Maximizing your financial aid award package is a top priority for countless high school students and their families. The difficult part is learning some tips for how to go about accomplishing this. Remember, you want to think of this as a business; the more revenue streams you can tap into, the more likely you are to receive a positive end result.
Families should be prepared to ask schools three important questions to help determine how affordable each college may actually end up being. Keep these three questions in mind when speaking to any financial aid office at a college or university.
1) What percent of a student’s need will you fund?
This will tell you how much of your need you can expect to have covered by the school when you receive your financial aid award package.
2) Does your school stack monies?
If a school does stack funding this means you will be able to add additional forms of financial aid from outside sources on top of what the school has already offered you. The benefit of stacking reveals itself when you can add additional aid to the point where your financial award exceeds your need exhibited. This means your out-of-pocket expenses are being cut.
If a school does not stack funding, they will replace funding. In this situation a school will look to fund only up to the need you exhibit at their school. Any outside financial aid awards will simply replace other awards you would receive from the school. In this case you will not be able to benefit as much with a decrease in out-of-pocket expenses.
3) What is your funding breakdown (packaging policy)?
This asks the school to let you know how much funding you can expect to be provided from grants, loans, and work study.
An Example:
School A:
Cost: $30,000
EFC: $10,000 (Need: $20,000)
Funds up to: 100% of need
Funding Breakdown: 50% Grants, 30% Loans, 20% Work Study
Anticipated award in grant money: $10,000
School B:
Cost: $30,000
EFC: $10,000 (Need: $20,000)
Funds up to: 100% of need
Funding Breakdown: 80% Grants, 10% Loans, 10% Work Study
Anticipated award in grant money: $16,000
In this example, you can see, although the sticker price of each school is equal, you can expect to receive a much different amount of grant monies from each of these schools.
By asking these questions, you will be able to learn valuable information from schools that will help you evaluate each school based on how affordable it will actually be for you. This will take you one step closer to finding the right fit academically, athletically, and financially.
If you are concerned you are falling behind, call the NCSA Scouting Center at 866-579-6272 or click here.