When applying for financial aid, it's important to know the deadlines at each college. In addition to getting all of your applications in accurately and on-time, you also want to stack the cards in your favor by asking these 8 vital Questions to the financial aid officer at each school.
Most schools do not meet 100% of a student’s financial need. It is important for you to know this information, in advance, before your child spends time and money applying to a particular school that will never be able to give you the money you need to send your child to that school.
If a school answers “yes” to this question, then you want to know by how much they leave the average student short. For example, if your child has a need of $10,000 at a school and they have an average “unmet need” of 50%, they will probably only award you $5,000 and ask you to come up with the other $5,000 on your own, in addition to your estimated family contribution (EFC).
Make sure you find this out before you apply. It could end up saving you a lot of time and money!
Some schools have maximum ceilings of $5,000 per student. If this turns out to be the case and you are eligible to receive $10,000, then you are out of luck.
Many schools will award students a great package the first year to attract them to go to their school.
Then, in years 2, 3, and 4, they offer them a much lower package, even though their financial need is the same, since the school knows there is a very slim likelihood that the student will transfer after they’ve already attended that college for one year.
Some schools will not adjust a student's financial aid package after the first year. This becomes a serious problem, especially if the family's income drops in the later years of college.
You must know this up front, so you won't have to make a tough decision later.
In some cases, it may make sense for you not to apply for aid for the freshman year, especially if you have not done planning and you have all of your assets in the wrong places.
However, some schools have policies of giving priority consideration to students at the school who are already receiving financial aid. If this is the school's policy, you may be shut out from getting financial aid for all 4 years.
Find this out before you apply!
If they do, make sure you get your financial aid forms in before their cut-off date, or there's a good chance you won't get any financial aid.
Some schools will replace the free money you found with free money they were going to award you. So, in effect, you gain nothing by finding an outside scholarship.
Other schools will allow the outside scholarship to replace the loan money they were going to give you. Obviously, it's better if they replace loan money rather than free money.
Make sure you find out each school’s policy before you apply.
Failing to ask colleges any of these eight vital questions could end up costing you a lot of time, money, and frustration. So, make you sure you take the time to do so.