November 8, 2010
Financial Aid | Five Surprising Facts About College Financial Aid
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Home Page > Education > College and University > Five Surprising Facts About College Financial Aid
Five Surprising Facts About College Financial Aid
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I am a 19 year old single mother who is trying to get help for school..I have applied and re applied for financial aid to recieve pell grants. But I havent been able to recieve any. Why so?
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I have a friend living in a retirement home who is running out of money. Is there any financial aid help for her before she goes broke, or is Medicaide and nursing home her only place to go?
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Hello, I am a graduate student with definitely poor credit and disable after having amputations and my house foreclosed. I have reached the financial aid limit what should I do if I have 2 yrs to go?
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As the cost of college continues to skyrocket, you should take heart ” if you plan properly, you won’t have to pay “sticker price” for your son or daughter’s college of choice. Here are five facts about college financial aid that could help you slash college costs:
- Some Colleges Have More Money to Give Than Others. Most schools use the same financial aid formula to determine your financial need. However, they differ vastly in how they apply that formula. In other words, different colleges meet different percentages of your financial need. The older, prestigious private colleges ” Ivy League and similar ” tend to have large endowments. This endowment money fuels the financial aid awards that these colleges and universities dole out.
- Private, High Sticker Price Colleges Can Actually Cost You Less Under Some Circumstances. Even though one year of college at a state university can run around $20,000-$30,000 (tuition, fees, room and board, etc.) and a private college can top out over $50,000 per year, the more expensive college can cost you less! Why? Because state universities very rarely award significant financial aid packages, so many families float the entire cost. On the other hand, private colleges and universities with large endowments regularly meet 90%, 95% and even 100% of financial need. So don’t rule out expensive private institutions until you examine their financial aid awards!
- Even if You Earn Six Figures, You Can Still Receive Substantial Financial Aid. This may be the most surprising fact of all ” colleges and universities have courted the “forgotten middle class” in the last few years, regularly giving five figure awards to parents earning six figure incomes. Just because you think you make too much does not mean that you should blow off filling out the FAFSA and other financial aid awards ” you may be pleasantly surprised!
- Your Student’s Grades Have Little-to-Nothing To Do With Her Financial Aid Award. Many parents think that their child must have good grades to qualify for financial aid, but this is not correct. Most financial aid is based on financial need, not merit. Although a minority of colleges will award merit-based financial aid, most aid is issued on a need-blind basis. In other words, if your child is good enough on paper to get into Harvard, MIT or some other competitive school, she’ll be issued aid based on how her family’s finances look on paper. That’s the way most colleges award financial aid.
- Although Two Families Can Have the Same Amount of Money Saved, One Will Receive Far More Financial Aid Because of Where They Saved it. It’s a little known fact, but some assets count against you in the financial aid formulas more than others, and some don’t count against you at all! In general, money saved in your child’s name will penalize you more in the financial aid formulas than money held in your own name! (This is because the Department of Education reasons that you’re going to tap money in your child’s name for her education ” this makes sense, but it also penalizes you for being thrifty…I’ll stop her before I feel a political rant coming on!) So even though your stock-broker or CPA recommended you establish an UTMA account (Uniform Transfer to Minors Account) for your child, this could penalize you to the tune of 20-25% in the financial aid formulas. You could be better off holding this money in your own name, or in an asset class that’s entirely exempt, such as retirement accounts, insurance, some annuities and some business assets.
Clearly this brief article will fall way short in making you an expert in financial aid. For more information, please visit our website and sign up for our newsletter ” The College Success Bulletin – and receive five free reports worth more than $200 for the month of May.
Andrew Lockwood, J.D.
College Funding Specialsits
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Andy Lockwood – About the Author:
Andy Lockwood is the co-owner of College Funding Specialists. He and his partner, Peter “College Pete” Ratzan, specialize in helping “forgotten middle class” families figure out how to pay for college without bankrupting themselves or vaporizing their retirement savings along the way. Lockwood and Ratzan operate offices in Long Island, NY, Weston, Florida, Miami and Boca Raton.
To subscribe to their free e-newsletter on college planning, funding and admissions, The “College Success Margin” and get five free reports worth more than $200, visit
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9 Comments on Financial Aid | Five Surprising Facts About College Financial Aid »
April 11, 2011
mommyoftwo53 @ 5:35 pm:
You need to wait until January 1st 2010 to fill out the FAFSA for 2010-2011 school year. Its not available until the first year -2010- starts.
Also that is NOT the FAFSA website, this is.
IDK what the website you linked to is, but its not the federal government, just use the .gov site?
edit*** You do not need to file it yet, since it isn't available until January noone will require it to be done until like February or March.
April 18, 2011
Twitter @ 4:13 am:
Will writing a letter to the University help me get more financial aid or scholarships?<!–DONTREWRITE–>
April 20, 2011
Anonymous @ 5:47 am:
they may deny you for aid, because its the government they know what you have before you tell them, but apply for scholarships and loans…but I wouldn't suggest applying for financial aid because you have to give so much personal info and you would have to lie alot and then you will give caught for lying and owe the government
April 21, 2011
Twitter @ 4:58 am:
RT rel=”nofollow” Acquiring Financial Aid for College
April 25, 2011
This is a God Dam @ 11:52 am:
Go to the financial aid office on campus.
Ask them how you can apply for a loan & how much you want to borrow.
June 24, 2011
Tom @ 8:24 pm:
The great, GREAT majority of college scholarships are provided directly by colleges themselves to their incoming freshmen. The percentage of scholarship money awarded every year through "independently researched scholarships/loans" is in the single digits – probably the low single digits – and none of those scholarships are represented in the College Board profiles. Those are "institutional awards" only (from that particular college). There are only a handful of grant programs for higher ed from the Federal government, so most Federal aid is either work-study or subsidized loans (no interest accumulates while you're in school).
Be very careful if you're using those College Board numbers to compare the affordability of schools. I get the feeling that the way that data is reported to CB is interpreted in different ways by different colleges. They won't necessarily be "apples to apples" comparisons.
June 26, 2011
Twitter @ 3:09 pm:
How do I go about getting FAFSA financial aid again ?
July 2, 2011
Twitter @ 3:42 pm:
In order to access small financial aid to remove your financial crisis, here are small loans for bad credit for you. It is the feasible financial aid for bad creditors that is helpful in accessing the loan money with ease. There will be no credit issues and collateral demand that makes the application and approval swift and quick to get done.
Posted by toomsmith17 on 7/2/2011 2:51:24 AM
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July 4, 2011
Kanika @ 4:32 am:
Sams,
This is a great example of price discrimination. It's especially interesting because so many students around the world including students in our school receive financial aid, and it could be that our peers have a financial aid based tuition system. I think this is quite a fair form of price discrimination most importantly because, all students deserve the right to education even if they come from less wealthier families. Financial aid gives the opportunity to such children to proceed with education despite their lack of funds.