Financing College

Each year, college costs rise. Because of that, financing is a significant part of the college decision.

There are two types of financial assistance for college: need-based and non-need based. Both types come in the forms of scholarships (grants), loans, and work. The process of applying for assistance is complex and time-consuming but important.

For need-based aid, you must complete the financial aid forms required by the college. All colleges/universities require completion of the federal government form (FAFSA). Many selective private colleges/universities also require the College Scholarship Service form (Profile). Some colleges/universities also request that your family complete their individual forms. Both the federal government and the College Scholarship Service prefer that the FAFSA (www.fafsa.ed.gov) and Profile (available at www.collegeboard.org) forms be filed online. The profile will be available at the beginning of the senior year. The FAFSA may be filed after January 1st of the senior year. Check with your colleges for filing dates typically, colleges want both forms filed by February 1. We recommend that you file in January and use income estimates. At a later point, you will have the opportunity to supply final information. The best way to determine financial need is to use the calculator feature on www.finaid.org.

Before you submit the forms, print a copy of each for your records.

Forms are forwarded to a central processing agency that uses a national formula to determine your family's ability to contribute financially to your college education. That information is sent to your college financial aid officers, who then decide on the amount and type of financial aid that they will award you. Each college will likely present you a different aid package. In April, in addition to the admission decisions, you will receive financial aid offers. With all information, you may then choose which offer to accept.

At any point in the need-based financial aid process, you may consult with a financial aid officer at the college.

Non-need based financial assistance comes both from individual colleges and from private agencies. Awards are offered for just about everything, including: academic achievement, athletic accomplishments, leadership, artistic skills, musical talent and community service. To find out about specific non-need based scholarships, register as soon as possible at www.fastweb.com. FastWeb is free to students and offers the most comprehensive, up-to-date and reliable scholarship information available. In addition, there are many scholarship resource books available in the CSG library. We also receive scholarship notices, which are posted weekly on Naviance network.