How financial aid works

sk8rmom
Tue, 07 Sep 2010 21:10:14 +0000

After January 1st, you and your parents can fill out the FAFSA for the 2011/12 academic year. This will determine your eligibility for federal aid, which includes Stafford loans - that’s the only type of federal “aid” you will qualify for based on your parent’s income. All colleges that participate in federal aid programs require FAFSA. The application can be done entirely online at this site: [FAFSA - Free Application for Federal Student Aid](http://www.fafsa.ed.gov/)

Around 300 colleges also require the CSS Profile, which they use to determine your eligibility for institutional aid. That information will be on the college’s website. Again, it’s unlikely that you’ll qualify for need-based aid with your parent’s income, but you can always apply. The Profile is available here: https://profileonline.collegeboard.com/prf/index.jsp

Some schools require their own FA app instead of Profile. Check the financial aid section of your schools’ websites for details on what they require and what the deadlines are.

Most merit scholarships offered by colleges do not have a “need” factor. You would have a much better chance of receiving those and that’s where you should focus your attention. Need-based aid is for people who have financial need, which doesn’t fit the description you’ve provided of your family. Wanting financial aid is not the same as needing it and the government and colleges are the ones who determine how much families “should” pay. Good luck!