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QB Moderator
| Hi everyone, welcome to our final chat session this week on Financial Aid. I'm Heidi from QuestBridge, and i'll be your moderator.
Sean Smith from Scripps College, and Beth Pili from Columbia University will be joining us today, and they'll be answering your questions. |
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Scripps (Sean)
| Today, many students preparing for college seek guidance in figuring out how to pay for college. Too often, students and parents are overwhelmed with information and advice about how to pay for college through various forms of financial aid: loans, scholarships, grants or work opportunities.
I'm pleased to be able to help you navigate that maze today. I've been at Scripps College for nine years and I'm pleased to be at a school that is committeed to providing clear, concise information (and generous financial aid awards!) to students and their families throughout their college careers. |
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Columbia (Beth)
| Good afternoon everyone! My name is Beth Pili and I am the Director of Multicultural Recruitment for Columbia University. I've been working in admissions for 8 years and currently attending graduate school in education. I'm more than happy to help you all as you begin your college search. |
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Question:
| I probably don't qualify for aid. Should I apply for aid anyway? |
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Scripps (Sean)
| You need to remember that "need-based aid" is the difference between the cost of a particular college and your calculated "family contribution." You may be surprised that you qualify for more than you think. My rule of thumb is that if you're not sure, you should apply. Besides, applying will open doors that would otherwise be closed. |
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Question:
| Do I have to reapply for financial aid every year? |
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Columbia (Beth)
| Yes, each year you will re-apply for financial aid. If family circumstances do not change drastically, your financial aid package should remain constant for the most part. |
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Question:
| How do I apply for need-based aid? |
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Scripps (Sean)
| The foundation of the financial aid application process is the FAFSA form. FAFSA stands for Free Application for Federal Student Aid. Most students complete the FAFSA online at www.fafsa.ed.gov. I suggest contacting each school that you're interested in (or checking out their web site) to ask about the specifics of their process, though, since each school may do things just a little bit differently or require other application materials. |
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Question:
| I received an outside scholarship. Should I report it to the financial aid office? Where will this money go? Will this reduce my financial aid? |
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Columbia (Beth)
| Depending on the institution's policy, outside scholarship will affect the financial aid package. It is best to ask each school about their policy. For example, at Columbia, we will allow a certain amount of outside scholarship funds to help lessen the overall family contribution. Overall, looking into scholarships is useful and helpful. |
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ukken
| where can columbia students cross register? |
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Columbia (Beth)
| Columbia College and Columbia Engineerng students can take classes in either institution as well classes at Barnard College, which is across the street from the main gates of campus. As an upperclassmen, you can take up to 5 courses in our graduate schools. |
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Question:
| What is the difference between a scholarship, grant, and loan? |
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Scripps (Sean)
| Scholarships and grants are both FREE MONEY! That is, they don't have to be repaid. Scholarships are generally awarded on the basis of some kind of merit (athletic, academic, leadership, etc.), while grants are typically awarded solely on the basis of need. Loans are funds that need to be repaid, generally after graduation or after graduate school. Obviously, you want to be able to maximize your grants and scholarships and minimize your loan, though some loans are a almost a certain reality when figuring out how to pay for college. |
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Question:
| Where can I get information about Federal student financial aid? |
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Scripps (Sean)
| There's so much information out there that it can be overwhelming! I suggest talking directly to people at schools, like Beth & I. You can also get information about federal aid on the web at http://studentaid.ed.gov. |
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jennifer_tran
| When do you apply for financial aid? |
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Columbia (Beth)
| As soon as possible. Each school has different deadlines and policies but the best rule is to have your application in by the deadline. |
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neilr333
| Say that you know your own family contribution (the college board has a calculator), and it is quite low, and you get accepted to an expensive college, Will the College necesarrily cover the cost of attendance? |
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Scripps (Sean)
| Good question, Neil. It varies from college to college. For example, at Scripps we are committed to meeting 100% of the demonstrated need (the difference between the cost and your family contribution), but not all colleges can do that. That's one of my top 7 questions to ask at every college that you visit. |
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neilr333
| what are your other top 6 questions? |
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Scripps (Sean)
| LOL! I knew someone would ask that! Okay, here they are (my entire top seven):
1. What are your financial aid deadlines?
2. What is your current cost of attendance for the current year?
3. How much of an increase in the cost of attendance do you project for next year?
4. Do you use your own institutional formula to determine the family contribution?
5. Are you able to meet 100% of demonstrated need?
6. In what order do you create the financial aid package?
7. Do you offer merit scholarships and how do you treat private scholarships that I may earn on my own? |
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Question:
| What is work-study? what does it mean to be a work-study student? |
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Columbia (Beth)
| Work Study Jobs allow students to work on-campus in a variety of fields. The funds that are earned from work-study then go towards your tuition and other expenses. |
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isabelle
| Hello. I am Isabelle, and I have good academic achievements in school. My SAT score is 2220, I have around 180 hrs of community service. We have a one-income family ($75,000 before tax), and both my sister and I are going to college. How much financial aid do you think I'll get? |
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Scripps (Sean)
| Well, Isabelle, the answer to that depends on the college. But my guess is that, when you complete the FAFSA the feds will calculate your family's contribution to your college costs at around $15,000 or so. But that's only a ballpark estimate because so much more information goes into determining the family contribution. Also, with scores like that you may find that there are many colleges who are willing to give you merit scholarships that may give you funds that surpass your federal aid eligiblity. As with so many questions that you'll see us answer today, it depends on the schools that offer you aid. |
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ukken
| does columbia offer any diversity scholarships or the like that students who can't afford to visit the campus can apply for? |
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Columbia (Beth)
| For students that are admitted and cannot afford to visit campus before making a decision, we will provide transportation funding. Unfortunately, we do not have a program for prospective students. However, we can put you in touch with local area lums who can tell you about the Columbia experience. |
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Annie
| How can I tell which schools may have strong financial aid programs? |
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Scripps (Sean)
| You can look at guide books and things, but they often don't tell the real story. My best tip here is to talk to each school that you're interested in. Don't start your college search by looking for a great financial aid package. Instead, find a set of schools that you think are right for you and then talk to the financial aid folks at those schools. Ask them how they put together an aid package and how it mgiht change from year to year. Ask about their process. Then use the answers to those questions to make narrow your list of schools. |
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jlab
| I attend a private school and we were always told that we didn't qualify for financial aid because my mom didn't have enough debt (single parent of one child with a decent but not high-paying job). Needless to say, because of the expensive school tuition, she is now in a lot of debt but she feels she still made the right decision for me. When applying for college, will debt and income be a factor or is it primarily based on income? |
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Columbia (Beth)
| My advice for all families is that they should apply for financial aid b/c until we see the broader picture, it's very difficult to tell if one is eligible. We do consider debt but also income, assets, and all expenses. Many, many factors are considered when determning your fin. aid package. |
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Annie
| What are some good websites to look for scholarships? |
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Scripps (Sean)
| There are a few good places. Here's a sampling:
http://www.collegeboard.com/pay
http://www.fastweb.com
http://www.srnexpress.com
One word of caution: DO NOT pay to apply for scholarship money! |
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ukken
| is it true that ivy league admissions compare notes when admitting students so that they are not admitted to more than one ivy? |
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Columbia (Beth)
| It is false. Ivy League schools and all other colleges make decisions independently. We do not share lists. |
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DORAN
| If I plan to attend college in the fall of 2007, when do I submit my FAFSA? |
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Scripps (Sean)
| For the 2007-2008 academic year, you can't do the FAFSA prior to January 1, 2007. Pay attention to potential state and school deadlines and get the FAFSA done as soon as you think you've got a handle on the information needed to complete it. |
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vy89
| Do SAT scores carry a lot of weight in the admissions process? |
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Columbia (Beth)
| Scores are only one part of the application. They are important and should be taken seriously but they are not the be all and end all of the process. Most offices take a holistic approach and consider everything-your background, interests, academic record, and overall dedication to your education. |
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Annie
| In general, do larger schools provide more financial aid? |
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Columbia (Beth)
| Not necessarily. Depending on the school's fin. aid policies and philosophies, each college and university functions differently. |
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jennifer_tran
| What determines the family contribution amount? |
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Scripps (Sean)
| Lots of stuff, Jennifer. Typically, parents' income tends to be the biggest predictor of where that's going to come out. But other things like student and parent assets, number of family members in the household, and number of dependent college students all contribute to determining that all-important EFC (Expected Family Contribution). |
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neilr333
| Do colleges reserve a certain number of spots for students from low-income families? |
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Columbia (Beth)
| Schools do not use quotas to determine the type of community. Schools that partner with QuestBridge are very committed to making our schools more accessible to students from low-income backgrounds. |
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Scripps (Sean)
| Each college does their own thing. There's no rule that says we must (or must not) reserve spots for low-income students. Most of all, colleges want the best students, regardless of their ability to pay. |
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neilr333
| A follow up on my previous question, When you say meeting 100 percent of the demonstrated need, is that in the form of grants or loans? |
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Scripps (Sean)
| Simply put, yes. Colleges will generally use a combination of grants, loans, and work funds to meet the demonstrated need. That's why I like to have students ask about the order in which the financial aid package is put together. |
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vy89
| What does Columbia University's financial package consist of? |
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Columbia (Beth)
| Lots of stuff! Students will submit the Columbia app for financial aid, the CSS Profile, and FAFSA. In addition, students may submit supplemental information that describes expenses and such that may not be covered in other documents. we want as much information as possible so we can make an informed decision. |
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Columbia (Beth)
| Columbia's financial aid consists of grant money from the university, loans, and work-study. your family's need will determine your financial aid package. A snapshot of what students received in the past can be found at http://www.studentaffairs.columbia.edu/finaid/philosophy.php. |
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Annie
| Will my financial aid package change from year to year? When I am applying to college, how can I tell which schools will continue providing strong financial aid, and which schools vary their financial aid packages by year? |
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Scripps (Sean)
| Great question, Annie. Thanks for asking it! A need-based financial aid package will vary from year to year to the extent that the family's financial circumstances vary. Put another way, if your financial circumstances and other things used to calculate the family contribution stay pretty much the same, so should your financial aid package. A word of caution, though: when you talk to colleges, you'll want to ask if there's a built-in change to the way that they put together an aid package from year to year. |
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drlisacuddy
| I've been looking at lists of debts after graduation at colleges. What exactly consists of debts after graduation? |
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Columbia (Beth)
| Good question. Well, after college, debt usually stems from your college loans. YOur financial aid counselor will help you determne how to pay off that debt...there are some creative ways to eliminate debt through various loan forgiveness programs and such. |
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drlisacuddy
| Does financial aid cover living expenses? |
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Scripps (Sean)
| It can. Going to college means more than just paying tuition, right? The "Cost of Attendance" that I talked about earlier should include things like housing expenses (even if you're living off-campus or at home with your parents!), food, books and supplies and maybe even transportation costs. |
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ukken
| columbia must receive a lot of applications every year, do they use any particular info about a student such as gpa or SATs to shorten the list a bit? |
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Columbia (Beth)
| good question, ukken. we do not use any formulas or SAT cut-offs. we read every application and base our decision on what we see in your application. now, the best predictor of success at Columbia, especially in the classroom, is your high school transcript. |
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vy89
| Is Columbia need blind? |
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Columbia (Beth)
| Yes, Columbia is need-blind in admissions. |
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Annie
| Applying to college is like shopping for a car but not knowing how to pay for it. What does it mean when a school is need-blind in its admissions-policy? |
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Scripps (Sean)
| Your statement is interesting, Annie. Applying for college (and paying for college) can be stressful, but it doesn't have to be something that you go into without knowing what to expect. That's why I suggest talking to financial aid folks at the colleges that you're interested in attending.
"Need-blind" admissions means that the admission decision is made without knowledge of how much financial aid you'll need to accept. But remember: you and your family make the decision about where you'll go to school based on a lot of factors. When you get the financial aid awards from various schools, you evaluate them in light of the college that it came from and the best place for you. And then you make your enrollment decision based on EVERYTHING, not just money. |
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QB Moderator
| Are there specific scholarships for business, pre-med, or engineering students? |
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Columbia (Beth)
| There are so many scholarships available and so I'm sure schools and other organizations have specific awards for those areas. Columbia does not offer scholarships through it's financial aid policy. |
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drlisacuddy
| What's the CSS Profile? |
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Scripps (Sean)
| I was hoping someone would ask that!
The CSS Profile is another financial aid application that's kind of like the FAFSA, except that it goes into more detail. Many colleges that use it do so either in order to get an earlier look or to have the information to determine how to most equitably award their own grant aid. Many schools that use it also use an alternate institutional formula to determine the family contribution. |
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drlisacuddy
| where do I fill out the CSS profile? |
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Scripps (Sean)
| At http://www.collegeboard.com. |
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Question:
| What should I do in terms of financial aid during my senior year? |
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Scripps (Sean)
| First of all, talk to the schools! You can't possibly gather too much school-specific information! There's really no substitute for a visit or a phone call to a financial aid office. Then, in January, start the application process by doing the FAFSA and, if the schools require it, the CSS Profile. |
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Question:
| Are there any programs that provide student financial assistance to homeschooled students? |
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Columbia (Beth)
| For schools that follow need-based financial aid policies, homeschooled students are evaluated the same way as other applicants. |
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jennifer_tran
| Do need-blind policies apply to most schools? |
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Scripps (Sean)
| Most? Probably not. But I suspect that most schools are at least "vision-challenged" in their admission policies. That is, they offer admission to their best applicants, only letting finances play a role in making decisions about the toughest applicants. |
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Question:
| What are GATE loans, and do you participate in this program? |
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Columbia (Beth)
| The GATE Loan Program is an excellent program and I recommend that students look into it. Their website is
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ukken
| if certain aspects of the transcript do not show the whole picture, is there a place on the application to attach supporting explanatory materials? |
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Scripps (Sean)
| In financial aid, as with admission, if there's something that we need to know that the application process doesn't have a space for you to tell us, write something extra and send it to us directly. In my office, I read every single piece of paper, e-mail r just about anything else that comes in the financial aid file of an applicant. |
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Annie
| If a school is need-blind, does that mean that I have a better chance of receiving financial aid, than if I apply to a school that is need-aware? |
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Columbia (Beth)
| good question. it depends on each individual student and the school they are applying to. For schools that are need-aware, they will consider your financial aid background during the evaluation process but it doesn't mean you will receive a an award for less. |
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ShaquitaPack
| Is it possible to get a financial aid package that covers everything without any family contributions? |
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Scripps (Sean)
| It's possible. Some schools offer scholarships that cover everything. And it's possible for the neediest students to get a need-based financial aid package that covers all the costs of going to college. My #1 rule: Don't rule out ANY college based on their cost. |
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jennifer_tran
| What is satisfactory academic progress? |
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Scripps (Sean)
| Federal requlations say that students must be making "satisfactory academic progress" toward their degree in order to continue to receive financial aid. Each school defines their own standards for what that means. |
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jennifer_tran
| What is SAR? |
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Scripps (Sean)
| Your SAR, or Student Aid Report, is the result of completing the FAFSA. |
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ShaquitaPack
| As far as transcripts, does Columbia look mainly at the difficulty of the courses when considering an applicant? For example, if someone got a 78 in an AP course, would that look absolutely horrible? |
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Columbia (Beth)
| Columbia considers many factors. The transcript is the best predictor for academic success. We expect our students to do well in their courses and to balance the challenge and rigor. If you do receive a C+ in a course, it's not the end of the world, but we do hope it improves! |
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QB Moderator
| We're about out of time. I'd like to thank Sean Smith, Director of Financial Aid at Scripps College and Beth Pili, Director of Multicultural recruitment at Columbia for their expertise and time! Good luck in your college search. Transcripts of all chat sessions are posted at the Student Resource Center on our website, www.questbridge.org.
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vy89
| Does Columbia offer need-based scholarships? |
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Columbia (Beth)
| No, we do not. We offer grant money that is given to the family which is determined by the family's need. |
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Columbia (Beth)
| It was great to chat with you all. Please feel free to contact me if you have any questions. My email is ep2258@columbia.edu and our website is www.studentaffairs.columbia.edu/admissions. Best of luck. |
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Scripps (Sean)
| This has been fun! There have been some really great questions. Here's the bottom line: applying for financial aid may seem like a daunting task, but it's not nearly as tough as working on your degree! Apply! You'll never know what you might be eligible for unless you ask. And continue to ask lots of questions to people in financial aid offices. We're really nice people and we're here to help! Good luck! |
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Scripps (Sean)
| If you have any questions that I've not yet answered, please feel free to e-mail me directly at sean.smith@scrippscollege.edu. |
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QB_Moderator
| Thanks everyone once again for joining us; we are now closing today's discussion session. Please check the QuestBridge website in the upcoming two weeks for a transcript of all of our chat sessions. |
