by Tom O'Hare | Mar 18, 2018 | Financial Aid, Scholarships
College Scholarships – Sorting it Out
No, it’s not about the brackets. But right now students and families across the country are hearing from colleges and universities only to learn in some cases that additional resources are going to be needed to cover the remaining net tuition costs.
Scholarships are a financial resource critical to assisting students and families meet the cost of attending public, private and community colleges. Scholarships reward students for their talent and treasures, academic and personal performance (athletic, dance, voice, speech and visual design). The vast majority are based on qualifying “Merit” requirements and eligibility, while some also require the demonstration of “financial need” need”.
Scholarship Amounts – What You Need to Know
75% of all scholarship dollars awarded by colleges and universities are provided to prospective and returning students who match eligibility criteria set by the school, donor and other contributors. Scholarships are provided in a wide range of amounts, some one-time only and others are renewal. As part of reviewing one’s request for acceptance, schools will compare a student’s profile to programs available and determine matchs. School utilize these types of scholarships to reward students for their hard work and performance before and during college. Awards are acknowledged by the school through the communication of acceptance and financial aid information.
Athletic and Performance Scholarships – students who receive these awards are normally notified in concert to a “signing event” once they accept and commit to the college or university. Specific requirements including NCAA guidelines and regulations must be adhered too.
Many colleges and universities also have separate programs that a student must apply for and meet requirements. These programs maybe offered by specific departments, majors and alumni. As an example, Syracuse University offers accepted students an opportunity to compete for The Maxwell Citizens Scholarship, Students write and defend a “position” paper in a debate format. Students should dig a little deeper when review a schools website, applying for admissions and/or financial aid. Uncover a program, follow the guidelines and apply.
State Funded Scholarships
In each state there are publicly funded scholarship and grant programs which reward students for their academic accomplishments (GPA, State Testing Programs) and/or demonstrated financial need. Students generally apply through their Guidance Department and when filling the FAFSA. Example: Massachusetts – Maine – New York
Then you have what I refer to as the ”time invested – time rewarded” programs. See there are hundreds of scholarships provided by local, regional and national based foundations, philanthropic donors, civic & community organizations and corporations. But, one has to investigate, investigate to find and apply.
- Local Programs are generally coordinated through the HS Guidance Department. Students need to obtain the “list” apply when needed or ask their Counselor, Do I qualify? These awards are generally distributed at Baccalaureate and Graduation events.
- Regional and national programs can be found through digging through the internet using a search engines (ex: Fastweb, Scholarships, Peterson’s). However, many of these search assistance tool are also data mining, lead generation organizations. Those using these tools should be aware of their rights and how the organization will, if any use the information.
Not to be forgotten, many Employee Assistance Programs offer scholarship programs for the children of employees. The Human Resource Department in most companies is the key contact to question.
As Acceptance Offers and Financial Aid Award Letters arrive for high school seniors and transfer students, many are excited to find a scholarship as part of the communication. But, if a higher than anticipated Net Tuition Cost still remains, students and families should spend sometime focused on another version of March Madness.
One that just might payoff!!
by Tom O'Hare | Jan 23, 2018 | Financial Aid
Financial Aid Award Letters
For many students and families the college acceptance letters have arrived. Some hang in the kitchen and others are locked under a pillow. But, one critical part of the equation is needed, the Financial Aid Award Letter. They’re coming!!
Financial Aid Award Letters outlining institutional, federal and state need based aid will be arriving over the coming weeks. This is part two of equation. With the arrival of the Award Letter students and parents are closer to understanding how much it will cost to attend the school of my choice. How affordable will my final choices be?
Figure Your Net Tuition Cost
To assist with making sense of the numbers I created a very simple tool, Net Tuition Cost Worksheet. Using the Worksheet students and parents can map out the cost associated with attending a specific college and most importantly why the Net Tuition Cost will be. The simple formula is Cost minus Aid = Unmet Need, the Net Tuition Costs.
By mapping the numbers for each institution, applied and accepted, one can calculate the difference in the actual cost of education, the impact of scholarships, need based aid and what the Net Tuition Costs one will need to mustered for a student to attend. The Worksheet shows where tuition assistance will come from, how much will be from the college, federal resources and even resources like external scholarships. Plug in the numbers received for each and college offering acceptance and aid. Does College A offer more in “merit aid” than College B. However, will College B offer more in “need based aid” and actually make it more affordable for a student.
Use the Net Tuition Cost Worksheet to visualize the breakdown of cost minus aid = net tuition cost. This is a critical component to the process of analyzing choice. What college choice will be best? Academic and personal development is must! But, affordability, affects the long term personal financial options. A decision that lies with each student and family.
by Tom O'Hare | Oct 11, 2017 | Financial Aid
Financial aid is a critical part of your student’s ability to attend the college. It can make the difference between attending full-time, part-time or at all. Not applying is not a choice.
October marks the start of the financial aid process for all students planning to attend college in the Fall 2018. Whether a student plans to attend a traditional 4 YR institution, community college, technical or professional program, eligibility for financial aid can assist one’s ability to pay.
Financial aid is defined as a need-based resource designed to assist students and parent(s) to supplement their ability pay the cost of attending college. Financial aid consists of grants, loans, work-study and many private scholarships. It is awarded to eligible students from resources including federal and state government programs, college and universities and private philanthropic scholarships programs.
Financial Need
Hit submit, the FAFSA® process calculates the Expected Family Contribution (EFC). The Expected Family Contribution (EFC) is the amount of money a student/family is expected to contribute towards a student’s educational cost. Each student/family’s EFC is different, because each student/family’s financial picture is different. Income, assets, household size and number of children in college are part of determining the EFC. The difference between the Total Cost of Attendance and the EFC is known as a student/family’s Financial Need (also known as the Unmet Need). Completing the FAFSA now, learning what the resulting EFC calculation equals is the important first part of understanding cost of attending college.
Net Tuition Cost
The Admissions and Financial Aid process concludes with each college and/or university communicating their “offer” through a Financial Aid Letter. Evaluating the “offer” and its financial components (scholarships and/or need based aid) one learns the final critical number to the paying for college equation, the remaining Net Tuition Cost.
The Net Tuition Cost is the final amount a student/family would be expected to pay to attend. In each of the three examples the Expected Family Contribution remains the same, however, all other factors are different. Different between private and public institutions, interest in the student and the overall financial resources available from the institution(s).
It is recommended that students apply to a wide range of institutions to allow each to evaluate a student based on their individual profile, their “resume” (academic, talent and personal background) and the students overall interest in attending.
Ultimately the decision to enroll in a specific institution should be based on a student’s overall interests, the potential to achieve academic & personal development while enrolled, outcome opportunities (employment) and the overall affordability of an institution.
Get the 2018-2019 FAFSA Started Now.
by Tom O'Hare | Oct 2, 2016 | Financial Aid
What’s with the New FAFSA timeline?
College bound students and families can now gain valuable financial aid eligibility information earlier in the college admissions process. New for the 2017-2018 academic year, all students now have a chance to complete the Free Application for Federal Financial Aid (FAFSA) as of October 1, 2016.
So What’s with the Change?
To start, the new date will now allow students and families to obtain information regarding eligibility for tuition assistance earlier in the process. Information pertaining to the eligibility for need based financial aid from federal, state, colleges and some private philanthropic organization. Information that is a critical part of the decision making process in selecting the college that is an academic fit, but also affordable for a student and family.
Second, and equally important, no one needs to wait to complete their Federal tax returns to file the FAFSA. Starting with the new date, October 1, tax return information will come from returns already completed and filed with the IRS. Historically, one would need to file the FAFSA with “estimated” tax information and/or wait until the completed return was submitted. The historic process caused delays and prevent students and families from learning critical financial information essential from making a college selection.
What’s the Big Deal?
Earlier Information – More time to evaluate options!
All critical to making a final selection that is not only an academic fit, but a college selection that is affordable. Students and parents will now look to learn about need based tuition assistance, file appeals and communicate with college admissions and financial aid administrators, especially with schools that make the final cut. What will one learn earlier?
An understanding as to the Expected Family Contribution; the amount calculated by after submitting the FAFSA; the amount a student/family is responsible for paying.
Financial Aid Award Letters; the offer letter issued by each college/university a student is interested in attending. The Award Letter details the overall cost of attendance, institution merit scholarships, need based grants, loans and work study aid from an institution, federal and state agencies, and the net tuition cost due from the student.
Opportunities to file an Appeals, including those tied to a families extenuating financial circumstances.
More time to evaluate college admissions and financial aid offers. More time to make a choice.
What is Needed to Get Started
So, if you are a high school senior, a transfer student, someone thinking of returning after a break and/or already enrolled, the doors are open, you’re FAFSA can now be filed!!!
Information required from a student (dependent/independent) and parents (dependent students)
Step One Obtain a NEW Federal Student Aid ID FSA ID
Critical for ALL students (and parents of dependent students), new and currently enrolled
Step Two Information Need
- Social security number, driver’s license, non US Citizen identification number
- Most recent federal income tax return; 2015 return is to be used for the 2017-2018 academic year (known as the Prior-Prior Year – FAFSA Tax Year Timeline Chart)
- Note: By using the IRS Data Retrieval Tool, information contained in a valid IRS tax return can be electronically transferred to the FASFA Form
- Beginning with the 2018-2019 academic year, a student/parent will be using Prior Year data.
- Records on ALL nontaxable income
- Current banking and investment account information
- Records that support unusual financial hardship including medical/dental expenses, dependent, elder care costs, salary reductions, unemployment and educational expenses for private K-12 tuition.
- Federal School Code for each interested school.
Step Three – Complete the FAFSA Online
Find a quiet location; 45-60 minutes, click the FAFSA Online site and before you know it, you’re done!
