Nelie McNeal, Founder and Managing Partner
Just when you felt like you were getting well-versed in the terminology of the college search and application process, it’s time to start thinking about financial aid! This piece covers a narrow and specific part of the complex landscape: Need-based financial aid.
First, some terms:
Need-based financial aid: The money awarded through this process considers your family’s financial resources and circumstances when considering your eligibility for this money.
Note: You must apply for this aid. It is never awarded without the required documentation having been submitted, complete and on time.
FAFSA: Free Application for Federal Student Assistance. Required by all colleges if you are applying for need-based aid. The FAFSA opens on October 1st.
FSA ID: Required in order to complete the FAFSA. The student and one or both parents must have one in order to file the FAFSA. You can set that up now.
CSS Profile: College Scholarship Service Profile. Required by many colleges.
Note: Some colleges also have their own required form to complete. All requirements are on each colleges’ Financial Aid page on their website. Deadlines are there, too.
Now that you have some terminology in hand, let’s talk about some of the complexities to need-based aid.
“Need” is an amount the college determines, not what you think would be helpful or even necessary. This is one of the most challenging parts of this process.
Paying for college is considered a joint responsibility, drawing from: parent(s) and student income and assets, loans (student and/or parent), work, and/or grant monies.
Some common questions we are asked:
- Should everyone “just apply for financial aid, because you never know?” Probably not, but that decision is yours, and yours alone, to make. You can use the SAI calculator on any college website as a guide, but know that the college requires more information than what you put in there, so it isn’t reliable (though, in our experience, if you are decidedly out of range there, you might want to consult your financial advisor or accountant about the advisability of spending a few hours completing documents in order to apply for aid. We cannot answer that question for you.
- Will applying for aid hurt my chances of admission? No. It isn’t applying for aid that can become a factor for colleges that use need as a factor when making admissions decisions, it’s qualifying for large amounts of it that can. We might argue that if you need the aid to pay for college, it’s worth doing this but, again, this is a decision that only you can make. Colleges that consider need are called “Need-aware” and the circumstances vary, so please visit each website to learn more.
- Can I apply for admission, get in, and they apply for financial aid? Unless your financial situation has suddenly changed, this is not looked upon favorably: in fact, it is considered a bait and switch. It is unlikely that you will be considered if you do that. Please be transparent and forthcoming in this process!
- Can I apply for aid while I am a college student if I haven’t before? Yes. Even students who are on need-based financial aid have to re-apply every single year.
We recently sent a blast email to our Class of 2026 families with significantly more information on all forms of aid. If you are a current client and would like a copy, please reach out to your consultant!
