QuestBridge: Paying for College Q and A

Students must complete the Free Application for Federal Student Aid (FAFSA) to be eligible for federal government financial aid programs, and many state programs as well. Most private colleges require the CSS PROFILE form in addition to the FAFSA. The CSS PROFILE application is a service provided by the College Board. It asks for additional information not reported in the FAFSA, including where your siblings go to school, and the value of various assets your parents own. Colleges use information from both the FAFSA and CSS PROFILE to estimate your financial need and award financial aid.

Where can I complete the CSS Profile?

Answer - posted 2006-02-27

Find the CSS Profile at http://profileonline.collegeboard.com/index.jsp

If you have not done so already, you will need to register with the College Board in order to fill it out. Sign in, and explore the worksheets and explanations available to help you to prepare the information necessary to complete the form.

The following web site lists colleges that accept the CSS profile.

You will be charged a nonrefundable registration fee of $5 and an initial reporting fee of $18 when you submit the PROFILE. If you want your information sent to more than one college or program, you will be charged $18 for each additional college or program selected.

What does the FAFSA do?

I keep hearing the term ‘FAFSA’ in conversations about financial aid. Can you clarify its role in the financial aid process?

Answer - posted 2006-02-27

The Free Application for Federal Student Aid is basically the CSS profile for the federal government. It is absolutely necessary for you to fill out if you hope to receive financial aid. It determines the amount of federal aid i.e. grants, work-study, and loans a student is eligible for according to their expected family contribution (EFC). This is the application that everyone dreads. But both the colleges and the government know that it is a pain so there is a lot of help available.

Resources:

http://www.fafsa.ed.gov/ - FAFSA homepage and FAFSA Resources

http://www.collegeboard.com/article/0,,6-30-0-8341,00.html – How to complete the FAFSA

http://studentaid.ed.gov/students/publications/completing_fafsa/2004_2005/index.html - A good site that has more FAFSA completion tips

What information will I need for the FAFSA?

What documents do I need before I can file the FAFSA?

Answer - posted 2006-02-27

The FAFSA requires you to report your parents’ and your own income, so helpful documents to have include pay stubs, W-2 forms, and any tax documents that your parents have filed. Be sure to keep all your paperwork organized; this makes applying for financial aid much easier.

If your parents have not yet filed taxes for the most recent year, you can still file a FAFSA using estimates for their income. It can be to your advantage to submit your FAFSA as early as possible, at a time of year when most people have not yet completed their taxes. If your parents’ earnings were similar in the previous tax year, you can use those tax documents to estimate values for the FAFSA. Just be sure to submit corrections as soon as they file new tax forms.

Here is a list of documents that will be useful when filling out your FAFSA.

Financial Aid online resources

What are some online resources that can help me through the financial aid and FAFSA process?

Answer - posted 2006-02-27

The following sites provide additional information about applying for financial aid:

Collegedata.com

The College Board

Scholarships.com explains the different types of loans available.

The College Board also provides acalendar to help you keep track of important dates.

A large number of books also address the topic of financing your college education. Though the information available in these publications is much more comprehensive than the resources on this web site, understanding a few important principles will help explain the financial aid process.

First, colleges and the federal government use your EFC to determine the amount your family is able to contribute, and thus the amount of financial aid you will need. Second, many elite colleges have a policy of meeting all unmet need. This means they offer students a financial aid package that makes up any difference between your EFC and the cost of attendance (you may also be asked to pay a small student contribution, which you can easily earn with a summer job). Keep this in mind during your college search, and look for schools that commit to meeting all unmet financial need.

Other sources of grants and scholarships

Besides federal grants and school-specific grants, where else can I seek financial assistance?

Answer - posted 2006-02-27

Many people and organizations make scholarships available to motivated, bright students to help them pay for college. However, you will need to do some research to identify scholarships for which you may be qualified.

Your guidance counselor or high school career center can usually provide information about local scholarships. Applying for local scholarships can be rewarding because your chances of receiving them are higher, since you are only competing with other students from your area. Organizations like the Masonic Foundation, Lions and Rotary Clubs, and local businesses enjoy supporting young people in the local community.

National scholarship competitions often have larger prizes than local scholarships, but the competition is also greater. However, do not let the competition dissuade you from applying. Contests like the Coca Cola, Gates Millennium, Tylenol, and other prominent national scholarships provide many thousands of dollars to winners each year. For students who perform well on standardized tests, the federal government and some state governments provide awards, including the National Merit Scholarship for students with high PSAT scores.

In many states, low-income students are also eligible to receive special government grants. The CalGrant in California is one example. However, middle-income students, whose families may still have difficulty affording college, are usually not eligible for these programs. Students from middle-income families are sometimes eligible for private need-based scholarships, and all academically qualified students should apply for merit-based scholarships.

Remember that you should never have to pay for scholarship information. Avoid scams by not signing up for any scholarship service that charges a fee. .

Community Service Scholarships

Do you know of any service (community service) oriented scholarships that I can apply for?

Answer - posted 2006-02-27

Some scholarship providers aim to support students to demonstrate an interest in community service. Quest has compiled the following list of such scholarships specifically meant to help fund your community service efforts. As this list is not comprehensive, we recommend doing your own scholarship search to identify additional opportunities.

International:

Youth in Action Awards -- $1000 grants to organize and host youth action summits, available to young people around the world on an annual basis.

Swackhamer Peace Award -- An essay contest open to all high school students. Prizes, awarded annually, range from $500 to $1500 dollars.

Youth as Resources -- Local YAR programs provide grants to young people doing community service projects. Most YAR programs are in the United States, but a few international programs also exist. Go to the YAR web site to find out if there’s a program in your community, or how to start a program.

United States:

Do Something Awards -- Do Something offers grants and awards which include the Brick Awards and Come On Over and Do Something Grants. Visit their web site for an up-to-date list of opportunities.

Shine 365 Art Contest -- Win $100 for mural designs on the theme of “Stop Violence – Start Art.”

Youth Venture Grants -- Supports young people ages 12-19 who want to start their own projects to improve their communities.

Gun Violence Initiative -- Co/motion, a project of the Alliance for Justice, is offering small grants to young people doing creative work on the topic of gun violence and violence prevention.

What is financial aid?

Answer - posted 2006-02-27

Financial aid helps you meet the high cost of a college education. Most financial aid is awarded to families on the basis financial need, and supplements the amount that your family can afford to pay. Some colleges and scholarship programs also offer merit-based aid, which recognizes students for their strong academic performance. To determine your financial aid package, the school you attend will collect information about your family’s income and other resources.

School-based financial aid is funded by colleges and both state and federal governments. Many private organizations also provide scholarships for college.

What costs are involved in attending college?

What kinds of things will I need money for in college, and how much will all this cost?

Answer - posted 2006-02-27

You will need money for tuition, housing, food, university fees, health insurance, books and other school supplies, and any entertainment and personal items you choose to purchase.

Tuition: The cost of tuition varies greatly between schools. Public institutions and community colleges tend to charge lower tuitions than private schools, especially for in-state residents. However, lower tuition rates do not necessarily makes public schools cheaper for low-income students. Financial aid at private universities can often compensate for this difference.

Room and Board: This refers to living expenses, i.e. where you live and what you eat. The cost of room and board also varies by institution, though not as much as tuition. Different options for housing include living on campus, in your own accommodations off campus, or at home. Availability of on-campus housing, and options for purchasing university meal plans or eating on your own, differ between colleges.

University Fees: These cover diverse programs not related to instruction, also vary between schools.

Health Insurance: Colleges often require students to have health insurance in order to enroll. Many also have conveniently located university health centers which serve students. Purchasing university-based insurance and using the student health centers is often a less expensive option for health insurance.

Books: You will need to purchase books for your college courses. These can cost up to a few hundred dollars per term. Other supplies that you may need include notebooks and writing utensils. Owning your own computer often makes essays, problem sets, and research easier in college.

Transportation: Transportation expenses may include plane tickets if you live far away from your college, and/or maintenance and fuel expenses if you own a car. Financial aid packages often award more transportation funds to students who live farther away.

Entertainment and Personal Items: This category includes things like new clothes and movie tickets. Though classes and other activities keep college students very busy, you will still want to budget for some fun activities.

How much am I to pay for college?

How much am I expected to pay for college?

Answer - posted 2006-02-27

The Expected Family Contribution is determined by each respective school you apply to and is based on the FAFSA. The EFC is what your family, not you the student, is expected to contribute and is largely based on your family’s income and assets. Most low income students will have a low EFC. It is worth noting that the EFC will be the same for every school you apply to.

What kinds of Financial Aid are there?

Answer - posted 2006-02-27

Grants and Scholarships – These are the most desirable form of financial aid because they do not need to be paid back. Colleges, government programs, and private organizations all offer grants and scholarships. Sometimes conditions accompany this type of aid; for example, scholarship recipients may remain eligible for the aid only if they maintain a certain grade point average.

Loans – This type of financial aid must be paid back. However, student loans often have much lower interest rates than other types of loans, and students often do not need to begin paying off their loan until after graduation. Both students and parents can apply for educational loans. You should research the different types of loans available to find out which ones offer the lowest interest rates and the most favorable payback policies. Often, low-income students receive enough aid in the form of grants to avoid taking out any educational loans.

Work Study – These programs allow students to work on or off campus to help defray college costs. Most work study programs are subsidized by the federal government, meaning the government pays a percent of your wage and your employer pays the rest. Work study only makes up a small amount of the average financial aid package.

Will any of my financial aid come directly from the college?

Answer - posted 2006-02-27

Yes. Colleges have funds available to provide scholarships, to subsidize loans, and sometimes to offer work study. The proportion of your aid package that comes from the college will vary depending on the cost of attendance, the school’s resources, the amount of federal and state aid you receive, and the amount your family is expected to contribute (determined using the FAFSA and often the CSS Profile).

In general, colleges with larger institutional endowments are in a position to offer more school-based financial aid. These generous financial aid packages often make such schools more affordable for low-income students. Many low-income students at top US universities receive financial aid package, consisting of federal and school-based aid, that cover most or all of the cost of attending college.

What is federal aid?

Answer - posted 2006-02-27

Federally provided financial aid consists of grants, subsidized loans, and work study.

Grants – Federal grants for higher education are called Pell Grants and can be as high as $4,000 per year for low-income students. Many states also have educational grant programs.

Loans – The Stafford loan is a highly subsidized education loan offered by the federal government. Stafford loans have very low interest rates, and do not require you to begin paying back the loan until nine months after you graduate from college. Additionally, you may be offered low-interest, non-subsidized loans that do not accrue interest while you are enrolled in school.

Work Study -- Most work study programs are subsidized by the federal government, meaning the government pays a percent of your wage and your employer pays the rest. If you are offered work study at all, it will likely make up only a small part of your overall financial aid package.

Your federal aid eligibility will be the same regardless of which college you attend. However, some state aid programs, such as the CalGrant program, offer different amounts of aid depending on the cost of the school you attend.

Also, keep in mind that many low-income students receive aid offers that include enough grant money to make loans unnecessary. This is especially common for students attending top private universities that supplement students’ federal grant awards with generous, need-based scholarships.

How does the government calculate my financial need?

How is federal aid calculated, and what do I need to do to apply?

Answer - posted 2006-02-27

The federal government uses the Free Application for Federal Student Aid (FAFSA) to calculate the amount your family can afford to contribute to your college education. They call this amount the Estimated Family Contribution, or EFC. Based on your EFC, the government determines how much money to offer you in grants, loans, and work study. You will need to fill out a FAFSA every year of your college career in order to receive financial.

You can find the FAFSA online at www.fafsa.ed.gov, or pick up a paper copy from your school guidance office or career center. In order to fill out the form, you will need to collect financial documents including tax forms and W-2 forms for your parents and yourself, if you work. The Department of Education uses information about your parents’ income, assets, and expenses in order to calculate your EFC.

Note that your EFC is independent of school you attend. Your federal financial aid offer will also be the same regardless of whether you attend an elite private school or your local state university.

Resources for learning more about the FAFSA and federal aid:

http://www.fafsa.ed.gov/ is the FAFSA home page.

The College Board provides useful instructions for completing the FAFSA.

The Gov't's Student Aid site also provides some useful tips for completing the FAFSA.

Cost of elite private universities

Are private schools like Stanford and Harvard are out of the question in terms of cost.

Answer - posted 2006-02-27

Many students and their families believe they cannot afford to attend an elite, private university. They are mistaken. Students from low-income families qualify for excellent financial aid at many of the nation’s top-ranked colleges and universities. Thus, low-income students can certainly afford to attend top universities without placing a financial burden upon their families.

Private colleges with large endowments almost universally offer generous financial assistance, primarily in the form of grants, which students do not need to pay back. Scholarship aid at top universities can amount to more than $150,000 for a single student over four years. In fact, data from the U.S. Department of Education show that the median family income of students at private schools is actually lower than those at flagship public universities. In many cases, the private schools can offer better financial aid than public schools because they have greater resources.

The availability of generous financial aid makes elite, private colleges even cheaper than community colleges for many low-income students. This is because at community colleges, students or their families must pay for room, board, and living expenses, while university financial aid packages take these expenses into account.

As an example, let’s consider Stanford University. The annual cost of attending Stanford, including tuition and living expenses, amounts to around $43,000. However, nearly 75% of students receive some amount of need-based financial aid. Middle-income as well as lower-income students receive aid; the amount varies based on how much the family can afford to contribute. The average need-based financial aid package offered in 2005 was $25,564, and many low-income students receive a package that covers the full $43,000, including tuition, room, board, books, and even travel expenses. Grants made up the majority of this aid. Often, low-income families are not expected to contribute at all.

The bottom line is that you should not let cost deter you from applying to your dream college. Bright, hard-working students from low-income families should most certainly apply to the nation’s most selective colleges and universities. You will likely find generous financial aid available to help you pay.

More savings, less financial aid?

Is it true that the more you save, the less aid you get for college?

Answer - posted 2006-02-27

Many think that the more your parents actually save up, the less money you will receive from the college. Actually the more you save, the less you'll likely need to borrow, since a big part of financial assistance comes in the form of loans.

But as long as you save wisely, you can minimize any reduction in your total aid package. The thing that most people don’t know is that if your parents decide to save money, the key is to save in your parent’s name, not yours, because aid formulas count only 5.6 percent of parental assets vs. as much as 35 percent of money saved in the student's name. So instead of putting money into your savings, your parents should save it under theirs.

Saving money hurts financial aid. It’s true the more money you save for college, the less you’re likely to receive in financial aid—but that’s good. According to the College Board, in the 2002–2003 academic year, the federal government, colleges, and states distributed $90 billion in financial aid —three times the total 10 years ago. But only 39 percent of that was in the form of grants (which you don’t have to pay back), and most of those went to lower-income families. The majority of financial aid, particularly for middle-income students going to public colleges, comes in the form of low-interest loans, augmented by some work-study aid. It is true, however, that loans and work-study are now a larger percentage of the total financial aid award than they used to be.

If you know you’ll end up borrowing for college, it makes more sense to save as much money up front as possible (without sacrificing retirement savings). It’s smarter to save money and earn a return (especially when you can start well in advance) than to borrow money and pay interest on it.

Too much income to get aid?

Can I make too much money to qualify for aid.

Answer - posted 2006-02-27

In recent years, the amount of financial assistance available for higher education has increased for families in the low- and middle-income ranges. The good news for middle-income families is that nearly half of families earning over $80,000 qualify for assistance. Overall, 3 out of 4 students at private colleges qualified for some amount of need-based financial aid. The average package for students receiving aid included loans amounting to $11,600, and grants amounting to $7,000. 6 in 10 students at public universities also receive financial aid, with a typical aid package totaling $6,200.

Some elite colleges have begun to offer generous financial aid packages to middle-income families in order to attract these students. If your family’s income is in this range, be sure to research which schools provide excellent aid for middle-income students.

Is community college best?

I have heard from others that low-income students should go to a community college. Is this my best option?

Answer - posted 2006-02-27

Community colleges, sometimes referred to as junior colleges, are characterized by a two-year curriculum that leads to either an associate degree or transfer to a four-year college. In theory, the transfer program is equivalent to the first two years of a four-year college. The degree program generally prepares students for direct entrance into an occupation. Because community college tuition is low for local residents, guidance counselors sometimes advise low-income students to consider this option. Many students also find the local setting and relatively easy entrance requirements appealing.

However, for most low-income students, it is probably to your advantage to apply directly to a four-year college or university. First, as we cover in more detail in our financial aid sections, private universities often provide excellent financial aid to low-income students. Because aid packages cover living expenses as well as tuition, going straight to a four-year college with strong financial aid can be even cheaper than starting at a community college.

Second, statistics show that students who start out at a four-year college are more likely to complete a bachelors degree than those who start at community colleges. The Department of Education, in their publication "Answers in the Tool Box: Academic Intensity, Attendance Patterns, and Bachelor's Degree Attainment," reports that only 26% of students who began their undergraduate careers in community colleges successfully transferred to four-year institutions. Transitioning to college can be difficult, especially for low-income students, who come from a different environment than many of their peers. Advising and residential support programs, available more often at four-year colleges, can help students adjust to their new surroundings. Or, if your circumstances at home are challenging, consider what it might be like to live at home while attending college. Students at four-year colleges have the advantage of living with other students in an academically-focused environment.

Finally, for bright, academically engaged students, four-year colleges and universities offer more advanced courses, and access to nationally renowned faculty. You will have more opportunity to pursue and develop intellectual interests in such an environment. You may be able to complete your general education courses and start introductory classes for your major at a community college, but you will not be able to go beyond that.

On the other hand, there are more than 1,300 two-year colleges that offer transfer or university parallel programs. Their average annual tuition is around $1,700. Thus, if your grades are not excellent and you feel you could succeed in a community college setting, you might consider attending a community college and applying to a university as a transfer student. Though admissions rates for transfer students are lower than for freshman, many students successfully transfer to four-year colleges each year.

Good colleges for international students

What are some good colleges for low-income, international students?

Answer - posted 2006-02-27

The following selective schools offer need-blind admission to all international students unless otherwise mentioned. This list was updated as of August 2005. Though it is not comprehensive, it may be useful as a starting point.

Yale University
Massachusetts Institute of Technology (MIT)
Princeton University
Columbia University
Harvard University
Syracuse University
University of Pennsylvania
New York University
Williams College
Hamilton College
Bowdoin College (Canadian students only)

Are there fee waivers?

Are fee waivers offered for those who need financial assistance?

Answer - posted 2006-02-24

Yes, fee waivers are offered for those who face financial hardships. The SAT I Reasoning Test costs $41.50 while SAT II Subject Tests are $18 registration fee plus $8 for each test taken that day (3 tests maximum).

The SAT fee waivers cover the basic test fees for SAT or SAT II and they may qualify you for college application fee waivers at many colleges. You apply for them through your high school counselor. You are eligible for consideration for fee waivers if you are:

* an American citizen or a foreign national testing in the United States, Puerto Rico, or United States territories; or

* an American citizen living outside the United States, who meets the financial eligibility guidelines; or

* a home-schooled student (you must provide proof of eligibility to your local high school fee waiver administrator/counselor, who will provide you with the fee waiver card for the appropriate test and no more than four Request for Waiver of College Application Fee forms) or

* you meet the financial eligibility guidelines for fee waivers.

To register online using a fee waiver, your school counselor will provide you with the online registration fee waiver identification number. When registering online, you will be asked to enter your fee waiver identification number, your school's six-digit code, plus the fee waiver identification number — which are the numbers on the fee waiver card. The fee-waiver identification number can only be used once.

To register by mail using a fee waiver, obtain an SAT Registration Bulletin along with a fee waiver card from your counselor. Mail the fee-waiver card along with a completed registration form by the regular registration deadline. You must send in the entire card or your registration will not be processed. Your Registration Form will be returned to you if the fee waiver card is missing or improperly completed and your registration will be delayed.


Home National College Match College Prep Scholarship Resource Center Refer a Student About Us
Home National College Match College Prep Scholarship Student Resource Center Preparing for College Applying to College Paying for College About Financial Aid Scholarship Resources Interesting Articles ►Frequently Asked Questions A Letter to Applicants Refer A Student About Us	Paying for College - F A Q Frequently Asked Questions CSS profile VS. FAFSA Where can I complete the CSS Profile? What does the FAFSA do? What information will I need for the FAFSA? Financial Aid online resources Other sources of grants and scholarships Community Service Scholarships What is financial aid? What costs are involved in attending college? How much am I to pay for college? What kinds of Financial Aid are there? Will any of my financial aid come directly from the college? What is federal aid? How does the government calculate my financial need? Cost of elite private universities More savings, less financial aid? Too much income to get aid? Is community college best? Good colleges for international students Are there fee waivers? Q CSS profile VS. FAFSA What is the CSS Profile? How is it different from the FAFSA? A Answer - posted 2006-02-27 Students must complete the Free Application for Federal Student Aid (FAFSA) to be eligible for federal government financial aid programs, and many state programs as well. Most private colleges require the CSS PROFILE form in addition to the FAFSA. The CSS PROFILE application is a service provided by the College Board. It asks for additional information not reported in the FAFSA, including where your siblings go to school, and the value of various assets your parents own. Colleges use information from both the FAFSA and CSS PROFILE to estimate your financial need and award financial aid. Back To Top Q Where can I complete the CSS Profile? Where can I complete the CSS Profile? A Answer - posted 2006-02-27 Find the CSS Profile at http://profileonline.collegeboard.com/index.jsp If you have not done so already, you will need to register with the College Board in order to fill it out. Sign in, and explore the worksheets and explanations available to help you to prepare the information necessary to complete the form. The following web site lists colleges that accept the CSS profile. You will be charged a nonrefundable registration fee of $5 and an initial reporting fee of $18 when you submit the PROFILE. If you want your information sent to more than one college or program, you will be charged $18 for each additional college or program selected. Back To Top Q What does the FAFSA do? I keep hearing the term ‘FAFSA’ in conversations about financial aid. Can you clarify its role in the financial aid process? A Answer - posted 2006-02-27 The Free Application for Federal Student Aid is basically the CSS profile for the federal government. It is absolutely necessary for you to fill out if you hope to receive financial aid. It determines the amount of federal aid i.e. grants, work-study, and loans a student is eligible for according to their expected family contribution (EFC). This is the application that everyone dreads. But both the colleges and the government know that it is a pain so there is a lot of help available. Resources: http://www.fafsa.ed.gov/ - FAFSA homepage and FAFSA Resources http://www.collegeboard.com/article/0,,6-30-0-8341,00.html – How to complete the FAFSA http://studentaid.ed.gov/students/publications/completing_fafsa/2004_2005/index.html - A good site that has more FAFSA completion tips Back To Top Q What information will I need for the FAFSA? What documents do I need before I can file the FAFSA? A Answer - posted 2006-02-27 The FAFSA requires you to report your parents’ and your own income, so helpful documents to have include pay stubs, W-2 forms, and any tax documents that your parents have filed. Be sure to keep all your paperwork organized; this makes applying for financial aid much easier. If your parents have not yet filed taxes for the most recent year, you can still file a FAFSA using estimates for their income. It can be to your advantage to submit your FAFSA as early as possible, at a time of year when most people have not yet completed their taxes. If your parents’ earnings were similar in the previous tax year, you can use those tax documents to estimate values for the FAFSA. Just be sure to submit corrections as soon as they file new tax forms. Here is a list of documents that will be useful when filling out your FAFSA. Back To Top Q Financial Aid online resources What are some online resources that can help me through the financial aid and FAFSA process? A Answer - posted 2006-02-27 The following sites provide additional information about applying for financial aid: Collegedata.com The College Board Scholarships.com explains the different types of loans available. The College Board also provides acalendar to help you keep track of important dates. A large number of books also address the topic of financing your college education. Though the information available in these publications is much more comprehensive than the resources on this web site, understanding a few important principles will help explain the financial aid process. First, colleges and the federal government use your EFC to determine the amount your family is able to contribute, and thus the amount of financial aid you will need. Second, many elite colleges have a policy of meeting all unmet need. This means they offer students a financial aid package that makes up any difference between your EFC and the cost of attendance (you may also be asked to pay a small student contribution, which you can easily earn with a summer job). Keep this in mind during your college search, and look for schools that commit to meeting all unmet financial need. Back To Top Q Other sources of grants and scholarships Besides federal grants and school-specific grants, where else can I seek financial assistance? A Answer - posted 2006-02-27 Many people and organizations make scholarships available to motivated, bright students to help them pay for college. However, you will need to do some research to identify scholarships for which you may be qualified. Your guidance counselor or high school career center can usually provide information about local scholarships. Applying for local scholarships can be rewarding because your chances of receiving them are higher, since you are only competing with other students from your area. Organizations like the Masonic Foundation, Lions and Rotary Clubs, and local businesses enjoy supporting young people in the local community. National scholarship competitions often have larger prizes than local scholarships, but the competition is also greater. However, do not let the competition dissuade you from applying. Contests like the Coca Cola, Gates Millennium, Tylenol, and other prominent national scholarships provide many thousands of dollars to winners each year. For students who perform well on standardized tests, the federal government and some state governments provide awards, including the National Merit Scholarship for students with high PSAT scores. In many states, low-income students are also eligible to receive special government grants. The CalGrant in California is one example. However, middle-income students, whose families may still have difficulty affording college, are usually not eligible for these programs. Students from middle-income families are sometimes eligible for private need-based scholarships, and all academically qualified students should apply for merit-based scholarships. Remember that you should never have to pay for scholarship information. Avoid scams by not signing up for any scholarship service that charges a fee. . Back To Top Q Community Service Scholarships Do you know of any service (community service) oriented scholarships that I can apply for? A Answer - posted 2006-02-27 Some scholarship providers aim to support students to demonstrate an interest in community service. Quest has compiled the following list of such scholarships specifically meant to help fund your community service efforts. As this list is not comprehensive, we recommend doing your own scholarship search to identify additional opportunities. International: Youth in Action Awards -- $1000 grants to organize and host youth action summits, available to young people around the world on an annual basis. Swackhamer Peace Award -- An essay contest open to all high school students. Prizes, awarded annually, range from $500 to $1500 dollars. Youth as Resources -- Local YAR programs provide grants to young people doing community service projects. Most YAR programs are in the United States, but a few international programs also exist. Go to the YAR web site to find out if there’s a program in your community, or how to start a program. United States: Do Something Awards -- Do Something offers grants and awards which include the Brick Awards and Come On Over and Do Something Grants. Visit their web site for an up-to-date list of opportunities. Shine 365 Art Contest -- Win $100 for mural designs on the theme of “Stop Violence – Start Art.” Youth Venture Grants -- Supports young people ages 12-19 who want to start their own projects to improve their communities. Gun Violence Initiative -- Co/motion, a project of the Alliance for Justice, is offering small grants to young people doing creative work on the topic of gun violence and violence prevention. Back To Top Q What is financial aid? What is financial aid? A Answer - posted 2006-02-27 Financial aid helps you meet the high cost of a college education. Most financial aid is awarded to families on the basis financial need, and supplements the amount that your family can afford to pay. Some colleges and scholarship programs also offer merit-based aid, which recognizes students for their strong academic performance. To determine your financial aid package, the school you attend will collect information about your family’s income and other resources. School-based financial aid is funded by colleges and both state and federal governments. Many private organizations also provide scholarships for college. Back To Top Q What costs are involved in attending college? What kinds of things will I need money for in college, and how much will all this cost? A Answer - posted 2006-02-27 You will need money for tuition, housing, food, university fees, health insurance, books and other school supplies, and any entertainment and personal items you choose to purchase. Tuition: The cost of tuition varies greatly between schools. Public institutions and community colleges tend to charge lower tuitions than private schools, especially for in-state residents. However, lower tuition rates do not necessarily makes public schools cheaper for low-income students. Financial aid at private universities can often compensate for this difference. Room and Board: This refers to living expenses, i.e. where you live and what you eat. The cost of room and board also varies by institution, though not as much as tuition. Different options for housing include living on campus, in your own accommodations off campus, or at home. Availability of on-campus housing, and options for purchasing university meal plans or eating on your own, differ between colleges. University Fees: These cover diverse programs not related to instruction, also vary between schools. Health Insurance: Colleges often require students to have health insurance in order to enroll. Many also have conveniently located university health centers which serve students. Purchasing university-based insurance and using the student health centers is often a less expensive option for health insurance. Books: You will need to purchase books for your college courses. These can cost up to a few hundred dollars per term. Other supplies that you may need include notebooks and writing utensils. Owning your own computer often makes essays, problem sets, and research easier in college. Transportation: Transportation expenses may include plane tickets if you live far away from your college, and/or maintenance and fuel expenses if you own a car. Financial aid packages often award more transportation funds to students who live farther away. Entertainment and Personal Items: This category includes things like new clothes and movie tickets. Though classes and other activities keep college students very busy, you will still want to budget for some fun activities. Back To Top Q How much am I to pay for college? How much am I expected to pay for college? A Answer - posted 2006-02-27 The Expected Family Contribution is determined by each respective school you apply to and is based on the FAFSA. The EFC is what your family, not you the student, is expected to contribute and is largely based on your family’s income and assets. Most low income students will have a low EFC. It is worth noting that the EFC will be the same for every school you apply to. Back To Top Q What kinds of Financial Aid are there? What kinds of Financial Aid are there? A Answer - posted 2006-02-27 Grants and Scholarships – These are the most desirable form of financial aid because they do not need to be paid back. Colleges, government programs, and private organizations all offer grants and scholarships. Sometimes conditions accompany this type of aid; for example, scholarship recipients may remain eligible for the aid only if they maintain a certain grade point average. Loans – This type of financial aid must be paid back. However, student loans often have much lower interest rates than other types of loans, and students often do not need to begin paying off their loan until after graduation. Both students and parents can apply for educational loans. You should research the different types of loans available to find out which ones offer the lowest interest rates and the most favorable payback policies. Often, low-income students receive enough aid in the form of grants to avoid taking out any educational loans. Work Study – These programs allow students to work on or off campus to help defray college costs. Most work study programs are subsidized by the federal government, meaning the government pays a percent of your wage and your employer pays the rest. Work study only makes up a small amount of the average financial aid package. Back To Top Q Will any of my financial aid come directly from the college? Will any of my financial aid come directly from the college? A Answer - posted 2006-02-27 Yes. Colleges have funds available to provide scholarships, to subsidize loans, and sometimes to offer work study. The proportion of your aid package that comes from the college will vary depending on the cost of attendance, the school’s resources, the amount of federal and state aid you receive, and the amount your family is expected to contribute (determined using the FAFSA and often the CSS Profile). In general, colleges with larger institutional endowments are in a position to offer more school-based financial aid. These generous financial aid packages often make such schools more affordable for low-income students. Many low-income students at top US universities receive financial aid package, consisting of federal and school-based aid, that cover most or all of the cost of attending college. Back To Top Q What is federal aid? What is federal aid? A Answer - posted 2006-02-27 Federally provided financial aid consists of grants, subsidized loans, and work study. Grants – Federal grants for higher education are called Pell Grants and can be as high as $4,000 per year for low-income students. Many states also have educational grant programs. Loans – The Stafford loan is a highly subsidized education loan offered by the federal government. Stafford loans have very low interest rates, and do not require you to begin paying back the loan until nine months after you graduate from college. Additionally, you may be offered low-interest, non-subsidized loans that do not accrue interest while you are enrolled in school. Work Study -- Most work study programs are subsidized by the federal government, meaning the government pays a percent of your wage and your employer pays the rest. If you are offered work study at all, it will likely make up only a small part of your overall financial aid package. Your federal aid eligibility will be the same regardless of which college you attend. However, some state aid programs, such as the CalGrant program, offer different amounts of aid depending on the cost of the school you attend. Also, keep in mind that many low-income students receive aid offers that include enough grant money to make loans unnecessary. This is especially common for students attending top private universities that supplement students’ federal grant awards with generous, need-based scholarships. Back To Top Q How does the government calculate my financial need? How is federal aid calculated, and what do I need to do to apply? A Answer - posted 2006-02-27 The federal government uses the Free Application for Federal Student Aid (FAFSA) to calculate the amount your family can afford to contribute to your college education. They call this amount the Estimated Family Contribution, or EFC. Based on your EFC, the government determines how much money to offer you in grants, loans, and work study. You will need to fill out a FAFSA every year of your college career in order to receive financial. You can find the FAFSA online at www.fafsa.ed.gov, or pick up a paper copy from your school guidance office or career center. In order to fill out the form, you will need to collect financial documents including tax forms and W-2 forms for your parents and yourself, if you work. The Department of Education uses information about your parents’ income, assets, and expenses in order to calculate your EFC. Note that your EFC is independent of school you attend. Your federal financial aid offer will also be the same regardless of whether you attend an elite private school or your local state university. Resources for learning more about the FAFSA and federal aid: http://www.fafsa.ed.gov/ is the FAFSA home page. The College Board provides useful instructions for completing the FAFSA. The Gov't's Student Aid site also provides some useful tips for completing the FAFSA. Back To Top Q Cost of elite private universities Are private schools like Stanford and Harvard are out of the question in terms of cost. A Answer - posted 2006-02-27 Many students and their families believe they cannot afford to attend an elite, private university. They are mistaken. Students from low-income families qualify for excellent financial aid at many of the nation’s top-ranked colleges and universities. Thus, low-income students can certainly afford to attend top universities without placing a financial burden upon their families. Private colleges with large endowments almost universally offer generous financial assistance, primarily in the form of grants, which students do not need to pay back. Scholarship aid at top universities can amount to more than $150,000 for a single student over four years. In fact, data from the U.S. Department of Education show that the median family income of students at private schools is actually lower than those at flagship public universities. In many cases, the private schools can offer better financial aid than public schools because they have greater resources. The availability of generous financial aid makes elite, private colleges even cheaper than community colleges for many low-income students. This is because at community colleges, students or their families must pay for room, board, and living expenses, while university financial aid packages take these expenses into account. As an example, let’s consider Stanford University. The annual cost of attending Stanford, including tuition and living expenses, amounts to around $43,000. However, nearly 75% of students receive some amount of need-based financial aid. Middle-income as well as lower-income students receive aid; the amount varies based on how much the family can afford to contribute. The average need-based financial aid package offered in 2005 was $25,564, and many low-income students receive a package that covers the full $43,000, including tuition, room, board, books, and even travel expenses. Grants made up the majority of this aid. Often, low-income families are not expected to contribute at all. The bottom line is that you should not let cost deter you from applying to your dream college. Bright, hard-working students from low-income families should most certainly apply to the nation’s most selective colleges and universities. You will likely find generous financial aid available to help you pay. Back To Top Q More savings, less financial aid? Is it true that the more you save, the less aid you get for college? A Answer - posted 2006-02-27 Many think that the more your parents actually save up, the less money you will receive from the college. Actually the more you save, the less you'll likely need to borrow, since a big part of financial assistance comes in the form of loans. But as long as you save wisely, you can minimize any reduction in your total aid package. The thing that most people don’t know is that if your parents decide to save money, the key is to save in your parent’s name, not yours, because aid formulas count only 5.6 percent of parental assets vs. as much as 35 percent of money saved in the student's name. So instead of putting money into your savings, your parents should save it under theirs. Saving money hurts financial aid. It’s true the more money you save for college, the less you’re likely to receive in financial aid—but that’s good. According to the College Board, in the 2002–2003 academic year, the federal government, colleges, and states distributed $90 billion in financial aid —three times the total 10 years ago. But only 39 percent of that was in the form of grants (which you don’t have to pay back), and most of those went to lower-income families. The majority of financial aid, particularly for middle-income students going to public colleges, comes in the form of low-interest loans, augmented by some work-study aid. It is true, however, that loans and work-study are now a larger percentage of the total financial aid award than they used to be. If you know you’ll end up borrowing for college, it makes more sense to save as much money up front as possible (without sacrificing retirement savings). It’s smarter to save money and earn a return (especially when you can start well in advance) than to borrow money and pay interest on it. Back To Top Q Too much income to get aid? Can I make too much money to qualify for aid. A Answer - posted 2006-02-27 In recent years, the amount of financial assistance available for higher education has increased for families in the low- and middle-income ranges. The good news for middle-income families is that nearly half of families earning over $80,000 qualify for assistance. Overall, 3 out of 4 students at private colleges qualified for some amount of need-based financial aid. The average package for students receiving aid included loans amounting to $11,600, and grants amounting to $7,000. 6 in 10 students at public universities also receive financial aid, with a typical aid package totaling $6,200. Some elite colleges have begun to offer generous financial aid packages to middle-income families in order to attract these students. If your family’s income is in this range, be sure to research which schools provide excellent aid for middle-income students. Back To Top Q Is community college best? I have heard from others that low-income students should go to a community college. Is this my best option? A Answer - posted 2006-02-27 Community colleges, sometimes referred to as junior colleges, are characterized by a two-year curriculum that leads to either an associate degree or transfer to a four-year college. In theory, the transfer program is equivalent to the first two years of a four-year college. The degree program generally prepares students for direct entrance into an occupation. Because community college tuition is low for local residents, guidance counselors sometimes advise low-income students to consider this option. Many students also find the local setting and relatively easy entrance requirements appealing. However, for most low-income students, it is probably to your advantage to apply directly to a four-year college or university. First, as we cover in more detail in our financial aid sections, private universities often provide excellent financial aid to low-income students. Because aid packages cover living expenses as well as tuition, going straight to a four-year college with strong financial aid can be even cheaper than starting at a community college. Second, statistics show that students who start out at a four-year college are more likely to complete a bachelors degree than those who start at community colleges. The Department of Education, in their publication "Answers in the Tool Box: Academic Intensity, Attendance Patterns, and Bachelor's Degree Attainment," reports that only 26% of students who began their undergraduate careers in community colleges successfully transferred to four-year institutions. Transitioning to college can be difficult, especially for low-income students, who come from a different environment than many of their peers. Advising and residential support programs, available more often at four-year colleges, can help students adjust to their new surroundings. Or, if your circumstances at home are challenging, consider what it might be like to live at home while attending college. Students at four-year colleges have the advantage of living with other students in an academically-focused environment. Finally, for bright, academically engaged students, four-year colleges and universities offer more advanced courses, and access to nationally renowned faculty. You will have more opportunity to pursue and develop intellectual interests in such an environment. You may be able to complete your general education courses and start introductory classes for your major at a community college, but you will not be able to go beyond that. On the other hand, there are more than 1,300 two-year colleges that offer transfer or university parallel programs. Their average annual tuition is around $1,700. Thus, if your grades are not excellent and you feel you could succeed in a community college setting, you might consider attending a community college and applying to a university as a transfer student. Though admissions rates for transfer students are lower than for freshman, many students successfully transfer to four-year colleges each year. Back To Top Q Good colleges for international students What are some good colleges for low-income, international students? A Answer - posted 2006-02-27 The following selective schools offer need-blind admission to all international students unless otherwise mentioned. This list was updated as of August 2005. Though it is not comprehensive, it may be useful as a starting point. Yale University Massachusetts Institute of Technology (MIT) Princeton University Columbia University Harvard University Syracuse University University of Pennsylvania New York University Williams College Hamilton College Bowdoin College (Canadian students only) Back To Top Q Are there fee waivers? Are fee waivers offered for those who need financial assistance? A Answer - posted 2006-02-24 Yes, fee waivers are offered for those who face financial hardships. The SAT I Reasoning Test costs $41.50 while SAT II Subject Tests are $18 registration fee plus $8 for each test taken that day (3 tests maximum). The SAT fee waivers cover the basic test fees for SAT or SAT II and they may qualify you for college application fee waivers at many colleges. You apply for them through your high school counselor. You are eligible for consideration for fee waivers if you are: * an American citizen or a foreign national testing in the United States, Puerto Rico, or United States territories; or * an American citizen living outside the United States, who meets the financial eligibility guidelines; or * a home-schooled student (you must provide proof of eligibility to your local high school fee waiver administrator/counselor, who will provide you with the fee waiver card for the appropriate test and no more than four Request for Waiver of College Application Fee forms) or * you meet the financial eligibility guidelines for fee waivers. To register online using a fee waiver, your school counselor will provide you with the online registration fee waiver identification number. When registering online, you will be asked to enter your fee waiver identification number, your school's six-digit code, plus the fee waiver identification number — which are the numbers on the fee waiver card. The fee-waiver identification number can only be used once. To register by mail using a fee waiver, obtain an SAT Registration Bulletin along with a fee waiver card from your counselor. Mail the fee-waiver card along with a completed registration form by the regular registration deadline. You must send in the entire card or your registration will not be processed. Your Registration Form will be returned to you if the fee waiver card is missing or improperly completed and your registration will be delayed. Back To Top
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