Our expert advisors will work with your student every step of the way to find and gain admission to their best-fit college. To get started on admissions advising and application assistance, schedule a consultation today.
