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Financial Aid
The costs of college can be staggering. Annual tuition, room and board can exceed $40,000 at some schools and there seems to be every indication that costs will continue to increase. The good news is that about 60% of all college students receive assistance in the form of financial aid. Aid packages can include a combination of loans, grants and work study. Scholarships that reward excellence in academics, athletics, leadership and service are often available as well. In short, for students who are financially needy, help is generally available.
Just like there is an application process for college admission, there is an application process for financial aid. Forms to be completed include the FAFSA, the CSS profile, institutional forms, and individual scholarship forms.
FAFSA: Free Application for Federal Student Aid
This form needs to be completed before any federal, state or campus-based aid can be awarded. This form is free and is issued by the federal government. Completion and submission of the FAFSA will generate an Estimated Family Contribution, or EFC. This is the amount you are expected to pay for college. The difference between the EFC and the total cost for college is your aid eligibility. Hopefully, the aid is fully met by your target college. Financial aid can be distributed in packages that include grants, loans and work study.
CSS Profile: College Scholarship Service
This form is required by about 500 schools. It is similar to the FAFSA, but uses a different methodology to compute the EFC. Therefore, to apply for financial aid, you will need to complete the FAFSA, and perhaps the CSS Profile.
Institutional Forms
Many colleges will require an institutional form as well. This is a form that requests additional information the college financial aid office finds useful. Institutional forms are distributed by the college’s financial aid office.
Individual Scholarship Forms
There are many scholarships available from a wide array of groups and institutions. The GSB guidance library has information on file about many scholarship opportunities.
For additional information see the links to the right.