Guide 11 of 12 · Money · 7 min read
The Financial Aid And Scholarship Guide
Almost nobody pays the sticker price, and almost every family assumes they will. Understanding aid early changes your college list, your early-round strategy, and what you can say yes to in April.
Need-based and merit money are different systems
Need-based aid is formula-driven and comes from what your family can pay. Merit aid is competitive and comes from how much the school wants you. They are won in completely different ways.
- Need-based: file the forms correctly and on time.
- Merit: be above the school's median, and apply where you are a strong fit for the class.
- The most generous need-based schools are often the most selective ones.
File the right forms, early
The FAFSA is the federal form and nearly every school requires it. Many private colleges also require the CSS Profile, which digs deeper into assets and asks for the non-custodial parent in many cases.
- File as soon as the cycle opens. Several aid pools are first come, first served.
- Check each school's required forms and deadlines individually.
- Fee waivers exist for both forms. Ask your counselor.
Read the award letter properly
Aid letters mix gift aid with loans and work-study, and the headline number is not what you keep. Separate them before you compare offers.
- Grants and scholarships are money you keep.
- Loans are money you repay. Work-study is money you earn.
- Compare net cost per year, not total aid awarded.
- Ask whether the award repeats for four years or only the first.
Appeals and outside scholarships
A financial aid appeal is a normal, expected process, not a confrontation. If circumstances changed or you have a stronger competing offer, write and ask.
- Be specific, be polite, and attach documentation.
- A competing offer from a peer school is the strongest lever you have.
- Local and regional scholarships have far less competition than national ones.
Run the Net Price Calculator before you build the list, not after you fall in love.
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