Federal Aid
When is the FAFSA open?
The FAFSA is open from October 1-June 30, but most colleges want a final decision by May, which means you need to negotiate financial aid by then. Since fin aid takes months to process, try to have all documents submitted by January!
When is the CSS Profile Open?
Starting October 1!
Deadlines set by your college (often in Jan-March range)
Must complete before you can do IDOC
What are some big national scholarships?
These scholarships are typically extremely selective (moreso than Harvard itself) and are as much for the brand name as for the money. They include examples like the Coca-Cola Scholarship ($20k).
Need-based scholarships:
- Jack Kent Cooke
- Gates Millenium
- Dell Scholars
- Questbride National College Match
Why should I fill out the FAFSA?
If you apply for financial aid, the FAFSA is required to determine your Expected Family Contribution (EFC). This is used by schools to determine how much your family should be expected to contribute per year to your educational expenses.
The FAFSA is also required to receive federal aid (Pell Grant, Stafford Loans, etc.)
What is the CSS Profile like?
The CSS Profile tends to be a lot more invasive than the FAFSA and collects information about everyone in your household, including siblings. Auxiliary information collected includes: 1. Real estate and residences, 2. savings, 3. business/farms owned, etc. Schools will also ask for specific information.
Set aside at least 1 hour to complete it, but a lot more hours to compile the required information!
What are different kinds of external scholarships?
One-time Scholarships: e.g. National Honors Society, National Merit $2500, most competition-based scholarships
Renewable Scholarships: Fixed amount awarded every year. e.g. Coca-Cola ($5000/year for 4 years)
Last-Dollar Scholarships: These scholarships will cover ALL of your educational expenses, after your school scholarships and federal aid have been applied. Examples: Jack Kent Cooke, Gates Millennium
What kinds of aid can I receive from the FAFSA?
You can receive:
1. Grants (do not need to be repaid): the most common is the Pell Grant (up to $6495 in 2021-22)
2. Loans (need to be repaid with interest): most common are Stafford Direct Loans (no interest while in college, variable low interest after, max $23k subsidized, $57.5k total for independent students)
3. Federal work study (opportunities to work to pay off your student contribution)
Read more detail at https://studentaid.gov/resources/types-infographic-accessible
What is the IDOC?
The Institutional Documentation Service is a portal to securely upload your tax documents that only opens AFTER YOU COMPLETE THE CSS PROFILE. You will be expected to submit, for each parent:
1. Income tax forms
2. A W2 (form given for wage work)
3. 1099 (form given for independent contracting)
4. Additional information requested by the college (e.g. business tax returns or paperwork for additional residences)
What is this Questbridge business?
Up to 12 schools ED, ranked
Full tuition and educational expenses covered.
Longer application considered first.
What information do I need to fill out the FAFSA?
You'll want your and your parents' tax documents handy. You'll be asked about amounts in bank accounts (e.g. savings), income, your primary or secondary residences, and potentially more.
What should I do if I can't get documents from my parents?
If you have lost contact with a non-custodial parent or otherwise cannot reasonably expect them to help with financial aid, you can fill out the Noncustodial Parent Waiver request: https://cssprofile.collegeboard.org/media/pdf/css-profile-waiver-request-non-custodial-parent.pdf. For the most part, however, colleges are pretty strict about this :(
Where can I find external scholarships?
Google them! Check out fastweb and scholly for a deluge of scholarships, but choose your scholarships carefully!
Prioritize local scholarships for small $ amounts, as they're often less competitive!
We'll send out a spreadsheet!
Do I have to fill out the FAFSA?
Everyone should fill it out! There are households making $300k+ that still receive financial aid!
You'll need to reapply every year :/
How much does the CSS Profile cost?
The CSS Profile is free for domestic undergraduate students whose family income is up to $100,000. The fee for the initial application is $25. Additional reports are $16.
How many scholarships should I apply for?
Try to balance how many large/medium/small $ amounts you apply for! Just like colleges, try a mix of large, competitive national scholarships, small local grants, and medium-amounts.
Scholarships are given out by everyone from foundations, super rich people, or small nonprofits. Think carefully about your time investment for competition-based scholarships!