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Do not assume you cannot afford college

Fri, 10 Dec 2021 11:59:13 -0600

One of the biggest mistakes many families make is assuming they won’t receive any aid from colleges and universities. Parents frequently put a stranglehold on their child’s college list and tell them that they can only attend an in-state institution because that’s all they believe they can afford. The myth of one price for all is simply not accurate.

The reality is that paying for college is more similar to paying for an airline ticket, i.e., you could be sitting next to someone who paid twice what you paid or, unfortunately, that person across the aisle or in the dorm room next door may have paid remarkably less than you.

Financial aid is more available and abundant than a lot of families realize. This is especially true at the most selective and most expensive colleges. These colleges and universities have exceptionally large endowments. As college tuition has soared beyond the grasp of many families, these institutions have been pressured to raise the income threshold that allows families to receive aid.

Lynn O’Shaughnessy, my go-to guru for all things related to financial aid as well as a best-selling author and nationally recognized higher education expert who shares advice on her blog wwe.collegesolution, illustrated this phenomenon with this example:

“The parents in my hypothetical family have a gross income of $300,000, with $100,000 in taxable assets. (Aid calculations don’t take into account retirement assets, so a family could have millions in retirement accounts without jeopardizing aid.) My couple has one Princeton-bound student and another headed to another university. When I ran the numbers, Princeton would provide the student with a grant of nearly $26,000 for freshman year.”

It does seem remarkable that a family earning $300,000 annually would qualify for $26,000 in need-based aid. It also seems counter-intuitive that a pricier college might end up being cheaper than the sticker price on a less expensive school, but that is why financial advisors recommend that everyone complete the financial aid forms.

The two basic forms are the FAFSA – Free Application for Federal Student Aid and the CSS Profile – The College Scholarship Service Profile. The FAFSA is a need analysis document required by virtually all higher education institutions for students seeking any aid, including the unsubsidized Stafford loan. The product of the FAFSA is the Expected Family Contribution (EFC). Your EFC is how much money the Federal Government thinks you can afford. You may not necessarily agree with their calculations, but that doesn’t matter. The EFC will determine the amount of need-based aid you will receive. The CSS Profile is the customized financial aid application form required at certain colleges to determine eligibility for institutional aid. by Lee Shulman Bierer,

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How to Defer College Acceptance for a Gap Year

Thu, 11 Jun 2020 15:09:54 -0500

The good news is that deferring your college admission for a year has never been easier or more acceptable. Universities and colleges are recognizing that gap years can result in a more mature, dedicated student body that brings with it a wealth of diverse experiences. That means that they are more open to granting deferrals to accepted students. In fact, the acceptance letter from Harvard University even suggests to its incoming freshmen that they might want to take some time off before starting college.

How to Defer College

· Apply to college before you take a gap year.

· Get accepted and confirm that you will attend.

· Send a letter or email to the college's director of admissions and outline what you plan to do on your gap year / gap semester.

· The admissions committee will evaluate the letter and grant / deny the deferral.

· Send deferral letters between April and mid-June.

"in most cases, admissions offices grant the deferral." And although it's best to request deferral between April and mid-June, "at the very latest, students should send their requests before their first fall tuition payments are due, which is usually July 1 or August 1.”

Things to Keep in Mind about Deferral

Keep in mind that each college and university is different. The Gap Year Association has collected informal information on the specific deferral process at hundreds of American colleges and universities to help you, but contact your specific college or university for the most updated policies and procedures.

It's also important to note that many schools will grant a year deferral but not a quarter or semester, so be sure to factor this into you plans and budget.

Check with your college or university to see if there is any potential for gaining college credit for your gap year activities. It is rare that this is the case, but it’s worth asking. If you enroll in another school for classes during your gap year, you might have to re-enroll in your college/university as a transfer student -- definitely ask your admissions office about their specific policies.

In terms of deferring financial aid or scholarships, be sure to check with your specific school. Just because you’ve been offered financial assistance with your initial acceptance doesn’t mean you’re guaranteed that same package when you return a year later. It might mean that you have to reapply for financial aid and scholarships before you start school, but the chances are if you were granted it the first time around, you'll be granted it again.

Again, the most important things to remember are that your college won’t think less of you as a student for applying for a deferral, and be sure to check on the specific policies of each school and follow their directions.

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