Almost nobody pays the sticker price for college anymore. About 9 in 10 families qualify for financial aid, and many more get merit scholarships. And families miss out on available funds by making incorrect assumptions about college costs. Why pay more than you need to?
Most of that money comes from three places: colleges, the federal government, and private scholarship providers. The way into almost all of it starts with one form: the Free Application for Federal Student Aid (FAFSA).
Why the FAFSA Is Your First Priority
The FAFSA is the gateway to all federal aid, including grants, loans and work-study. Most colleges also require it before they’ll consider your student for their own aid. If you skip it, you may be leaving money on the table before the process has even started.
For a quick early read on what you might qualify for, try this early estimator. This early estimator is especially helpful for families with students who are not seniors yet. Many selective colleges also require the CSS Profile, which gives them a more detailed picture of your finances. Upon completing the forms, send the FAFSA to every college where your teen will apply for admission and the Profile to those that require it. Each college will use the forms to build an aid package for your family.
Pursuing College Scholarships
Colleges themselves are often the largest source of aid. To get the most from them:
- Apply before each college’s deadlines. Admission and scholarship dates vary, so track them carefully.
- Look beyond automatic awards. Many schools offer extra scholarships that need a separate application, like an essay for a leadership award or an audition for a dance scholarship.
- Note that some Honors Programs require separate and earlier applications. Many of these programs yield large scholarships as well as other benefits.
Don’t Forget Independent Scholarships
Private foundations, organizations and companies also offer scholarships. These awards are usually smaller. And many are local. In turn, they can be difficult to find, but they can also add up. Search platforms like Scholarships360 can match your student to options. Focus on scholarships where your student has a real edge, such as tech-industry awards for a student interested in STEM or scholarships offered by your employer for offspring of employees.
Stay Organized
- Start early.
- Keep every deadline in one calendar.
- Tailor each application to its requirements.
- Pursue funding support from several angles.
Every dollar in grants or scholarships is a dollar you won’t have to borrow or pay yourself. It all starts with the FAFSA, so make it your first step.
Fitz has dedicated the entirety of his 28 year career to encouraging higher education opportunities. He worked in the Vanderbilt, Duke Law and St. Lawrence admissions offices prior to serving as an enrollment management consultant for 200+ selective colleges around the country. He created Find The Right College to make trustworthy college counseling more accessible. Fitz is also the father of two teens so he also understands first-hand the challenges associated with a college search.
