Helping students and families tackle financial aid

By Linda Parker, Director of Financial Aid

We know applying for financial aid can intimidate students and their families. There are so many requirements and deadlines, and they’re often dealing with multiple schools.

But as a guidance counselor, you know applying for financial aid is crucial. The hour students spend filling out FAFSA forms can mean thousands of dollars off tuition bills or access to much-needed loans.

So how can you help your students – and their families – effectively apply for need-based financial aid? Here are a few tips to share:

Make sure students understand and meet the requirements, which vary between schools. And remember, early decision applicants must meet deadlines far earlier.

Advise your students to make calendars, create reminders – do whatever it takes to stay organized. Families no longer need to estimate income information on their financial aid applications since the forms are asking for income from two years prior. The FAFSA makes this even easier by importing federal tax information directly from the IRS into the form. This will expedite the process for families and reduce the opportunity for reporting incorrect information.

Some students believe their parents make too much money, so they don’t apply for aid. But there is no downside to applying – the FAFSA is free and the CSS Profile (if required) is free for families making under $100,000. I say, if spending a few hours on the FAFSA or CSS profile wins a student, say, $20,000 extra per year in aid, well… that’s time well spent! Even if a student receives only loans, those are valuable. Every incoming first-year has access to $5,500 in federal Direct loans, and that amount increases every school year. Whether families need students to shoulder some college costs or simply want children to make a personal investment in their education, access to loans can be helpful. Remember, students don’t have to accept loans. But the money is there if needed.

Alert your students to a common mistake some make on the Common Application. There’s a question: Are you planning to apply for need-based financial aid? Some students check “No” and parents may not catch it. This mistake – or misconception— can be devastating. Checking “No” directs students’ applications away from schools’ financial aid offices, taking them out of the running for awards. Later, the student may gain admittance but receive no aid award. Parents wonder: now what? And the answer at Union, by that point, is often: “Aid letters went out three weeks ago. The money is gone.” So, remind families to check “Yes” on this question, ensuring the student’s application reaches a school’s admissions and financial aid offices.

Again, pay attention to what’s requested. At Union, we require both the FAFSA and CSS (College Scholarship Service) profile. We also ask non-custodial parents to fill out a CSS profile. We’re looking for both parents to contribute, if possible. If a non-custodial parent is unresponsive or not involved, the student, custodial parent or even guidance counselor should submit a letter to the school’s financial aid office explaining the situation.

Detail special circumstances. If your students or their families have special challenges that aren’t reflected on their applications – say a parental job loss or major medical expenses – write a letter to the financial aid office.

All colleges and universities are required to offer a net price calculator online. Urge students and families to use this excellent tool, which helps them estimate the net price versus the sticker price of colleges. These estimates can contextualize the perceived “sticker shock” of higher-priced schools, which might actually offer more aid. And families can use the calculators years before students apply, which may influence their choices. At Union we provide two net price calculators - The MyinTuition Quick Cost Estimator, which provides a quick ballpark estimate and the Net Price Calculator which provides a more in depth estimate of your financial aid eligibility and net price.

Make sure students and families carefully proofread all forms. Some parents who fill out applications for students accidentally enter their own names, causing major confusion.

Warn your students and families away from “services” that charge to fill out FAFSA forms (some up to $500). There is so much free help available, and families can also call schools’ financial aid offices, the College Board and federal processors with questions.

Above all, help your students stay calm and follow directions. Remind them that the FAFSA usually only takes about an hour to complete. Updates can be made at any time. The CSS profile usually only takes a few hours. There are so many free resources available. From where I’m sitting, applying for aid is an excellent investment of their time and energy!

Helpful resource sites for students:

The College Board (CSS profiles and Non-Custodial Parent CSS profiles)

Finaid.org

US Department of Education Financial Aid Resources

FAFSA