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Demystifying Financial Aid: Key Terms Every High School Senior Should Know

FAFSA, Pay for College, Scholarships, Student Loans / By

For many high school seniors, the reality about balancing school, life, and even work may be settling in as the first month of classes finishes up. Work, school, and a social life are all important uses of their time – especially during their “last” year of school. But, for many of these students, they’re about to enter a new realm of responsibilities: college applications. The next few months are crucial to determining where high school seniors will go to college next fall. Not only that, but they have to figure out how they’re going to pay for it all.  As families begin to work on financial aid applications, it’s easy to get caught up in the jargon you see. That’s why we’re talking about must know financial aid terms every high school senior (and their parents) should know. When to Apply to College In recent blogs, we’ve talked about how important it is to know your deadlines for college admissions and financial aid. While some students wait because it is still possible to get into a school in the spring, the reality is that the fall application cycle is the best bet. The earlier you apply, the better chance you have for entry and financial aid. Applications for early decision can be due as early as October or November. Regular admission applications are usually due by the end of the year.  When to Apply for Financial Aid As for financial aid, you can begin applying as early as October 1st with the CSS Profile. The FAFSA will come online in December for the 2024-2025 application cycle… Neither of which are that far off anymore. While you don’t have to apply that early, you want to make sure you are eligible to receive the maximum amount of financial aid. However, some programs might have a limited amount of funding. Or, you could miss a critical deadline if you wait too long to apply.  Once you familiarize yourself with all the necessary deadlines, it is also helpful to have a good working knowledge of the applicable terminology.  Here are the most important financial aid terms you should know: FAFSA: The Free Application for Federal Student Aid. Some colleges use The College Board’s CSS Profile, or their own financial aid application to gather information. For most schools and students, the FAFSA is the primary means of applying for federal and state aid, institutional aid, and even some college scholarships. You may decide to pay an advisor to help you with the FAFSA. But, remember: there is no fee to submit it and receive a determination about your eligibility for federal financial aid. COA: Cost of Attendance, or “sticker price,” is the amount a student might be expected to pay to attend a particular college, before financial aid. Net Cost: This is the amount most students pay after financial aid and other grants and scholarships. Student Aid Index (SAI) The Student Aid Index is a measure of the family’s financial strength, namely its ability to pay for college. Merit Aid: This is usually some type of grant or scholarship provided by the college based on a student’s abilities in academics, athletics, arts, or some other area. Need-Based Financial Aid: These are grants, scholarships, work-study opportunities and loans that are available to students based on their family’s demonstrated financial need. Need-Blind Admission: Some colleges make admissions decisions without looking at financial circumstances.  Verification: Colleges will often request additional documentation to verify information provided on the FAFSA or CSS Profile. If you are selected for verification, pay very close attention to deadlines. Student Loans: This is money which is borrowed for the purpose of attending college. It must be repaid after graduation.  Completing college admissions forms and financial aid applications can be a challenge. With more knowledge of the financial aid terms and what to expect, you’ll complete them confidently in no time!  Who We Are CFAA helps with the financial aid process, from completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. plan it

Everything You Need to Complete Your 2024-2025 FAFSA

FAFSA, Financial Aid, Pay for College, Scholarships, Student Loans / By

The FAFSA is coming. For the 2024-2025 application cycle, the FAFSA will be released in December. If you’re attending college in the fall of 2024, then you’ll likely need to complete the FAFSA this winter. Be sure to review your college’s website to make sure you don’t have any other components to file. Sometimes schools require the FAFSA as well as the CSS Profile or additional forms. If you’re a current student, make sure to file the FAFSA again this year. It’s not something you only do once! We’re reviewing everything you need to know to complete your 2024-2025 FAFSA correctly – and on time!  What is the FAFSA again? As a reminder, the Free Application for Federal Student Aid (FAFSA) is how schools determine your eligibility aid. This includes federal and student aid, and institutional support. Even some scholarships require you to file the FAFSA.  If you think you will qualify for the Federal Work-Study Program, or will need to borrow money through Federal Student Loans, the FAFSA is a must do application. It’s important to apply as soon as the application opens, as many programs have limited funding. The FAFSA usually opens in the fall. Because of massive overhauls made recently, the 2024-2025 application will open in December. This limited time table will impact how quickly aid packages are delivered. So, work hard to complete yours as quickly as possible.  Here’s everything you need to complete your 2024-2025 FAFSA:  Identification FSA ID: Each student and one parent of each dependent student will need an FSA ID, or username and password to log in to certain U.S. Department of Education (ED) websites and complete the FAFSA. You do not have to wait until December to obtain this information – apply for your FSA ID now. Social Security Number: If you do not yet have a Social Security number, get one now from the Social Security Administration. If you are not a U.S. citizen,  you will need an Alien Registration number. Driver’s License: This may be needed for identification purposes, but don’t worry if you don’t have one yet. Income Tax Returns: You will need to use tax information from your 2022 federal income tax return, even though your financial situation may have changed in 2023. Starting with the new 2024-2025 application, information will be gathered from the IRS through the Federal Tax Information tool. Untaxed Income:  You may be asked to provide details on untaxed income such as child support received, interest income, and veterans non-education benefits.  Assets: You will be asked to provide information on available assets such as savings and checking account balances, as well as the value of investments such as stocks and bonds and real estate (but not the home in which your family lives). You will report the current amounts as of the date you sign the FAFSA form. Other Prospective Colleges: Make a list of colleges you may apply to, so your FAFSA information can be forwarded to them, even if you have not yet applied or been accepted. You can list up to 20 schools at a time on your FAFSA form. If you aren’t sure about all the schools you want to send it to, you can add schools in later. As soon as you are ready to apply in December, complete the FAFSA form online using the fafsa.gov website. A quick tip: if using the online version, enable your browser to allow pop-ups. There are several prompts and helpful information that appear along the way. Always make sure the name you use on your FAFSA exactly matches the one on file with Social Security, check your form for any errors before submitting, and be sure to sign your FAFSA. Once all that’s done, you’ll be ready to hit “submit” and the first step of your college financial journey has begun!  Who We Are CFAA helps with the financial aid process, from completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. plan it plan it

How to Prep for the 2024-2025 FAFSA This Fall

FAFSA, Financial Aid, Pay for College / By

Fall marks the beginning of the school year for students nationwide. For high school seniors, the fall also marks the beginning of college application season. As we all know, time moves faster once all of the activities and classes begin. Now is the best time to start preparing and getting ahead of those college and financial aid application deadlines.  To apply for college financial aid you will need to be prepared to file the Free Application for Federal Student Aid, or FAFSA. For the 2024-25 application cycle, the FAFSA will come online in December. Since it is a shorter opening for the application, it’s imperative to be prepared to fill it out as soon as you can.  Why File the FAFSA?  The FAFSA is how the amount of aid a student receives is calculated. No matter what your financial situation, you should absolutely file the FAFSA. As mentioned, this year’s FAFSA is being released later to accommodate the new changes being made to the application. Because of that, the time for schools to review and approve aid will be much shorter. So, you want to be prepared to complete it as soon as possible after it is available. The FAFSA is also required to determine your eligibility for student loans when that becomes necessary, and is even used by some scholarship grantors. All of this makes it a very important document that is well worth your time investment. Why Should I Prepare Now?  Even though it might seem like there is sufficient time before December, time can slip by very quickly. Additionally, with a smaller application window open, it will be important to be ready to file as soon as you can. The first thing you will need to do, if you have not done so already, is obtain your FSA ID by creating a unique username and password. This will give you access to the online FAFSA application and other information. It will also serve as your legal signature for submitting the completed application. Once that is in place, start gathering the following documents and information: Social Security Numbers for students and parents, or Alien Registration Numbers for non-U.S. citizens. Driver’s license.  Any applicable bank statements and records of investments to document additional income. Records of untaxed income, such as child support. Names of potential colleges for applications. Independent students will only have to provide their personal information, while dependent students will need to provide it for themselves and their parents. If your financial situation changed dramatically in 2022,  you still need to report the information, but be prepared to state your case directly to your selected colleges. When you are ready to begin filing your FAFSA, be sure that you only go to the Federal Student Aid website at https://fafsa.ed.gov/. You can also use this site to find information on college costs, graduation, and post-college earnings. Their site is a great source of information for financial aid and information related to college!  Who We Are CFAA helps with the financial aid process, from helping to complete the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. Learn more about completing the FAFSA in my book, Secrets of a Financial Aid Pro! You’ll find complete information on financial aid, saving for college, paying for college, and student loans. Order it now, and make your journey to financial aid a success.

Federal Tax Information: What It Is and What You Need to Know

FAFSA, Financial Aid, Pay for College, Scholarships / By

One of the biggest changes with the 2024-2025 FAFSA is how Federal Tax Information (FTI) is gathered during the application process. FTI is any tax return or return information received from the Internal Revenue Service and is important for determining income, eligibility, income-driven repayment plan options, and more through the FAFSA process. Starting this year, your Federal Tax Information will be sent directly from the IRS to the Department of Education. Today, we want to talk about what you need to know about FTI and FAFSA! Do I have to provide consent for FTI?  Providing this information is critical to determine your student’s eligibility for aid programs, so yes – you should provide your FTI. During the FAFSA application process, you will provide consent for this information to be used. Anyone who is involved with the application (the applicant, the applicant’s parents, or spouse) will also provide consent to have their FTI retrieved from the IRS. So, rest assured that you have the option to say “yes” or “no”. We recommend you say “yes” and allow the IRS to send that information!  What exactly are they gathering? Starting with the new 2024-2025 application, the following information will be gathered from the IRS: tax filing status, adjusted gross income (AGI), number of exemptions, number of dependents, and income earned from work. Additionally, information about your educational credits, untaxed IRS distributions, payments, tax exempt interest, untaxed pension amounts, and profit/loss information will be gathered, too.  How does the Department of Education/FAFSA gather my FTI? About ten years ago, the Data Retrieval Tool was created for the FAFSA process. This tool helped applicants import their data from the IRS to their FAFSA application. In the future, a new tool will be used: FUTURE Act Direct Data Exchange (FADDX). This new program simply means that in the future, your information will not be imported. Instead, it will be received directly from the IRS to the Department of Education.  As you can see, Federal Tax Information is part of the FAFSA application process. The Department of Education has been working diligently to make this all run smoothly for applicants. Updating the process to gather FTI results in fewer errors and protects your information in a more robust way.  Who We Are CFAA helps with the financial aid process, from completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.         plan it

3 Last-Minute Money Lessons to Teach Your College Freshman

Pay for College / By

The middle of August means that college move-in weeks are about to start all over the country. Many parents are breathing a sigh of relief – they did it! From college admissions to finding money to pay for school, the hardest part of the journey is over. After unpacking the dorm room, everyone heads their separate ways and things often run smoothly for about a month. Around that time, some parents may receive panicked calls from their new college student about how expensive things have become. Expensive living can lead to bad financial decisions – including using that “emergency credit card” for non-emergency situations, spending loan money for living expenses, or even dropping classes. This version of the start of freshman year doesn’t have to be the only way things happen, though. Learning money lessons is an important part of growing up – and the college experience. Even during drop off, there’s a few easy last-minute money lessons to teach your college freshmen!   Here are some last-minute money lessons:  A Budget is a Budget  Parents have to be very serious about setting a budget for their students. Unless there is a real emergency, parents should not be too quick to send money to their student. It is already a strain on the family’s budget to keep paying normal home expenses while supporting a student in college, so there is really not much wiggle room left for unanticipated expenses. Ask your student to evaluate options, look for lower cost items, or find ways to generate an additional income. It may be hard to say no to your child. But it is a life lesson better learned at an early age. Have the Student Loan Talk Now Too many families wait until the student graduates to talk about the volume of student loans that has accumulated, and to make decisions about repayment responsibilities. Oftentimes, students look at loans as “free money” and spend it on everyday expenses instead of judiciously applying it only to education expenses. At graduation four years down the road, everyone is shocked by the amount of money that was borrowed, and nobody is prepared to shoulder the responsibility for paying back these loans. Help your student determine how best to spend student loan money, and make sure you agree now on who will be making payments after graduation. Keep Looking for Ways to Save Money The last money lesson to teach college freshmen is one that will help them well beyond their school days. The only two ways to stretch a budget are to earn more money or spend less money. If your student is maxed out on academics and other commitments, then look for ways to save money. Shop for used textbooks, or see if classes have online course materials. Scrutinize living expenses to determine if it would be more cost-effective to have the student live off-campus, commute from home, or cook his/her own meals. Have your student ask around campus about college scholarships in their major or conduct research online to find scholarships for students already in college. Anything you can do to cut costs now will help in the long run.  Giving your student strong financial skills now will help them make a lifetime of smart money decisions. While it can be difficult to hold financial boundaries, it’s important that your student learns how to manage money well. We have more money lessons to teach your students before college here, too!  Who We Are CFAA helps with the financial aid process, from completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. plan it plan it

What You Need to Gather for Financial Aid Applications

FAFSA, Financial Aid, Pay for College / By

Fall is on the way and the new season marks the beginning of college application season! The 2024-2025 FAFSA will be opening this December, instead of October (like usual). But we’re still encouraging families and students to start their prep work now! Many state and institutional financial aid deadlines come up quite early, and some financial aid forms have limited funding available. It will be critical that you’re able to complete your paperwork as soon as it opens. While December may seem far off, these last slow summer days are the perfect time to begin gathering everything you’ll need to complete your FAFSA and financial aid applications the moment they open!   Here is the documentation you will need available so you can complete your financial aid applications:  Login Information: You can set up your account log-in information now. For the FAFSA you will need an FSA ID. This is a username and password combination that will allow you to log-in. It will also allow you to sign your FAFSA electronically, access the myStudentAid app, sign loan contracts, and access certain information online. The student and at least one parent of a dependent student must each have their own FSA ID. For the CSS Profile you will be able to use your College Board student account, which you may have already completed for the SAT or AP tests. If you need to complete the CSS Profile as a parent (as a noncustodial parent, for example), you will then need to create a student account using the parent’s information. Social Security numbers for student and parents of a dependent student.  Student’s driver’s license number if you have one. Alien Registration number, if you are not a citizen of the United States. Federal tax information or tax returns including IRS W-2 information, for student and parents. The 2024–25 FAFSA form will ask for 2022 tax information. If you have already filed this form, that makes it easier to use the Federal Tax Information Tool to populate answers to many questions on the FAFSA. Records of untaxed income, such as child support received, interest income, and veterans’ non-education benefits, for student and parents.  Information on cash; savings and checking account balances; investments, including stocks and bonds and real estate (but not including the home in which you live); and business and farm assets for student and parents. List of colleges you are applying to this fall. The CSS Profile may also ask for dates or custody information in cases of a parental separation or divorce. The FAFSA is free, but be prepared to provide payment information for the CSS Profile, unless you have received a waiver. A Few Other Tips for Financial Aid Applications Keep all of this information easily accessible to reference when it comes time to complete your financial aid application. It will not be necessary to submit any documents at this point of the process. But they may be required later for verification purposes, so don’t lose track of them. If the financial situation for the student or family has changed significantly from what is reflected on your 2022 federal income tax return, you may be eligible to have your financial aid adjusted. You will still complete the financial aid application questions as instructed. Then, submit your forms. Afterwards, contact the schools on your list to discuss how your current financial situation has changed.  The end of summer and early fall is also a great time to begin work on scholarship applications. This is a great way to find extra money to help cover your college costs. Some have deadlines as early as September, so be prepared to apply quickly! For more tips on scholarship searches, read our tips here and here!  Who We Are CFAA helps with the financial aid process, from completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.   plan it plan it

Learn How to Create a Strategy for College and Financial Aid Applications

Financial Aid, Pay for College / By

College applications won’t open until the fall. But that doesn’t mean there isn’t a lot to do for rising high school seniors and their families right now. The first major step is to decide which schools your student is planning to apply to in the fall. After that’s decided, it’s time to begin a strategy for applications – both for schools and financial aid. To build your family’s strategy for college and financial aid, you need to understand the variety of deadlines you’ll come across.  You don’t want to create a strategy that takes too long – especially after the deadlines have passed. Remember (and we cannot stress this enough): the official deadline on any piece of your application or financial aid should not be your student’s or family’s personal deadline. Always plan to complete requirements a little ahead of time in case something goes wrong, or in case you have to supply any additional requested information. Now’s a great time to get yourself a big wall calendar or set up a digital calendar with reminders to keep yourself on track.  Here are some of the college and financial aid deadlines you need to know:  College Applications  This is the actual form to apply to a specific college. Some colleges use their own application form and some use the Common Application. Make sure you understand exactly what is required to apply in your field of study, and find out whether you have to audition, try-out, or provide a portfolio. Additional application components can require substantial time and must be considered. Federal Financial Aid  There are several forms of federal financial aid which might help you pay for college. To determine your eligibility you must file the Free Application for Federal Student Aid. The FAFSA comes online beginning October 1 typically (though it is in December this year!) and is available right through June of the following year. Trust us, you want to complete it as early as possible because some programs are only available on a first-come, first served basis. You will also need to complete the FAFSA to determine your federal student loan eligibility.  State Financial Aid Each state offers additional financial support to resident college students, but they also have individual filing deadlines. Most states use information from the FAFSA to determine eligibility, so make sure you know when your application must be submitted. Institutional Financial Aid Each college has its own financial aid deadline which may be much earlier than expected. Read the website carefully to find the deadline, and learn whether you have to file the FAFSA, CSS/PROFILE, or both, and if any other specific information is required by the college. Scholarships  If you are applying for scholarships to help pay for college, you need to review each opportunity carefully to be crystal clear on deadlines. They will all vary, especially if they’re through private organizations. See more tips on scholarships here!  Now that you’ve got an idea of what kind of deadlines to watch for, it’s time to begin pulling together whatever deadlines apply to your student and your family. Spend an afternoon reviewing what. Each school will need and add them to your calendar. Your roadmap is starting to develop! Learn more about paying for college in my book, Secrets of a Financial Aid Pro! You’ll find complete information on financial aid, saving for college, completing the FAFSA, and student loans. Order it now, and start mapping out your road to college with a little extra help. Who We Are  CFAA helps with the financial aid process, from completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

5 Ways to Pay for Day-to-Day College Expenses

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Paying for a college experience for your freshman (and beyond) is about more than deciding on the right loan to use. It’s also about funding the other experiences that make attending college so unique. Day-to-day expenses like internships, travel abroad opportunities, entertainment, and yes – even a late night study session at the local cafe – are part of what going to college is all about. But, as families are working to figure out the ideal situation for student loans or other funding, these day-to-day expenses often get overlooked from a budget standpoint. For this part of college life, there’s other ways to find that extra funding.  Here’s 5 ways your college freshman can pay for day-to-day college expenses:  Good Grade Bonus  Some colleges and states offer programs that reward students for academic achievement (and disincentives for those struggling with academic progress). Most of these are found in the way of tuition rebates, but it depends on the school/state and achievement.  Check with your particular college or state to determine if any of these programs are available. Occasionally, private student loan lenders also offer similar incentives.  Work-Study Programs Many colleges participate in the federal work-study program or offer employment opportunities to their students around campus. Working while studying can be a great way to prepare for adult life – and get some extra cash. These jobs are important and often a wonderful way to meet others on campus, too!   Scholarships for College Students Some scholarships are only available to students who are already in college. Sponsors want to make sure that applicants are committed to academic achievement or a particular field of study so they reserve their funds for current students. Continue researching scholarship opportunities, even as your student is in college. This can be great “free” money to fill the gps for day-to-day college experiences.  Rewards for Planning Ahead As you start thinking about whether your student will attend college in the future, look at opportunities to save or earn money for participating in routine activities at home. Upromise operates a free-to-join loyalty program where family members and friends accrue credits on eligible purchases that are directed to a college savings plan or to pay down student loans.  SAGE Tuition Rewards is a unique private college savings program where participants earn rewards points for participating in various activities. Any amount saved in advance that lowers out-of-pocket costs puts real money back in your student’s pocket. Family Rewards  Some families get creative when it comes to goals and money for college. Instead of giving money freely or providing an allowance, some families set goals for academics throughout the college experience. When those are reached, the student is given a bonus. This helps the student set goals and still earn money! Students can also consider asking for money for holidays and birthdays to help pad their budget.  Although it might seem that good grades and an improved life outlook should be all the rewards your student needs, financial incentives can go a long way towards helping your student experience more college life. Sometimes getting creative is the best way to ensure your student’s “fun” budget is well-funded and ready for them to pay for day-to-day college expenses with no stress!  Who We Are CFAA helps with the financial aid process, from completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. plan it

How to Prepare for College Applications in the Summer

Financial Aid, Pay for College / By

Now that the school year is over, rising seniors are beginning to think about attending college. The road ahead for college applications can be overwhelming. There’s a lot of tasks to do, deadlines to manage, and paperwork to complete. Summer break is here – and it’s the perfect time to kick back and relax. But, it’s also a great time to start prep for college application season and to get yourself organized in advance. Here are four steps to prep for college application season this summer!    Narrow Down Your List of Schools There’s a common misconception that applying to more schools gives you better odds of acceptance. But, the reality is that more applications mean more time and effort – as well as money in application fees. A better use of your time would be to research potential colleges and determine a realistic list of options for applications. Part of your research should be on the cost of the school, so talk with your family and determine what your budget for school is. If you’re struggling to narrow down your list, talk to your parents and friends about campus visits. Don’t forget to stop by the financial aid office and ask all of your questions about the costs of attendance!  Lay Out Your Application Plan Once you’ve narrowed down your list of schools, determine the various application and financial aid deadlines for each of the colleges on your list. Write them down and work backwards to determine how much time you need to complete all of that paperwork. Work ahead as much as possible. This will save you lots of stress (and your family, too!). It will also make sure that you don’t miss a single deadline when it comes to college applications.  Talk to Your Parents About Money  As you’re working on your applications, it’s important to talk with your parents about money. If they’re helping to fund your college degree, you should be very aware of how much you can spend and what the payback process will be like. Together, you can determine what kind of budget you’ll have, how much money you need to borrow, and what kind of loans are best for your family. We know that these conversations can be difficult, but it’s better to have a tough talk now instead of being in over your head financially later.  Take Responsibility for Your Applications and Money A lot of work goes into finance and college applications, so don’t let your parents do all the work. Find out what information will be needed to complete your applications and FAFSA later in the year and help to gather those documents. The summer is also a great time to earn extra money that you can save for out of pocket costs, textbooks, or to put against the loans you need to take. Finally, don’t forget to look for and apply for scholarships (check out our CFAA Scholarship Process). College applications are a group effort – and you play a big part in the success.  Summertime is a great time to start preparing for college applications. Enjoy your summer break – and take some time to gather documents, apply to scholarships, and finalize your potential college list so you can make the entire process easier on yourself – and your family. These steps are simple and will help you prep for college application season well in advance!  Who Are We CFAA helps with the financial aid process, from completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.  plan it plan it

5 Questions to Ask Financial Aid Offices During Campus Visits

Financial Aid, Pay for College / By

May brings the end of the school year for many students. As high school seniors graduate, juniors are rising to take their place. Rising seniors have many decisions to make throughout the next school year. It’s important that rising seniors and their families begin to gather the necessary information to make informed decisions about college applications. One of the best ways to gather information is by visiting college campuses and speaking to current students and the financial aid office. As you’re visiting college campuses this summer and fall… Here’s our top 5 questions to ask financial aid offices:    #1: How much does it really cost to attend this college?  Most colleges have a published cost of attendance on their website or other materials. It’s important to still ask about costs above and beyond that listed amount. Think about whether your student will live on campus or commute and how that will impact your costs. This decision will also influence your meal plan choices. Don’t forget about book expenses and a “fun” budget for your student.  #2: What kind of financial aid do you offer? Put together an understanding of the types of financial aid available. Does this school have work study opportunities? What are the loan options? Look into Pell Grants, merit-based scholarships, and other options the school may have, too. It’s important to understand what is free money and what needs to be paid back. #3: What is a typical financial aid offer?  While the school can’t give you an answer about your particular situation until they see your completed FAFSA, they can tell you what typical students receives. This is another chance to ask about need-based and merit-based opportunities. Understanding financial aid terms gives you a better idea of what to expect and how to understand your own package.  #4: How long does the financial aid last?  Some colleges have a nice financial aid offer to motivate you to enroll as a freshman, but the package amount decreases for the sophomore year. Ask about the second year (and beyond) as well. Try to determine how many students drop out after the first year, and see how long it takes to graduate. If it takes longer than four years, does the financial support continue? It’s good to understand as many of the possibilities as you can for your student when it comes to finishing a degree.  #5: What are the job prospects from this college?  If your student is considering federal or private student loans to attend this college, you want to be sure they will have the financial wherewithal to repay them upon graduation. Ask the financial aid office how many students graduate with a job and what the average earning rate is. Again, while all situations differ, getting an idea of the end result is important, too.  Financial aid offices are here to help you navigate this new experience as a family. When visiting potential colleges, take the time to really speak with them and understand what’s ahead for you and your student.  Have more questions about financial aid? My new book, Secrets of a Financial Aid Pro, helps readers understand the different types of college financial aid and answers questions you might not even know you have! It also provides insights into talking to your children about money at all different ages, even after college. Order now.

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