Do we submit FAFSA along with the application?
Do financial aid be known along with admissions? Especially for out of state and Private schools.
If applied for ED, would they let us know any aid offered (if admitted) based on income before accepting ED?
Thank you
Can you please clarify?
Let’s say if Duke admitted my kid on ED (or) RD we have to make a decision by a certain date, which we won’t be able to unless we know if any aid is given with certainty (without financial help Duke is not a possibility for us financially).
Run the NPC to have an estimate. Only apply Ed if the NPC indicates an affordable college.
You can submit FA docs in October using prior prior returns.
Your twins’ college lists should include schools you’re sure you can afford. Since they qualify for Zell Miller, GA colleges are a great option if you’re still GA residents. Decide how much you can pay and communicate that to your sons. I wouldn’t plan on moving to get state rates in FL. What if one son is accepted to the state school but the other isn’t? It’s easier to cast a wide net.
You file the college applications separately from the financial aid apps. Some schools require only the FAFSA. The FAFSA EFC is used primarily to determine if you qualify for a Pell Grant of up to $5900. Run the FAFSA4caster to get an estimate of your FAFSA EFC. A $0 EFC qualifies for the full $5900. The closer your FAFSA EFC is to $5k, the lower the Pell Grant. An EFC of ~$5k would get $0 Pell. The FAFSA EFC is unrelated to what you’ll actually pay. FAFSA information can be found at FAFSA.gov. It’s a free application, so watch for sites that ask for a filing fee. Filing the FAFSA allows each student to take the federal student loan ($5500 as a freshman, $6500 as a sophomore, and $7500/year as a junior & senior). They can’t borrow more than that on their own.
Some colleges require the CSS Profile financial aid form. It gathers a lot more financial info., and colleges use their own formulas to calculate aid. I think there’s a fee to file the CSS. One FAFSA covers all schools, but you’ll need a CSS Profile form for each school that requires it, and I think you’ll be charged a fee for each one.
Many colleges include the financial aid package with the acceptance letter. Decision dates differ, but regular decision is generally March/April. Students have until May 1 to decide. They can only deposit at one school on May 1st, and it’s probably safer to get the deposit in a few days ahead in case of technical issues.
ED is different. You apply to the ED school at the same time as the others, but that decision and financial aid package will come back before the RD (regular decision) offers. You’ll have a short amount of time to make a decision and you won’t have other offers to compare it to, so run their NPC and don’t apply ED if it’s not affordable. If an ED school ends up being unaffordable, even if you thought you could swing it in Sept. but you decide you really can’t when the acceptance comes in, you can turn it down. Try not to commit ED if you’re not certain about finances. I think it’s too hard on the children to have to decline an acceptance to their top school due to finances after having lived for several months with the assumption parents could pay if they got in.
If you post your sons’ stats and how much you can pay without borrowing, the people here can suggest options. What majors are your son’s interested in?
@georgiaflorida: Your question, 2) Do financial aid be known along with admissions? Especially for out of state and Private schools.
Are you asking if you will receive the FA award and the acceptance letter at the same time? It varies from school to school. My D received her FA award letters ranging from a week or two to up to at least a month or so after receiving the acceptance notifications/letters.
We started out by looking at instate public and private schools that offered the major and were known for providing merit and/or need based aid.
We ran the net price calculator of each college to see what institutional aid or merit they might offer.
We used the EFC calculator on Collegeboard website to estimate FAFSA EFC (federal methodology).
With two in college out EFC was too high for Pell Grant, but we qualified for a state grant.
They applied early to rolling admission schools and heard by September that they were accepted. Merit notification came up to 3 months later and financial aid a few months after filing FAFSA.
Make sure your twins apply to GA schools early as financially affordable schools.
Do the FAFSA asap in October.
Also, note that most OOS universities don’t award financial I’d to Oos applicants. SOME offer merit aid in varying amounts, typically to students who are among theropod 5-10% of their applicant pool. To estimate this, look for each university’s CDS.
The financial aid forms become available for submission in OCTOBER of your kids’ senior year in high school. Submit the forms and any other documentation ASAP after October 1.
Make sure your kid checks her student portal if she has one (she will get this once she applies), and her spam folder for any requests for additional documentation.
Check the DEADLINES very carefully…and don’t miss them by one second. In fact…try to submit earlier. Very often, ED and EA applicants have an earlier priority deadline…so do not miss that deadline.
Don’t miss any DEADLINES.
If you get the schools everything they need…you should,have your financial aid award either with or shortly after an acceptance…but certainly in time to make a matriculation decision.
If your kid applies ED, they will get their financial aid package with or shortly after their acceptance! But in plenty of time to make your decision about attending.
Some EA schools don’t send financial aid for accepted EA students until RD kids get theirs. But you should have this before May 1 matriculation decision day.