Many families approach the college process by finding schools they think will be a good academic and social fit, without considering whether a school is a good financial fit. Consider a few key questions when developing your list of schools:
- Does this school offer merit based aid? This is a simple question, but schools that are more selective may not offer merit based scholarships. Other schools may offer $25,000 or more. You must know where your student falls in the applicant pool.
- Will you be eligible for need-based aid? As a general rule, schools with a higher cost of attendance will typically meet a higher percentage of need. With planning, there are ways to lower your expected family contribution.
- What percentage of need does the school meet with free money vs loans? This statistic is absolutely crucial - some schools claim to meet 'need', when in fact they offer mostly loans and very little free money.
- How many freshman without financial need receive merit aid? This information is difficult to find, but typically students in the top 25% of the admitted class receive merit based aid. If your child is on the borderline, keep in mind that the top 25% quartile numbers may be lower due to COVID related disruptions.
- When do appeals typically happen? Universities will typically send out aid offers before March. After March 15th, you can appeal the offer and ask for additional funds.
College Financial Guide will help you gather this information for the schools you are considering, and deliver the information in a simple, practical report you can reference. College Financial Guide will also help you understand student loan options and determine the most efficient way to pay.