How does a college determine my family’s financial aid eligibility?
Most colleges award the largest percentage of their financial aid funding based on need. These funds includes institutional money as well as money from the government.
Need is assessed based on a family’s resources: current income, assets and ability to borrow. These determinations are made by families filling out specific forms. The FAFSA (Free Application for Federal Student Aid) is the most common form that colleges use to determine the amount a family can pay for college. Many colleges also use the CSS Profile.
Please note: there are fake FAFSA sites online that will ask you to pay to complete the FAFSA.The FAFSA is ALWAYS free and the official FAFSA website ends in .gov.
Colleges use these indicators to determine the Expected Family Contribution (EFC) for each student. After a family’s EFC is calculated, the college determines by what means (grants, loans, work study) to award student aid.
Families need to be proactive in reaching out to financial aid offices and looking closely and FA websites for each college. FA office professionals are eager to help applicants! Families with special or unusual circumstances should definitely discuss their situation with the financial aid office at each college. Using a Net Price Calculator is an excellent way to get an early sense the need-based funds for which your family may be eligible.
What are the different types of financial aid?
Need-based financial aid constitutes the major portion of assistance available for post-secondary education. Eligibility for need-based aid is determined by the difference between the cost of attendance and the Expected Family Contribution; the expected family contribution is a figure determined by government and institutional formulas.
Merit-based awards are generally given to students in recognition of special skills, talent and/or ability.
Merit scholarships may be given by either colleges or outside organizations. Some colleges automatically consider all applicants for merit awards regardless of financial need. Some require special additional applications.
If a student is interested in a merit scholarship we recommend looking into what awards are available at each institution.
Please note that you should never pay for assistance in finding merit scholarships. Please see this website’s Resources section for trustworthy sources of merit aid applications.
What is the timeline to apply for financial aid?
Please see the general timeline for the Urban college application process. While applying for financial aid doesn’t begin until Senior year, we do recommend families educate themselves about the nature of financial aid in college, which can differ greatly from how awards are determined for independent K-12 schools.
