College Financial Aid Advisors

This time of year is so exciting for high school seniors! Financial aid packages are arriving with acceptance letters – and these students get to start figuring out what their next four years are going to look like. Now that all the paperwork has arrived, you might be feeling the pressure of choosing a college. Unfortunately, time is ticking – even with extended deadlines at some schools due to the FAFSA updates. With most decision deadlines hitting by May 1st (or sometime soon after), it’s crunch time to make the decision of which school you’ll be attending. If you’re stuck between a few options, money might be the deciding factor. Check out these tips to figure out which financial aid package is the real winner!  Compare Figures Correctly:  When choosing an offer, don’t just pick the college which gave the most financial aid. Instead, get your calculator out and analyze how much it really costs to attend each school. Otherwise, you’re not really looking at the right numbers. Be sure you understand whether you will receive the full amount of your award for the entire four years you attend, too – as this could change costs during your time there. Reread your financial aid letters and determine how much of each package is in federal student loans. Don’t forget that you will eventually have to repay that money, so it doesn’t really lower your costs; it just defers a part of them.  Calculate a Bottom Line:  List out everything you will have to spend money on including tuition, room and board, fees, travel expenses, and cost of living at each college. Then subtract out the grants and scholarships from individual schools, along with any scholarships you won on your own, for a bottom line net cost figure. See if any schools are expecting you to participate in a work-study program that will provide money within their aid package. You’ll receive funds, but it could reduce the amount of time you have available for your studies – which may not be ideal for all students.  Remember: you will be expected to pay for anything that is not covered by financial aid or federal student loans.  Ask the Financial Aid Office (if appropriate!):  If the bottom line between two schools is still very close – but the one you’re leaning towards still costs more, consider reaching out to the financial aid office. Politely explain your situation, tell the school how much of a difference there is between your two top choices, and ask if there is anything else they can do to help you. If they can’t, you will have to decide if it is worth the extra expense to attend this college. With this year’s FAFSA issues, lead with kindness and patience throughout your interactions with the financial aid offices as they’re likely overwhelmed!  Consider Earnings Potential After College:  Taking out loans? If you have to take out federal or private student loans to attend a particular school, it may be worth the extra investment if you are able to graduate in four years and land a high-paying job. Check the schools’ websites to compare details about graduation rates, employment percentages, and starting salaries. You want to ensure that you’ll be able to pay back your loans when it’s time – and not buried under a pile of debt.  This is one of the hardest decisions you will have to make during the college application process. But, you’re almost to the finish line! Congratulations!!  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. 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, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

This spring, as financial aid award letters arrive and college acceptance letters fill mailboxes, families are getting the full understanding at how much college will cost them personally. Colleges use your completed FAFSA to determine how much your family would be expected to contribute. From there, they are able to offer financial aid accordingly. Any financial aid offer letters received will outline the amount of scholarships, grants, and loans you can expect. It will also state how much you may have to pay out of pocket.  If that happens to your family, here’s a few ideas of how to find money to pay for college after financial aid:    Contact the Financial Aid Office(s):  If there is a school that particularly appeals to your student, you can contact the financial aid office and ask if there are any other options for receiving more financial aid. The school may have additional funds for low-income students or may be able to point you in the direction of other scholarships. It could also help to let the school know that you will be interested in finding part-time work in addition to the federal work-study program. All of these are great options if the school has any available.  Explain Any Unusual Circumstances:  Sometimes the FAFSA doesn’t give a real picture of your family’s financial situation. If there are exceptional medical bills, or a sudden drop in income, put together a short letter that documents your specific situation, and ask the college if you can appeal the financial aid award. Make sure that you have documentation of any changes not reflected in your current FAFSA documents.  Look for Scholarships:  Be on the lookout for all late deadline scholarships. This money does not have to be repaid. Scholarships can make a big difference in your child’s ability to pay for textbooks, lab fees, and other miscellaneous expenses. Parents can also ask their employers if any funds are available to help with college expenses such as computers. Scholarships are a great option for every year your student is in school, so make an effort to look for them every year!  Consider Private Student Loans:  While there are some differences between federal and private student loans, this could be the final piece in your financial aid puzzle. Many private lenders, such as Discover Student Loans, offer competitive interest rates and other incentives that can help reach your college education goal. They may also offer other benefits, such as a reduced interest rate for automatic payments, and may even provide an incentive for good grades. Remember to carefully determine who will be paying the loans after graduation with your student!  Financial aid award letters and the Student Aid Index are good indicators of how much financial aid you will receive, but they don’t have to be the last word on the subject. College is expensive and if you need extra assistance to cover the difference, try some of these options!  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. 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, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

One of the most exciting parts of the college application process is actually deciding where to apply. There’s so many options! As spring break and summer vacation arrive, it can be a perfect time of year to schedule college visits. College visits are a great way to actually see which campuses might be a good fit for you, and to be able to talk to current students, the financial aid office, and visit the cities the schools are in. The first thing to do is narrow down your list and decide which college campuses to visit.  In general, there are three types of colleges you should consider applying to in the fall – dream, target, and safety. The target schools are those that fit most of your criteria, and where you are most likely to be accepted. They are also likely to be the schools which have costs in line with what your family expects to pay for college. Dream schools might seem like they are out of reach, but they still have some type of appeal to you because of their reputation, location, academic programs, or campus environment. Oftentimes these schools can be more expensive, but you’ve still got a possibility of acceptance and with financial aid, you could likely manage to go there.  Safety schools are those which are most likely to accept you, and that you will probably be able to afford. These might be schools with campuses close to your home town, or public universities in states which offer a high amount of tuition assistance.  With all of this in mind, it’s time to decide where to plan college visits. Here’s what to consider:  Think about the cost of attending Figuring out how much you are going to pay for college might seem like it is a long way down the road. It can be helpful to do some rough calculations before deciding where to visit. Take a close look at the websites of the colleges on your list. From there, try to determine what the average student pays after financial aid. Sometimes in this process, you may realize your “dream” schools are more affordable than you realized. When you’ve got those calculations done, plan to visit the ones that will be most realistic for your budget and are high on your interest list.  Find more ways to pay for college You might have a few schools in mind, but they seem out of reach financially for your family. Look into ways that you might be able to make those schools more affordable. If the cost of travel is too high, search for ways to lower those expenses. If the campus is in a city, try to find out how current students keep their daily expenses low. Scholarships and other opportunities to earn money that might provide the necessary funds to reach a particular financial level. Again, cross examine your lists of financially acceptable schools and the ones that are of most interest to you.  Talk to others Remember, you are not the first person to ever apply to college. Look for social media pages of the colleges you want to attend. Talk to some of the current students about their experiences.  Find out what it realistically costs to attend this school, so that you will know whether it should be a target or a dream. Don’t forget about students who may have graduated and are attending from your own circle of friends and family!  By the end of these reviews, you’ll have a smaller list of schools that will be worth the time to take a closer look. Once you have the list and have made travel plans with your parents, be prepared to get the most out of each campus visit by putting together a list of questions to ask professors, students, admissions, and financial aid. It might seem like a lot of work now – and it is. But finding the schools that could be right for you will make applying to college much easier!  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. 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, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.