Forrest Stuart, Director of Financial Aid at Furman University, discuss considerations for choosing a college.
In this video Douglas Christiansen, Associate Provost for enrollment and Dean of Admissions at Vanderbilt University, answers questions commonly asked about financial aid.
A: Financial aid officers are your partners in helping determine the best financial aid package for you. They can’t help you if they aren’t fully aware of your situation.
Dean Christiansen suggests that it may be a little early to start discuss financial aid terms as an incoming high school freshman; however, it is a good time to start looking at the admission requirements for schools that you may want to attend.
Financial Facts:
- Gift Aid: Grants and scholarships which do not have to be paid back.
- Loan Aid: Borrowed money that is repaid with interest.
- Work Aid: Money earned as wages.
A: The EFC is the amount determined by a college that the family is expected to pay for their child’s education.
A: FAFSA is the free Application for Federal Student Aid and is the starting point for all financial aid applications. The CSS Profile is the College Scholarship Service Profile. It requests additional information that colleges can use to determine financial aid and/or scholarship award.
A: Keep your options open during the application process and apply regardless of cost. A college that has a higher tuition cost may possibily offer a more attractive financial aid package. Make your final decision once all of the financial aid offers are received.
Finance Facts
- Remember each school’s deadline.
- Apply early but accurately.
- Estimate income, if necessary, to meet deadlines.
A: Universities and colleges offer financial aid to fill the gap between what a family can afford to pay for their child’s education and the total cost of that education. Financial aid offices pull funding from a variety of sources including: federal funds, state funds, private donations, and endowments.
Financial Facts
- Tuition & Fees +
- Books & Supplies +
- Room & Board +
- Transportation +
- Miscellaneous =
- Total Cost of Attendance
A: In recent years, many institutions have implemented expanded needs assessment to allow more flexibility in financial aid for middle income families without a heavy load of loans. Vanderbilt University is now 100% need blind and meets 100% of demonstrated need.
A: Ask any question that comes to mind. The financial aid office can’t help you if they don’t know your situation.
A: Definitely yes. You won’t know what programs are available to you unless you apply. Many families opt out of financial aid because they assume they won’t, when in fact they would have received aid.
Joseph Watson, Vice Chancellor of Student Affairs, UCSD
This video was created by the University of California, San Diego, for the purpose of providing information to prospective college students on preparing for college. Joseph Watson, Vice Chancellor of Student Affairs, hosts the exchange.
Bruce Keitel, the Academic Services Coordinator at San Diego State University, gives an overview of what colleges look at in college applications and how students can increase their chances of of acceptance.
Colleges look at a combination of test scores and high school GPA. At San Diego State University, the minimum requirements are a B average with 1000 test score. More competitive schools will have more stringent minimum standards and usually also look for students with distinguishing characteristics or a special accomplishment or skill.
Bruce Keitel, Academic Services Coordinator, SDSU
In order to prepare students for college courses, Mr. Keitel recommends following an A-G program of study in high school to ensure minimum standards are met. This will include:
The eligibility index is determined by multiplying SAT scores by GPA. While GPA is the best predictor of how well students will perform in college, the SAT is looked at to certify that a student has a basic competency in literacy and math.
Prepare early. Train for the SAT and ACT’S with regular practice. Review basic math skills such as algebra and geometry. Keep reading to prepare for the verbal section of the test.
When asked if it was important to declare a major in the college application, Mr. Keitel replied that most students will change their major three times before deciding on the area they will finally get a degree in and it is not usually a determinant for acceptance. However, if a student is applying to a college for a competitive entry major, it is a good idea to declare your major at the outset to get priority placement in classes for that major.
As college application fees can add up, Mr. Keitel recommends determining at the outset what the family budget allows for applications. He also recommends applying to a minimum of four colleges in the following categories:
Beyond the SAT and ACT’s, many colleges also require incoming freshman to take placement tests to determine their proficiency in math and literature. Those tests will determine the course plan for the first year.
Many times after working diligently all through high school, high school seniors will slack off their senior year with the assumption that teachers and college admission staff will cut them a break. As college admission becomes more competitive, it is increasingly more common for college admissions to be rescinded if a student’s GPA is not maintained throughout their senior year.
Rudy Castruita, Superintendent of Schools, San Diego County
Another way prospective students can raise money for college is through volunteerism. Rudy Castruita, Superintendent of Schools for San Diego County, explains the benefits of Americorps.
Americorps is a federal program started by Bill Clinton in 1993. Individuals volunteer for 10 months working on community projects throughout the U.S. In return, they receive a modest living allowance and, after completing 1,700 hours of service, a $4,725 grant to apply to education expenses or to pay back student loans.
Ann Thompson, a counselor with the San Dieguito High School, recommends internships as an excellent way for high school students to prepare for college. Internships give students the opportunity to interact with community members, learn valuable job skills, and as a volunteer activity, it also is a plus on college applications.
Judith Lewis Logue, Director of Financial Aid Services, USD
Judith Lewis Logue, Director of Financial Aid Services at the University of San Diego, explains the ins and outs of college financial aid. There are four types of financial aid:
Scholarships and grants do not have to be paid back. College loans are available for both students and parents. Student loans are low interest and long term. Students have a 6 month grace period after they leave college to begin repaying the loan. Ms. Logue stressed the importance of only borrowing what you need to fill the gap of financing your college education.
Funding for college financial aid comes from a dizzying array of sources include: colleges and universities, states, the federal government (Pell grants, FSEOG program, Perkins loans, work-study program, and Stafford loans), businesses, and outside scholarships from a variety of organizations.
The first step to getting financial aid for college is to apply using the FAFSA (Free Application for Federal Student Aid) form. The form becomes available in the December prior to the school year you are applying for. Students indicate on the application the colleges they are interested in, and the information on the form is sent to those colleges to determine the student’s eligibility.
The financial aid offices that receive the FAFSA forms use the Federal Methodology of Need Analysis to create a financial aid package for each student. Students are notified by the respective colleges of the financial aid offered. Each offer of financial aid is made based on the tuition and expenses at that particular college, so it is important for students and parents to carefully compare financial aid plans.
Numerous scholarships, grants, and loans are also available exclusively for members of the military and their family members. Applicants for all of our programs must plan to attend an accredited college or university during the school year as a full-time student. All loans, grants, and scholarships are designated for students seeking their first undergraduate degree. No loans, grants, or scholarships are applicable toward graduate study. There is one online application for all scholarships, grants, and interest-free loan programs. A few of these are described below; for information on these and other programs, visit the MOAA website.
American Patriot Scholarship
As a result of the terrorists’ attacks on Sept. 11, 2001, the MOAA Scholarship Fund established the American Patriot Scholarship to help children of uniformed services personnel-officers and enlisted- who died while in Active service as a member of the Regular, Guard or Reserve Forces.
The amount and number of grants awarded to students is based on the amount of money raised each year from public and private donations made to MOAA. For the 2009-2010 school year, over 50 students whose parent died while in Active service are receiving a $5,000 grant. Each student is eligible to receive the American Patriot Scholarship for up to five years of undergraduate study at an accredited 2- or 4-year college or university of their choice, but will be at least $2,500.
To qualify, a student must be a child of a member of the Uniformed Services who died while in Active service. They must be under the age of 24 at the time of application. The maximum age for students who are serving or have served in the Armed Forces before completing college will be increased by the number of years served, for up to five years of service or 29 years of age. Military academy cadets are not eligible for this program
General John Paul Ratay Educational Fund Grants
These $4,000 grants are limited to children of the surviving spouse of retired officers. A student cannon receive both a MOAA loan and a Ratay grant. Students applying for a loan who also meet the criteria of the Ratay grant automatically will be considered. No separate application is required.
Interest-Free Loan and Grant Program
Interest-free loans, MOAA’s main program, are renewable annually for up to five years of full-time undergraduate study. Assistance is available only to students who have not yet earned an undergraduate degree. The interest-free loan and grant program provides $5,500 loans, which are renewable for up to five years of undergraduate study. Students selected as loan recipients and their their military parent must sign a promissory note before funds can be disbursed. Loans are disbursed in two increments: one-half by early August and one-half by mid-December.
Designated Scholar Program
Loan recipients are automatically considered for this program. It replaces the $5,500 interest free loan with a $5,000 interest free loan and a $500 grant. No special application is necessary.
In addition to the programs mentioned above, there are also numerous scholarships and grants available for each branch of the military. Some examples include the Army Scholarship Foundation (www.armyscholarshipfoundation.org), and Navy-Marine Corp Relief Society Education Programs (www.nmcrs.org/education). More information can be found on these and other scholarships through MOAA’s Scholarship Finder at www.moaa.org/scholarshipfinder.
