For families, their child applying to college is both exciting and daunting. With rising costs, maximizing financial aid and scholarships is crucial.
Strategic planning can help families navigate the process and secure the funding needed for their child’s future.
Taking the right steps early and avoiding common pitfalls can lead to more financial aid, scholarships, and fewer financial worries.
Why smart preparation matters when applying for college
Early planning is necessary to maximize financial aid and scholarships.
Families can increase their chances of securing funding by understanding financial aid forms, researching scholarship opportunities, and gathering necessary documentation.
Proper planning helps avoid mistakes like missing deadlines or overlooking smaller scholarships, ultimately positioning students as strong candidates for both admission and financial aid.
Do’s before applying to college
Taking proactive steps before applying to college can open the door to greater financial aid opportunities.
Start early with financial planning
FAFSA and CSS Profile are two primary financial aid forms colleges use to determine a student’s eligibility for financial aid.
One of the most important steps families can take is to understand their Expected Family Contribution (EFC).
The EFC is a figure that FAFSA calculates to represent how much of the student’s tuition is expected to be covered by the family’s contribution based on the information provided on the FAFSA form. This helps determine how much financial aid the student is granted.
The CSS profile, used by many private universities, may require more complex financial information and typically comes with a fee.
For both forms, starting early allows for understanding key deadlines and gathering necessary documentation, such as tax returns and bank statements.
Most importantly, submissions must be completed on time to ensure that any aid is dispersed to meet tuition payment deadlines.
Planning also gives families time to save for college and explore 529 plans or other tax-advantaged savings accounts.
Research colleges’ financial aid policies and scholarship programs
Not all colleges are created equal when it comes to financial aid. Some schools have robust financial aid programs, while others focus more on merit-based scholarships.
Researching a school’s policies can reveal whether their opportunities are need-based or merit-based aid.
Families should also prioritize schools known for generous aid packages. Institutions with large endowments often offer significant grants, which don’t need to be repaid.
Encourage your child to pursue merit-boosting activities
Strong grades and test scores are essential, but extracurricular involvement also plays a big role.
Activities like volunteering, leadership roles, and participation in clubs or sports can set a student apart.
These accomplishments strengthen college applications and may open doors to merit-based scholarships.
Gather and organize financial documentation
Financial aid applications require precise information; mistakes can delay or reduce aid.
Families should prepare tax returns, bank statements, and other asset records well before submission.
Dont’s before applying for college
Avoiding common mistakes before applying to college is as important as taking the proper steps.
Avoid making major financial changes right before applying
Financial aid calculations are sensitive to sudden changes in income or assets.
Large purchases, selling investments, or other significant financial moves can negatively impact eligibility. For example, liquidating assets might inflate a family’s EFC, reducing the aid a child qualifies for.
Don’t overlook smaller, private scholarships
While small scholarships might seem insignificant compared to tuition costs, they add up.
Many local businesses, community organizations, and niche groups offer scholarships for specific skills, interests, or demographics.
These funds can reduce the need for larger loans and ease financial pressure.
Do not skip college visits or virtual tours
Some colleges track a student’s level of interest, which can impact admissions and financial aid decisions. Campus visits or attending virtual tours signal a genuine interest in the school.
Additionally, these visits provide valuable insights into the college’s culture and resources, helping students choose the best fit.
Tips for the application process to increase financial aid potential
Strategic approaches during the application process can significantly enhance your child’s chances of receiving more financial aid and securing scholarships.
Prioritize early action or early decision if appropriate
Applying early decision or action can improve admission chances and, in some cases, financial aid offers.
However, families should research carefully. Early decision is binding, which limits a family’s ability to compare financial aid packages.
Maximize FAFSA and CSS profile submissions
Accuracy and timeliness are crucial for FAFSA and CSS Profile submissions.
Families should double-check forms for errors and ensure all required documents are submitted by deadlines.
Additionally, when asked to list the schools you’re interested in, it’s recommended to list them in order of your interest, starting with your top school, even if you think it’s a reach that you’ll be accepted there.
The value of writing a compelling personal statement
A personal statement is more than just an essay—it’s an opportunity to showcase what makes a student unique.
A strong, heartfelt statement can resonate with both admissions and scholarship committees, increasing the likelihood of funding.
Students should focus on meaningful achievements, personal growth, or challenges they’ve overcome.
Starting work on these statements and essays early gives applicants ample time to craft their best work.
FAQs about applying to college and securing financial aid
1. What is the best time to apply for financial aid?
The FAFSA opens on October 1 each year, and families should aim to submit it as soon as possible. Many aid programs operate on a first-come, first-served basis.
2. Does applying early decision impact my child’s chance for aid?
Early decision can improve admission chances, but it limits financial aid comparisons. Families should weigh the trade-offs carefully.
3. What types of scholarships can my child apply for outside college awards?
Students can apply for local, regional, and national scholarships. Community organizations, businesses, and niche groups often provide additional funding.
4. How do income or family assets affect financial aid?
Income and assets are key factors in determining EFC. Higher incomes or substantial savings can reduce aid eligibility, but strategic planning can mitigate the impact.
5. Can my child receive financial aid for all four college years?
Yes, but families must reapply annually and maintain eligibility. Students should also meet any academic or program-specific requirements.
6. Is it worth appealing a financial aid offer?
Absolutely. If circumstances have changed or a better offer exists elsewhere, families can appeal for aid to be reconsidered.
CBRG can help guide you in applying to college
Navigating the college application and financial aid process can feel overwhelming, but you don’t have to do it alone.
College Benefits Research Group (CBRG) specializes in helping families secure the maximum financial aid and scholarships possible.
With expertise in admissions strategy, financial aid applications, and scholarship sourcing, CBRG provides personalized guidance tailored to each family’s needs.
Contact us for a consultation to learn more about our services and to attend one of our college planning workshops.
