For most families, paying for college is not easy and seeking financial assistance is a necessity. We wish we could shake the money tree for you, but we cannot! What we can do, however, is help you understand more fully what you’ll need to do to obtain financial support. If you are seeking financial assistance, the vast majority of colleges require that you submit your financial aid form(s) by early February, which is right around the corner. Generally speaking, there are two forms that you will need to submit: the Free Application for Federal Student Aid (FAFSA) and the CSS Profile. Financial aid packages are based solely on the information you provide, so providing the colleges with the information they are requesting, along with any additional information that they did not ask for but you feel is relevant, is key. Even if you believe your income will not qualify for financial aid, by filling out the forms, you will have baseline information on file in case your situation changes during the year. Moreover, many families are surprised to find they do qualify for at least some aid. If you would like to receive an early estimate of student aid before officially applying for aid, visit www.fafsa4caster.ed.gov.
The FAFSA is required by ALL colleges, and filing electronically is best http://www.fafsa.ed.gov/. As the instructions indicate, information can be estimated; the instructions recommend completing your income tax before filing the FAFSA, but it is not necessary to do this. It is more important to file the FAFSA in a timely fashion rather than wait until you have completed your taxes. In fact, if you haven’t even received your W-2 form(s) yet, don’t worry. You can glean the information from your last pay stub(s) of 2010. The FAFSA requests roughly the same information as a 1040, so it actually can work as a dry run for filing an income tax return. If you submit the FAFSA with estimated information, you can easily update your form a few weeks later.
You will notice that there is a June 30 deadline for processing the FAFSA, but be advised that Federal (and college) funds have largely dried up by then. Most colleges list a February 15 deadline, if not earlier. The FAFSA form goes to a computer data processing firm, which crunches the numbers and then the information is forwarded to the colleges listed on your form. If you wish add additional colleges at a later date, your information can be forwarded to the additional schools later. Please note, the information is read by an optical scanner. Therefore, leave no blanks; give no answers that deviate from instructions (N/A is not acceptable in place of a number; -0- is more acceptable).
The CSS Profile is the other form that is commonly required, however it is not required by all colleges, and is not free. You can register for the CSS Profile via the Internet: www.collegeboard.com. Here, you will find a comprehensive list of college that requires the CSS Profile. If your schools are listed, then you must complete the form by the required deadline(s) or you will not be considered for financial assistance. Like the FAFSA, it is best to submit the form on time with estimated information rather than submitting it late. You can make changes to the form after it has been submitted. In addition, colleges will verify the information with tax documents later in the spring. Also, if you have any additional information to share about your personal financial situation, it is advisable that you use the space provided for this purpose.
There are some colleges have their own institutional application or data form for financial aid. Usually, they will send the form directly to you if you have indicated that you will be applying for aid on your application. However, sometimes it is up to you to access this form on-line. Therefore, it is best to scour each college’s website for pertinent scholarship and financial aid information so that you can understand the individual nuances of each school. Never assume that the financial aid requirements or procedures are the same for every school.
There are many schools that offer merit, talent, and academic scholarships. At some colleges, you will automatically be considered for these monies simply by applying. However, at most schools you will need to apply for these scholarships by completing an application, writing a specific essay, or by being nominated by a high school counselor or teacher. If the college offers competitive scholarships, this information will be published on their websites. If you are aware of a merit scholarship that you would like to be considered for, please let us know.
Outside scholarships are abundant, but finding them can be tricky. For help in searching for outside scholarships, the best websites are www.fastweb.com, www.collegeboard.com, www.scholarships.com, www.college.gov and www.finaid.org. You have to register with them, but there is no cost to you. There are other scholarship search engines out there; some are pretty good, but others are not, so be wary. Our advice – if you have to pay money to either access the search engine or to apply for the scholarship, DON’T! It is also advisable to contact your town hall, library, community leaders and clergy to learn about scholarships in your community. Even if you attend a private school located outside of your town, you might be eligible for local scholarships.
Special populations such as racial, gender, ethnic, LGBT, and religious groups are often underrepresented in American colleges and universities, and there are several private foundations geared specifically toward the needs and sensitivities of these groups. For multicultural scholarships, grants and fellowships: www.financialaidtips.org/minorities, www.gofinancialaid.com, www.multiculturaladvantage.com/scholarship.asp Hispanic students: www.hsf.net or www.hacu.net; Asian and Pacific Islander American students: www.apiasf.org; African American students: www.NAACP.org, www.uncf.org, www.financialaidfinder.com, www.littleafrica.com, or www.blackexcel.org/100minority.htm; Native American students: www.collegefund.org, www.aigc.com, or www.aises.org; Arab American students: www.aasiusa.org; Jewish students: www.hillel.org; Other Underrepresented students: www.possefoundation.org or www.questbridge.org; Naturalized citizens: www.pdsoros.org; Undocumented students: www.nilc.org; First Generation students: www.collegescholarships.org/scholarships/first0in-family.htm or www.nextgenerationpress.org. LGBT students: http://lesbianlife.about.com/od/youth/tp/Scholarships.htm For religious scholarships, contact your church or synagogue.
There are also many state-specific financial aid opportunities. For example, the Vermont Student Assistance Corporation (VSAC) has grant, scholarship and loan programs available for Vermonters; Massachusetts Educational Financing Authority (MEFA) also offers an array of programs for Massachusetts residents. As with local scholarships, it’s best to research what might be available within your state as well.
For international students who need money, I have found the following link to be very helpful: http://www.edupass.org/finaid/undergraduate.phtml Most US colleges do not offer foreign nationals need-based financial assistance, and for the colleges that do offer assistance the competition for these funds can be super competitive. To apply for aid, you may be asked to complete the FAFSA, but it is more likely that you will be asked to complete an institutional form used to assess your need, while other colleges are using The College Board financial aid form: https://finaidonline.collegeboard.com/fin/VignetteServlet/VignetteServlet.srv?relativePath=/profile/pdfs/1011_finaid_int_stu_fin_aid_app.pdf
However, because most colleges do not offer financial assistance for international students, most international students will need to document their ability to pay before they are admitted to a college/university. Students do this by submitting copies of their parents’ financial records (official bank statements) to prove their parents have sufficient funds available to cover the cost of their education. Colleges requiring this kind of documentation usually have their own form, but some schools will accept the form created by The College Board:
https://finaidonline.collegeboard.com/fin/VignetteServlet/VignetteServlet.srv?relativePath=/profile/pdfs/1011_finaid_int_stu_cert.pdf
There are a handful of schools that offer need-blind and full-need admission to international students- Amherst, Dartmouth, Harvard, MIT, Princeton, and Yale. (Under a need-blind admissions policy, a college or university will admit students regardless of their ability to pay, and for any students that cannot afford the price tag, full-need means the university awards scholarships and other institutional aid to make up the difference.)
It is best to check with each college to understand their individual policy on funding for non-US citizens. In addition to asking broadly whether they offer funds for international students, you might ask about specific programs for students from your country. For example, some colleges are interested in matriculating students from certain countries/regions and may have special funds set aside for these students. If you happen to be from Canada or Mexico, and you are applying to a school in a boarder state – Vermont, New York, New Mexico, for example – you may be eligible for need-based aid. Be sure to let your college counselor know if you will be seeking financial assistance so that we can help identify colleges for you.
Although applying for aid as well as searching for outside scholarships can be laborious, stay positive. With a bit of hard work and perseverance, you will most likely find the money you will need to defray the costs.