Saving Money for College
By Manuel Jourdain, Associate College Counselor
Financial aid was a completely foreign concept to me when I was a senior in high school. My dad was responsible for holding onto my family's financial aid documents and he introduced me to the Free Application for Student Aid (FAFSA) my senior year. My family had filled out financial aid applications for both of my older sisters, which made completing the FAFSA routine in my home. My sisters were more familiar with school loan options and making financial aid decisions. At that time I did not know what merit aid or need-based aid was. Money played a larger factor than I first believed when it came time to decide which college to matriculate to. Like many other families I have worked with, my estimated family contribution to college was zero. When I received my first financial aid award letters, along with college acceptances, I was shocked to read the cost of attendance gaps of $20,000 - $30,000. College financial aid scared me about my prospect of affording the college of my choice because it seemed as if college was going to be impossible to afford. Student debt in the country is currently 1.59 trillion dollars and for many families, some college options are becoming inaccessible. I do believe that there is an affordable college option available for every student. When I help families build a college list I think about my family’s experience and I want to make sure students understand every step of the financial aid process. My goal is to always help their families understand how affordability plays a large factor in the application process and it begins as soon as a student builds their college list.
I grew a passion to become a college counselor largely because of the financial aid experience my family had with college. When I first began college counseling I was working at Central High School in Providence, RI as the College Counselor for a service program hosted through Brown University. During my training, I learned all the details on how to successfully submit financial aid documents down to the first payment. Learning about all the different financial aid options available made me reflect on all the information I wish my family had during the college application process. On my first day working at Central High School the FAFSA completion rate was at 10%. It was important to bring this up because FAFSA requirements are often due the same day as many application deadlines. I worked with over 100 families to complete the FAFSA and increased the completion rate to 50% by the end of the month. It is important for families to understand that there is a finite amount of resources when it comes to college affordability. This can make families and students applying to feel intimidated by all the financial aid applications and forms. It’s best to get organized and complete the financial aid forms with the right information.
Applying for financial aid during the college application process begins by submitting the FAFSA and CSS profile in the senior year of high school. To complete a FAFSA application families need to prepare to apply first gather important tax documents and create an FSA ID for a parent and the student. Next, make sure to be aware of all important deadlines to not miss out on any additional merit or need-based aid. The FAFSA application will ask to for the student’s general information and students will be able to list 10 colleges at a time. Then there is a section to fill out with the parents’ information. This is where families prior years taxes are important. The best way to make all parents financial information is input accurately is by using the IRS data retrieval tool. Afterwards, if there is any additional information a family thinks is important to add I recommend to reach out to the colleges financial aid office.
Many colleges become more and more expensive. Financial aid applications have to be submitted each school year by important deadlines to ensure the best financial aid package and provide the college with the most update to date cost of attendance. By the time of graduation, I had learned a whole new vocabulary to read my financial aid award letter. Many financial aid forms can be difficult to decipher. This lead my family to believe many colleges that I was accepted to seem more affordable than their actual cost of attendance. I have helped many families be prepared for their financial aid applications to college. Colleges will use the student aid report each year to determine the demonstrated financial need of the family. A student aid report is a document that is created to read a family's FAFSA submission. It also provides additional information such as the estimated family contribution to college (EFC) and loan eligibility.
These are some helpful tips families and students can use this financial aid application season. With the FAFSA opening up October first, it is great to get a head start on the college applications by submitting the FAFSA as early as possible. Good luck this financial aid season to everyone applying! Remember to follow a list of important deadlines to not miss out on any institutional merit or need-based aid.
Helpful Links:
FAFSA Overivew: https://www.youtube.com/watch?v=gUis5lityCQ
College Financial Aid Explained: https://www.youtube.com/watch?v=VB4kMhRdGz0
Steps to Completing the FAFSA form: https://studentaid.gov/articles/steps-to-fafsa-form/