Financial Aid

The College Counseling Office supports students and families throughout the financial aid application process. Typically, families complete a variety of forms to determine aid eligibility including the Free Application for Federal Student Aid (FAFSA), the College Scholarship Service (CSS) PROFILE, and institutional forms for individual colleges and universities. There are two types of financial aid:

• need-based aid for which eligibility is determined by CSS, federal guidelines, and institutional policies
• merit-based aid, also referred to as scholarships, which is awarded for academic excellence, athletic or artistic talent, leadership or other criteria

Need-based aid is divided into several categories including grants, loans, and work-study.

One of the most important factors in terms of financial aid is calculating a family’s Estimated Family Contribution (EFC). This calculation will determine, in part, the amount of need-based aid for which a family is eligible. “Need” is the difference between what it costs to attend a particular college and what the EFC indicates that a family can afford toward those costs.

(What It Costs to Attend) - (What Your Family Can Pay) = Financial Need

General Questions About Financial Aid

Is need-based financial aid available only to people with very low incomes?

No. You don’t have to have a very low income to receive financial aid, but you do have to prove you need it. You are eligible for financial aid equal to the difference between college costs and the amount you and your family can afford to contribute, as determined by the various forms.

Will I receive special consideration if I have brothers and sisters (or parents) who are continuing their education beyond high school?

Generally speaking, yes. Your parents cannot be expected to contribute as much to your college costs if they are assisting other family members attending college. The Estimated Family Contribution is generally divided equally among you and the other students.

Do I have to apply for financial aid every year?

Yes. At most colleges you must re-apply each academic year. But applying for financial aid is almost always easier the second time around because you are more familiar with the process, and there may be less paperwork.

Do I have to wait until my parents (or I) file their income tax return before I file my FAFSA and PROFILE?

No. But you should wait until you and/or your parents know what income you will be reporting on your tax returns—do an estimated return.