Coleman College COUNSELING
Michele Coleman
College Counseling
Career Coaching
Financial Aid & Scholarships
Below are some resources that everyone can use to help with answers and to find additional funding for college and graduate school.
Financial Aid Forms & Websites
The FAFSA is a form provided by the Federal Government and used by all cooleges to award need-based aid. It is often not madatory to be submitted, but I highly recommend that all my clients complete the FAFSA. Completion results in an estimated amount , a SAI (Student Aid Index), that the government has determined a family or student should pay yearly for their education. The results of this form are sent to all colleges listed. Colleges use the SAI, to determine need-based aid and work study opportunities.. It also qualifies families and students for low-interest government loans. The FAFSA is free to complete for all families.
The CSS Profile is a financial aid form only required by a few colleges in the country. Colleges use the results of this form in conjunction with the FAFSA to award need-based and sometimes merit-based scholarships and grants. The methodology used is slightly different than the FASFA and takes additional questions about a families finances into account. It is offered by the College Board and requires a fee.
The Federal Student Aid Estimator, formerly known as the FAFSA Forecaster, is a form on the FAFSA site that can be completed at the beginning of a college search. It provides an estimate of how much a students SAI will be. This gives families a chance to determine college affordability and to prepare funding.
All colleges are required by the Federal Government to have a NPC or Net Price Calculator on ther website. These calculators can assist with an estimate of total financial aid awards and usually ask for the SAI, which a family can obtaon from the Federal Estimator. Things to know, these calculators are only estimates, sometimes the costs are outdated, and some will require answers to many quiestions while aothers are short. Still, they are a great tool to use as you begin to search for colleges. Toi find these forms Google: College Name NPC. You can also visit this site for more information.
Financial Aid & Scholarship Resources
Several years ago the Federal Government created a website named College Scorecard. It's a terrific resource, and provides information about colleges and monies that colleges award.
Need vs. Merit
It's important to know that there are two ways financial aid is awarded by colleges. The firs is merit money which is primarily offered directly from a students applictan and it is the scholarship or grant is awarede on the basis of grades, leadership, or activities. In essence a students merits. Need-ased aid is solely determined by the amount fof need a stusent has based on the results of the FAFSA. Need can be defined as the Total COsst of Attendance, minus the SAI, minus any merit monies. The amount remaining is a families need and can be funded by the college, the family, goivernment or provate loans, or outside private scholarships.
Clients are often curious about the amount of money that a student can obtain from the Federal Governmtne. Here is the site that explains it all!
Families can also attempt to find college funding by applying to private scholarships. This process is not hard, just extremely tedious. Read my blog post to find out more about serarching for private scholarships.