College planning calendar for seniors September Narrow your list of colleges to 5 to 10. Meet with a counselor about them and download college applications and financial aid forms, Plan to vistt as many of these colleges as possible, Create a master list or calendar that includes: = tests you'll take and their fees, dates and registration deadlines, = college application due dates. = financial aid application forms required and their deadlines. (Note. Aid applications may be due before college applications) = other materials you'll need (recommendations, transcripts, etc.) «your high school’s own application processing deadlines. Ifyou cant afford application or test fees, a counselor can help you request a fee waver. October Try to finalize your college chorces. Prepare Early Decision, Early Action or rolling admission applications as soon as possible. Ask for counselor or teacher recommendations if you need them Ifyou're submutting essays, write first drafis and ask teachers and others to read them, If you're applying for Early Decision, finish the essays for that application now. Ifyou have not had your test scores sent to the college to which you are applying, be sure to contact the appropriate test organization to have them sent. November November 1:5: For Early Decision admission, colleges may require test scores and applications between these dates. Complete you application essays, proofread them rigorously for mistakes. Counselors send transenpls to colleges. Give counselors the proper forms at least two weeks before colleges require them, Handout 3D page 1 of2 College Counseling Sourcebook, 7h Edtuon ® 2012 The College Board Al ight reserved eemusion gente copy th for educational perpenCollege planning calendar for seniors (page 2) December = Asyou finish and send your applications and essays, be sure to keep copies. = Get PINs for the FAFSA for both yourself and one of your parents from www-pin.ed.gox. January = Submit your FAFSA as soon as you can. If college youre applying to has a financial aid priority date of Feb. 1, use estimates based on end-of year pay stubs and last year's tax returns. February = No senioritis, please! Accepting colleges do look at second-semester senior grades. March = Keep active in school. If you are wait-listed, the college will want to know what you have accomplished between the me you applied and learned of its decision = File income tax returns early. Some colleges want copies of your family's returns before finalizing financial aid offers. April You should receive acceptance letters and financial aud offers by mid-April. If you've not done so yet, visit your final college before accepting, As soon as you decide, notify your counselor of your choice. = Ifyou have questions about housing offers, talk to your counselor or call the college May 4 May I: Colleges cannot require a deposit or commitment to attend before May 1. By that postmarked date, you must anform every college of your acceptance or rejection of the offer of admission and/or financial aid. (Questions? Talk to your counselor) = Send your deposit to one college only. = Waitlisted by a college? If you will enroll if accepted, tell the admissions director your intent and ask how to strengthen your application. Need financial aid? Ask whether funds will be available f you're accepted. = Work with a counselor to resolve any admission or financial aid problems June = Askyour high school to send a final transcript to your college. Source: The Caloge Board Handout 3D page 2 of 2 College Counseling Sourcebook 7th Eton © 2012 "The Colage Board AU ugh ecarved ‘erm granted to copy ti for educational purposesTwelve myths about paying for college Billions of dollars in financial aid are available to those who need help paying for college. Yet a lot of misinformation clouds the facts about what type of aid 1s available and who is eligible. Here are some myths dispelled for those confronting the process of securing financial aid. College is just too expensive for our family 4 Despite the media hype, @ college education 1s more affordable than most people think, especially when you consider that 44 percent of undergraduates attend colleges wath tuition and fees of less than $9,000. The average yearly tuition for in-state students at a four-year public college i 2011-12 was just $8,244 ‘There are some expensive schools, but high tution 1s not a requirement for a good education, ‘There’s not a lot of financial aid available = In fact, more than $177 billion in student financial aid 1s available for undergraduates Most students receive some form of aud. 44 percent of this aid 1s in the form of grants, and 39 percent in the form of low-interest loans You should carefully consider the financing packages you've been offered by each college to determine which makes the most financial sense. My family's income is too high to qualify for aid = Audis intended to make a college education available for students of families in many financial situations, and there 1s no cut-off based on income. College financial aid. administrators also take nto account other family members in college, home mortgage costs and other factors. Don’t count yourself out — apply for aid and let the process work. My parents saved for college, so we won't qualify for aid ® Saving for college 1s always a good idea Tucking away money could mean that you have fewer loans to repay, and st won't make you eligible for aid if you need it A family’s share of college costs is based mostly on income, not assets such as savings. I'm not a straight-A student, so I won't get aid = It’s true that many scholarships reward ment, but most federal aid is based on financial need and does not even consider grades. If Lapply for a loan, I have to take it = Families are not obligated to accept a low-interest loan if t is awarded to them. One financial aid administrator recommends applying for aid and comparing the loan awards with other debt instruments and assets to determine the best financial deal. Handout 8B page 1 of2 CColtge Counseling Sourcebook, th Edtuon © 2012 The Cologe Boned Al ahs eserved Perma granted 1 copy ts fr educational parposesTwelve myths about paying for college (page 2) Working will hurt my academic success = Students who attempt to juggle full-time work and full-hme stuches do struggle But research shows that students who work a moderate amount often do better academically. Securing an on-campus job related to career goals is a good way for you to help pay college costs, get experience and create tues with the university. Millions of dollars in scholarships go unused every year = Professional scholarship search services often tout this statistic. In fact, most unclamed money 1s slated for a few eligible candidates, such as employees of a specific corporation or members of a certain organization, Most financial aid comes from the federal government, although it 1s a good idea to research nonfederal sources of aid. My folks will have to sell their house to pay for college = Home value is not considered in calculations for federal aid, Colleges may take home equity into account when determining how much you are expected to contribute to college costs, but income 1s a far greater factor m this determination. No college will expect your parents to sell their house to pay for your education, Tshould live at home to cut costs = Its wise to study every avenue for reducing college costs, but living at home may not be the best way. Be sure to consider commuting and parking costs when you do this calculation. Living on campus may create more opportunities for work and other benefits. Private schools are out of reach for my family = Experts recommend deferring cost considerations until late in the college selection process, Your most important consideration is to find a school that meets your academic, career and personal needs. In fact, you might have a better chance of receiving aid from a private school Private colleges often offer more financial aid to attract students from every income level. Higher college expenses also mean a better chance of demonstrating financial need. We can negotiate a better deal = Many colleges will be sensitive to a family’s specific financial situation, especially if certain nondiscretionary costs, such as unusually high medical bills, have been overlooked But most colleges adhere to specific financial aid award guidelines and will not adjust an award for a famuly that feels it got a better deal at another school. Source: www collegeboard org Handout 8B page 2 of 2 College Counseling Sourecbook, 7th Editon © 2012"The Coles Bos All nights reserved ermision gunted to copy ths for educational purposesFinancial aid glossary ‘Award letter. A document notifying admitted students of the financial aid being offered by the college The award letter provides information on the types and amounts of aid offered, as well as the students responsibilities and the conditions governing the awards. Cost of attendance. The combined expenses of attending college, mcludig tuition and fees, room and board, books and supplies, transportation, and living expenses. the cost of attendance 1s compared with the student’ expected family contribution to determine the student's need for financial aid (€8S/Financial Aid PROFILE. A Web-based financial aid application provided by the College Board and used by some colleges and private scholarship programs to award them private financial aid funds. FAFSA (Free Application for Federal Student Aid). The form that must be completed by everyone applying for federal financial aud It can be completed online at www-fafsa.ed gov, Financial aid package. The total financial aid offered to 4 student by a college, including all loans, grants, scholarshups and work-study opportunities, Financial need. ‘The difference between the total cost of attending a college and a student's expected family contribution (EFC) Grant. A monetary aid award given toa student that does not have to be paid back ‘The terms “grant” and “scholarship” are often used interchangeably, but grants tend to be awarded solely on the basis of financial ned, while scholarships may require the student to demonstrate merit Independent student, Students that are either age 24 or older, married, a veteran, an orphan, or have legal dependents Independent students do not need to provide parental information to be considered for federal financial aud programs However, private institutions may require independent students to provide parental information mn order to be considered for nonfederal funding Merit aid. Financial aid awarded on the basis of academic qualifications, artistic or athletic talent, leadership qualities, or similar attributes. Most merit aid comes in the form of scholarships Need-based aid, Financial aid given to students who have demonstrated financial need, calculated by subtracting the student’s expected farnily contribution from a college's total cost of attendance. Priority date. The date by which applications for financial aid must be received im order to be given the strongest possible consideration ‘Thereafter applications are considered on a first-come, first-served basis, and only to the extent the college still has aid money left afterall the prionty offers have been made Self-help aid. Student financial aid, such as loans and jobs, that requires repayment or employment Subsidized loan. A need-based loan where the entity awarding the loan pays the borrower's interest while he ot she 1s in college at least half-tume, thereby subsidizing the loan Work-study. An arrangement by which a student combines employment and college study. The employment may be an integral part of the academe program (as in cooperative education and anternshaps) or simply a means of paying for college Handout 8A. Caloge Counnehing Sourcebook, 7 Editon © 2012 Th ‘enmsion granted copy dis ed ollge Boas All ght reser sonal puLpoetsSenior-year calendar for students applying for financial aid Summer Before Senior Year = Research scholarship opportunities that you might be eligible for. An early start will give you time to meet deadlines and to prepare a competitive application. September = Ask your school counselor about local scholarships offered by church groups, civic associations and businesses m your area. = Ifyou are going to apply Early Decision to a college, ask that college if they have forms for an early estimate of your financial aid eligibility. October Find out if there wall be a family financial aid night at your high school or elsewhere an your area. # Use the online financial aid calculator on collegeboard org to estimate your famly’s expected family contribution (EFC), = Ifyou need to fill out the CSS /Financial Aid PROFILE, you can register on collegeboard. org starting Oct. 1 = Ifany scholarship applications require recommendations, you should request them now, or at least four weeks in advance of the deadline, November ® Get PINs for the FAFSA for both yourself and one of your parents at wwwpin.ed.gov, December = Contact the financial aid office at the colleges on your list to make sure you have all required financial aid forms. = Start gathering what you need to complete the FAFSA. A list of needed documents 1s on BAFSA on the Web. January ® Ifa college you're applying to has an early financial aid priority date, submut your FAFSA as soon as you can after Jan. 1. Use estimates based on your end-of-year pay stubs and last ‘year’s tax returns. Handout 8C page t of 2 College Counseng Sourcebook 7 Editon © 2012 The College Board All ght eserved Person grated to copy this fox eisatonal purposesSenior-year calendar for students applying for financial aid (page 2) February March April May June File the FAFSA and other aid forms now, if you didn’t do so in January. Use drafts of your family’s income tax returns for last year. Remember—the eather you apply for financial aid, the more likely you are to receive all you are entitled to before the money runs out Correct or update your Student Aid Report (SAR) that follows the FAFSA. Ifyou submitted the CSS PROFILE, check your acknowledgment and send any corrections, f necessary, directly to the colleges that require it You and/or your patents should file your income tax returns as early as you can. Some colleges will request copies of these returns before finalizing financial aid awards. Submut any additional documentation (such as tax returns) that may be required. Most admission decisions and financial aid award letters arrive this month. Carefully compare financial aid award letters from the colleges that accept you Contact the colleges if you have any questions about the financial aid packages they've offered you. Make sure you understand all terms and conditions. Ifyou didn’t get enough aud to be able to attend a particular college, consider your options, which includes appealing the award Make a final decision, accept the aid package and mail a deposit check to the college you select before May 1 (the acceptance deadline for most schools). On the waiting list at your first-choice college? Dontt let that cause you to lose your aid at another college that has accepted you Accept that award in case you don't make it off the ‘waiting hist, ‘Thank everyone who wrote you recommendations or otherwise helped with your scholarship applications. ‘Think about your summer job options. The more money you make, the easter it will be to finance college—and have some fun during the school year. Source: The College Board Handout 8C page 2 of 2 Clee Counseling Sourcebook; 7th Hétbon © 2012 The College Board lng rtervd Permson granted to copy hs for educational purpocsFinancial aid checklist for students and parents Use this sheet as a personal record and as a reminder of the steps to take to obtain financial aid, Check off each step as you complete it For you and your parents or guardian Ifyou are in doubt as to whether or not to apply for aud, apply! © Obtain a social security number if you do not have one. 11 Do not wait for college acceptance letters before filing for aid. File an January or February — the eather the better You do not have to have completed your tax returns prior to filling out the FAFSA or the PROFILE An estimate of come 1s adequate. You cannot file the AFSA until after January 1, but complete st before February 1sfat all possible ill the FAFSA out onhine, Get worksheets to fill out prior to filing the FAFSA at www, fafsa.ed gov, Filing online 1s much faster than by maul, and the website has prompts that help you avoid making mistakes. You will need a PIN, or electromic password, before completing the form — available at www.pin.ed.gov. Get your PIN well in advance of your deadline because it must be assigned and ematled back to you before you can begin. © Ifyou are applying to colleges that require PROFILE, try to file that form in late November or early December — as soon as you know the colleges to which you plan to apply. If you are applying under an Early Decision plan, complete your PROFILE 1n October or early November. © Tncome tax forms should be filed as soon as possible (preferably in January) in order to provide accurate data on financial aid forms, Some colleges have early February deadlines. © Inform each college about your interest in applying for aid. Make a list of the financial ard priority dates and deadlines at the colleges to which you are applying. Ask each college if it requizes supplemental forms, and obtain them as needed 0 Apply for federal and state funds by completing the appropriate questions of the FAFSA. 2 Check for scholarships for whch you might be ehgible, 2 each college/postsecondary institution (your best source) 17 those posted in the counseling office 3 —_ocal and state scholarships Begin your Stafford student loan application by checking appropriate boxes on the FAFSA Handout 8D page 1 of 2 College Counseling Sourcebook, 1h Ediwon © 2012 The College Board All ahs esrved ‘eum granted to copy hs For educatonal purposesFinancial aid checklist for students and parents (page 2) Details to remember © Inall written communications to financial atd offices, put the student's name and Socral Security number on every page. a Keep your financial aid worksheets, Always make photocopies for your records, Oo ‘If you have questions about an stem, do not guess. See your counselor or an accountant, or speak with the college financial aid officer directly. 1 Donot leave blank spaces on the forms. Use zeros instead, 10 Proofread! And again, make copres of everything! After you've filed the forms 1 Ifyou properly complete the FAFSA, you will receive a Student Ard Report that will give you your eligibility index for federal and state aid. © Ifthere are errors or mcorrect information on the SAR, you can make corrections online, 2 Financial aid offers are sent by colleges exther with, or shortly after you receive, a letter of acceptance. You will be asked to sign an acceptance of the amount received, and the money will be sent to the college/postsecondary institution, © Ask your counselor for assistance if you have general questions. Specific questions should be directed to the college financial aid officers. Sources Glenbrook High Schoo) nos, and Amherst Regional High School, Massachusetts Handout 8D page 2 of 2 College Counseling Sourecbook,7ik Editon © 2012 The College Board. All gt reserved Permson granted ta copy Us for educavonal purposesComparing financial aid award letters: A worksheet Note: Students can compare award letters online at www.collegeboard.org ies [College 1 College 2 College 3 ‘Step 1. Lst the name of each college you want to consider attending, the award deadline, and the total cost of attendance | ‘This igure should be m your award letter If nt, refer tothe college | eatalog or the collage financial aid offi Namie of allege ‘Award deadine Total cost of attendance ‘Step? st the financial aid awards each schools offenng Dov forget that grants, scholashups and work-study do not have to be repaid, while a: ans must be renaid Grants and scholarships = Pall Grant federal) Total grants/scholarships Percent of package that grant/scholarshp Werk study opporiunties Loans Stafford Drct federal = Paras acral) = Other Total loans Percent of package Wats work or loans Totalinancaladawerd Grats and scholarships + worksudy + fans ‘Step3. Calculate what wil cost you to attend each college youre considering For each collace, ener the total cost of attencance Then, subiract the total fnancial ard award from the total cost of atiendance That rumberis the net cost, orwhat | will cost you ta attend that college | a}_Total cost of attendance 1) Total fnancal ad award }_Net cost to attend fa minus b) | Source: Meeting College Costs The College Boar Puls Handout 81 College Counseling Somcebook, 7th ton © 2012 The College Board. All nghis eerved Paras granted to cop} ths for edeatonal purposes,Twenty questions to ask about financing college 1. What’ the average total cost of attendance (tuition and fees, books and supplies, room and board, travel, and other personal expenses)? Do any of these costs vary by program? What are the ranges of costs for the different housing options and meal plans? 3, By how much should J expect my costs to increase each yeat? (A three- to five-year history of cost increases should be available.) 4. Does financial need have an impact on admisston decisions? 5, How's financial ad affected 1 apply via an Early Decision or Early Action program? 6. Does the school offer scholarships or other types of aid that aren't based on financial need? 7. What forms are required to apply for financial aid? 8, What s the priority deadline to apply for financial ard? 9, When wil Ibe notified about financial aid award decisions? 10, Will the financial aid offer take into account the full cost of attending, including books and supplies, transportation and personal expenses? 11, What percentage of need does this college attempt to meet on average? 12, Will the financial aud office provide me with an explanation of how my financial need and award package were determined? 13, What financing options are available to help us pay our share of the costs? 14. What is the average amount of student loan debt uncurred by graduates? 15, If the financial and package isn't enough, can T appeal? Under what conditions, if any, will the aud office reconsider the offer? 16. How will the aud package change from year to year? What will happen if my enrollment status or my family’s financial situation changes? 17, What are the academic requirements or other conditions for the renewal of financial aid, uncluding scholarships? 18. When can I expect to recive bills from the college? Is there an option to spread the yearly payment over equal monthly installments? 19, How much money will I need during the first week of school for books, supplies and other initial expenses? Can these expenses be charged to my account? 20, Regarding student employment, including the Federal Work-Study Program: How are yobs assigned? How many hours per week are students expected or allowed to work? How often and in what manner are they paid? Source: The College Board Handout 81. ‘College Counting Sourcebook, 2h Edtuon ©2012 The Coleg Board Allright reserved Permission granted to copy ths for educational purpoesEach college has its own financial aid policies — how outside scholarships are treated, whether 10 questions for the financial aid office or not aid awards can be appealed, etc. — information that may or may not appear in materials they send your child. Make the most of your next campus visit and schedule an interview with a member of the financial ard staff. He or she will be able to answer specific questions about costs, the financial aid process and options for financing your child’s education Here are 10 questions to get you started, o 9, 10 What's the average total cost — including tuition and fees, books and supplies, room and board, travel, and other personal expenses — for the first year? . By how much will total costs increase each year? How much have tution and fees and room and board increased over the last three to five years? Does financial need have an impact on admission decisions? How is financial aid affected if my child applies for Early Decision? Does the school offer both need-based and merit-based financial aid? Are there other scholarships available that arer‘t based on financial need? Does my child need to create a separate application for merit-based scholarships? What is the pronty deadhne to apply for financtal aud? ‘When will we be notified about financial aid award decisions? If the financial aud package isn't enough, under what conditions, if any, will the aid office reconsider the offer? How will the aid package change from year to year? What will happen 1f my famuly’s financial situation changes? What will happen if my child’ enrollment status (or that of a family member) changes? What are the terms and conditions of the aid programs included in the aid package? What are the academic requirements or other conditions for the renewal of financial aid, including scholarshups? ‘When can we expect to recerve bills from the college? Is there an option to spread the yearly payment over equal monthly installments? Source" www colegeboard org Handout 95 College Counseling Source, 7h Edison © 2012 The College Baad AV rights reserve erosion grated wo copy ths for edacauonsl purpoes,