College Admissions: 6 Costly Financial Aid Mistakes to Avoid

Monday, December 19, 2016

Cristiana Quinn, GoLocalProv College Admissions Expert

 

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When it comes to financial aid, take the time to do your research, create a plan and cover all your bases. It’s easy to miss out on a wealth of opportunities if you don’t.

If you have a senior in high school, the next few weeks are critical in the financial aid process. While federal financial aid deadlines (FAFSA) may stretch into the summer, college-based aid is most plentiful now. The longer you wait, the less money colleges will have to offer you; the pool is not endless. Here are 6 common mistakes that families make that cost them thousands in aid each year:

1. Not reading each college’s financial aid webpage: In a busy world, it’s easy to gloss over the intricacies of financial aid at each institution that your child is applying to. Not reading about all the sources of funding, forms required, due dates and scholarships, can have dire consequences. Carve out several hours and read the sites thoroughly. Then, run your numbers on the net cost calculator for each school to get an idea of the aid you could receive. If you have questions, call the financial aid offices. They are usually very helpful and a wealth of information.

2. Missing CSS Profile deadlines: If you are applying to one of approximately 250 colleges which require the CSS Profile, it often needs to be filed at the time you submit your application. This form allows you to qualify for college based aid at member institutions--one of the largest pools of funding available to students! A list of CSS Profile member colleges and forms can be found at: https://profileonline.collegeboard.com/prf/index.jsp. There is a charge to file the CSS Profile, but fee waivers are available for students with need.

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3. Not submitting FAFSA: Unless you can write a check today for the full amount of your child’s college costs, you should file FAFSA forms. I often see families with incomes exceeding $150,000 receive generous need and merit aid packages from colleges. You don’t need a final tax form for 2013; estimates will suffice based on your end of year W-2 and 2012 taxes. Always use the official FAFSA website; the form and filing it are free: www.fafsa.ed.gov.

4. Assuming because you did not get aid for your first child, that you won’t for your second: Rules and funding formulas change, and having a second tuition will usually move your Expected Family Contribution (EFC). Additionally, all colleges base merit aid on different criteria, and parents should not discount the possibility that a second child could receive merit aid, even if the first child did not.

5. Failing to disclose special circumstances: If your family has unusual medical bills, a sudden loss of income or other issues that may not be evident on your aid forms. Write a letter to the financial aid office detailing your circumstances and asking for special consideration. Make sure that you include documentation to support your claims.

6. Not appealing your aid package: Most students and parents assume that the aid offer they get is set in stone. At most colleges that is not the case. It is routine for schools to set aside 10-15% of their financial aid pool for appeals. So, if your dream school doesn’t offer you enough to attend, write a letter stating your case and respectfully asking for additional funds.

College is one of the largest investments you will ever make. Take the time to do your research, create a plan and cover all your bases. It’s easy to miss out on a wealth of opportunities if you don’t.

 

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Cristiana Quinn, M.Ed. is the founder of College Admission Advisors, LLC which provides strategic, college counseling and athletic recruiting services for students. www.collegeadvisorsonline.com.

 

Related Slideshow: Best Ski + Snowboard Colleges in the East

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St. Michael's College

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Dartmouth College

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Plymouth State University

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