College Admissions: 6 Steps to a Higher Financial Aid Package

College Admissions: 6 Steps to a Higher Financial Aid Package

If you have a senior in high school, the next few weeks are critical in the financial aid process. While federal financial aid deadlines may stretch into the summer, college-based aid is most plentiful now. The longer you wait, the less money colleges will have to offer you. The pool is not endless. So, here are a few things you can do now to ensure the best financial aid packages for next fall:

1. The general rule of thumb is that unless you can write a check today for the full amount of your child’s college costs, you should file financial aid forms. I routinely see families with incomes exceeding $150,000 receive generous need and merit aid packages from colleges. And, you don’t have to be a straight “A” student to qualify for merit aid. So, don’t underestimate your opportunities for college funding.

2. Read the financial aid section of each Web site where you are applying to college and understand the deadlines and forms that you must submit. Then, run your numbers on the net cost calculator located on each college’s Web site to get an idea of the aid you could receive. All colleges are now required to have these calculators, but beware that many do not include merit aid. Even if you don’t qualify

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for need-based aid, you should apply for merit aid. If you have questions, don’t hesitate to call the financial aid offices at colleges. They have a wealth of knowledge and are ready to help you before you matriculate.

3. File your FAFSA in January or February. Parents should do an estimated 1040 now to collect all the financial information you will need, and then fill file the FAFSA in January or February. You don’t need a final tax form for 2011; estimates will suffice based on your end of year W-2 and 2010 taxes. Always use the official FAFSA website; the form and filing it are free: www.fafsa.ed.gov.

4. File the CSS profile immediately after your application, if you are applying to one of approximately 250 colleges which require it. This form allows you to qualify for college-based aid at member institution. A list of CSS Profile member colleges and forms can be found at: https://profileonline.collegeboard.com/prf/index.jsp. There is a charge to file the CSS Profile, but fee waivers are available for students with need.