College Mentors

Acceptances are rolling in, and along with them, financial aid letters showing how each college will "meet your need." Most colleges promised to meet full need with the package--the difference between your Expected Family Contribution (EFC from the FAFSA) and the total cost of attendance. Take a look at the sample at right (click on it for a larger view). This hypothetical student's family had an EFC of $10,000, and this college promised to meet 100% of need. What are the elements of a financial aid offer letter? Cost of attendance --this section tells you how much it costs to attend the university. It always includes tuition, room and board, any mandatory student fees (e.g. health, registration, etc.). Most colleges will also list an amount for books, travel, and incidentals, but some will not list all of these. Scholarships-- If you are receiving any scholarship money, they'll be listed. Scholarships may be need and/or merit based, don't need to be paid back...

THE FAFSA: If you haven't already completed it, NOW is the time to get your FAFSA (Free Application for Federal Student Aid) completed. (The priority deadline is March 2nd for California students.) The FAFSA is the key to receiving financial aid--whether from the government or from the universities themselves. The link to the official FAFSA site is provided in the Financial Aid Links section of this blog. For those of you in California, the FAFSA form is also the key to applying for Cal Grants--a California state financial aid program for low and moderate income families. After you submit your FAFSA, you will receive information about your family's EFC or Estimated Family Contribution--this is the amount that the family will be expected to pay toward the annual cost. Everything ABOVE that amount, up to the cost of attendance, is considered your "need." Colleges meet that need in a variety of ways--Federal Loans of various kinds, grants, and scholarships. Every...