myUsearch blog

College application season is upon us. You’re a high school senior trying to keep up in classes, striving for the perfect college essay and filling out college applications like it’s a full time job. Sorry to break it to you, but there’s one more thing you need to be thinking about: Financial Aid. The FAFSA may not be available online until January 1, but if you start thinking about financial aid now, your life will be much easier in the spring — And for the next four years.

Here are a few things to consider:

1. Use an expected family contribution (EFC) and financial aid calculator to estimate how much need-based financial aid your family can expect to receive.  It’s important to be realistic about what your family can afford.
2. Choose a financial safety school. Pick a college you are likely to get into and can afford to attend. It should have a lower “sticker price” and/or be likely to offer you significant merit-aid. Look into your state’s public universities. Even though it’s a “safety”, you should like the school and be happy to go there.
3. Don’t give up. Do you think you can’t afford to go to a private school? Was the financial aid calculator’s EFC estimate terrifying? Apply for those expensive universities anyway. Private universities often have a large endowment that allows them to offer more generous financial aid packages than public universities.
4. Find out what applications and documents you must submit to be considered for financial aid. Some schools only require the FAFSA. Some require the FAFSA, the CSS profile, a business/farm supplement and other documents. Get organized early.
5. Don’t lose track of those deadlines. Many schools have strict deadlines for filing the FAFSA and CSS Profile. Most of these are in February through March. Mark your calendar now and be ready. Not filing on time is a big mistake many families make.
6. Look at strategies to maximize your financial aid eligibility. DO NOT be dishonest. There are a few ways you can legally do this. Check out this website for more information.
7. Don’t be afraid to ask for help. Small mistakes on these financial aid applications can have big consequences. Be smart about filling them out. If you have a question call the universities’ financial aid office. Connect with other students and parents to get additional advice.
8. Start saving college spending money. Textbooks, concert tickets and late night coffee runs add up to more than you think. Consider getting a part-time job so you can start saving your own money for these expenses.

The financial aid process can be trying. Being prepared now will make the process a lot easier this spring.