Financial Aid

The single most important factor in determining aid eligibility for most families is parental income. Other factors include non-discretionary expenses (such as taxes, medical expenses and basic living expenses), parental assets, and the number of dependents attending college.

• To the extent they are able; parents have primary responsibility to pay for their dependent children's education.
• Students also have a responsibility to contribute to their educational costs.
• Families should be evaluated in their present financial condition.
• A family's ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect ability to pay.

When you evaluate the packages offered by colleges, remember, the largest award may not necessarily be the best. Consider differences in cost of attendance. The largest dollar offer may also be the one at the most expensive college, and, therefore, the one with the greatest unmet need or "gap" between cost and available resources. If you cannot fill the gap with other resources, you still may not be able to enroll in that college.

Even two offers that fully meet your need may not be equal. If the estimated student expense budget used to calculate need is unrealistically low, you may have more real unmet need than the award letter suggests. Some institutions estimate their costs conservatively to imply a more complete meeting of need than actually exists. You should compare stated costs with similar institutions to verify reasonableness. Consider, too, the loan burden you will have at the end of college in light of your long-range plans. Will you be attending graduate school? Will you be entering a lower-paying profession? If so, the cost of loans might be extremely burdensome.

If you have questions about your financial aid package, you or your parents should contact the financial aid administrator at the college.

Divorced/Separated Parents

Most colleges and universities will also require information from the non-custodial parent with the expectation that contributions to the college expenses will be made if able. The College Board’s Divorced/Separated Parent Statement should be available from the college’s financial aid office. Colleges understand that there are many family circumstances and would be happy to speak with you confidentially if you have specific questions.

Early Decision Candidates

Early Decision candidates MUST communicate directly with the college’s financial aid office. In most cases, you will need to complete the CSS PROFILE in November and you may need to complete additional institutional forms. The college will likely give you an estimated award package at the time of admission. Your aid award will not become official until you submit a FAFSA in order to become eligible for federal aid.

Types of Financial Aid

Once the admission office decides to admit a candidate and the financial aid office has determined that the candidate qualifies for financial aid, the financial aid office puts together a financial aid package which is a combination of several types of financial assistance.

• Grants: Federal, state and institutional grants are financial aid awards that you do not need to repay.
• Loans: Most are interest free during enrollment; student loans must be repaid with interest over a period of time after graduating. Subsidized/Stafford loans are need based loans on which the federal government pays the interest while the student is enrolled in college and for six months after graduation. Any student, regardless of financial eligibility can apply for an unsubsidized Stafford Loan.
• Work: The vast majority of financial aid recipients will be expected to hold part-time jobs
• Note: Not all schools guarantee that they will meet the full need of every admitted student. Most schools are unable to fund everyone, which causes a “gap” (unmet need) for which you are responsible. Other schools that are unable to offer aid to some applicants choose to deny admission instead.