Financial aid experts recommend that you apply for financial aid before deciding which college or university you are going to attend. High school seniors are not usually notified of acceptance at an institution until long after the deadline to apply for aid has come and gone. For many students, the amount of aid they will be eligible to receive determines the school they choose to attend. It is very important to estimate the general costs of each institution you are considering.

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The first rule of financial aid is simple: the colleges are the place to find it. About 95 percent of the available dollars are administered through them, including a lot of the federal money and most state grants. College administered financial aid comes in two basic varieties: awards based on academic merit or special talents and awards based on need. Your first major decision in the financial aid search is whether or not to apply for need-based aid. In most cases the answer should be yes.

The factors that determine how much financial aid a family qualifies for include the parents’ and student’s income and assets, the size of the family, and the number of children attending college. The more income and assets a family has, the more college costs it is expected to pay. Even if your family income is several hundred thousand dollars a year, there is still a chance you may qualify for something, and some non-needs awards require an aid application.

Funds are treated as parental assets-current financial aid formulas count up to only 5.6% of parental assets when calculating the student’s financial need. Consequently, this investment has a limited effect on how much financial aid you will get.

College Fairs

Attend college fairs where representatives distribute information and talk to prospective students and their parents. Attending these fairs will also help you get a feel for a college or university by talking to students or faculty. The fairs are held in most major cities across the nation during the course of a year and they usually begin in September.

Retain a copy of every item in the application package, including the essay, and the date it was mailed. You may need to review it for an interview or follow up later to collect the award.

Questions You Should Ask At college Fairs

What percentage of students attending your college receives scholarships and financial aid?

What percentage of the scholarships is based on financial need?

What percentage of the scholarship is based on merit?

What is the name of the financial aid director?

What is the deadline for the application for admission?

What is the deadline for the application for financial aid and scholarships?

Financial Aid Office

Once you have applied for financial aid, the student financial aid office takes over. For college students the financial aid administrator (FAA) can be the most important person on campus. The financial aid administrator at each school in which you are interested can tell you what aid programs are available there and how much the total cost of attendance will be. The FAA can draw from the money under the college’s direct control or certify the student’s eligibility for money not under the college’s control. The FAA can decide on the contents of the student’s aid package.

All colleges have a student financial aid office. One of the primary functions of this office is to assist students, parents, and school counselors in understanding the financial aid application process and the various student aid programs, as well as how to finance college costs.

Next to applying early for financial aid, making sure you update your financial aid status every year, or whenever your family situation changes, is a vital part of making certain you receive all the aid you are entitled to. Remember, just because you receive a certain amount in your financial aid package your freshman year doesn't mean you'll get the same deal in your sophomore or junior years. Keep the FAA informed of any and all changing circumstances.

After you have received aid from the financial aid office don’t assume that you will not have to deal with the FAA again. You may have to renew certain scholarships, inform about new forms of aid that you have received, or your family circumstances may have changed. Many types of aid don’t renew themselves automatically; you must submit the FAFSA and supplemental forms  (CSS/Profile or Institutional Aid Application) every year by the published deadline. And at many colleges the renewal of merit scholarships is tied to grades and/or some other conditions. You need to determine the minimum grade point of average to renew the scholarship. In some cases, if the student does well-or very well-additional scholarship money may be available. It is the financial aid office that determines all these, therefore, being in close touch with them throughout your college years is to your advantage.

Some of the functions of the financial aid office include:

• Advises students and parents on student aid programs
• Determines final eligibility for federal and institutional need-based aid
• Provides a student-aid package
• Sends a financial aid award letter that details types, amounts, and conditions of aid
• Sets disbursement procedures for institutional, federal, and state student aid.
• Provides alternatives, if needed, for helping to meet college expenses
  This page was updated on August 05th, 2009