Financial Aid FAQs
Answers to Your Frequently Asked Questions About Financial Aid
There are billions of dollars of financial aid available to students who need help paying for college. If your child wants this assistance, it’s important to determine your family’s eligibility and apply on time.
How many college students get financial aid?
About two-thirds of full-time undergraduate college students receive some type of financial aid in the form of grants, scholarships, loans or work-study. Approximately 39 percent of financial aid dollars awarded to undergraduates are in the form of federal loans, and the rest are grants, scholarships, federal work-study, and tax credits and deductions.
Can my family afford college?
Despite all the news stories about rising college prices, a college education is more affordable than most people believe. There are many colleges that provide an excellent educational experience at a price your family can manage. Public college prices are much lower than you might expect.
Does applying for financial aid hurt my child’s chances of being admitted?
Not usually. Applicants are generally admitted based on their academic performance and the qualities they bring to the campus community. Colleges want to admit a diverse group of students and often use financial aid to achieve that goal. It is very important to apply for financial aid early in the application process, before all of a college’s funds are allocated.
Does my child need to earn straight A’s to qualify for aid?
It's true that many scholarships reward student performance in high school, but most government aid is based on financial need. Remember that students who receive need-based aid must remain in good academic standing to renew their aid annually.
Are private colleges out of our reach?
Although the cost of college is certainly an important factor, you should not concentrate on it until later in your child’s college-selection process. Instead, focus on finding a college that is a good fit — one that meets your child’s academic, career and personal needs.
In some cases, your child might have a better chance of receiving aid from a private college and end up paying a lower total price than at a public college. Private colleges often offer more financial aid to attract students from every income level.
Is my family’s income too high to qualify for aid?
Financial aid is intended to make college available to students from many different financial situations. College financial aid officers consider family income, the number of family members in college, medical expenses and many other factors when reviewing your financial aid application.
Even if you think your family income is too high to qualify for aid, your family should fill out the Free Application for Federal Student Aid (FAFSA). This form determines eligibility for federal and state student grants, work-study and federal loans. You may also want to use the Expected Family Contribution (EFC) Calculator to estimate how much your family is expected to contribute.
Should my child work while attending college?
Students who attempt to juggle full-time work and full-time studies may have difficulty completing their academic programs. Students who choose to work a moderate amount often do better academically. Your child may find that working in campus jobs related to career goals may be a good way to manage college costs, get experience and create new ties with the university.
Can I try to get my child’s aid award revised?
Some colleges may be willing to review your child’s financial aid package if your family’s financial situation changes. Consider discussing these changes with the financial aid office if your family has experienced an unexpected decrease in income or increase in expenses since your child applied for financial aid.
