Financial aid estimator.  New in 2008 from the Federal Department of Education and FAFSA.  www.fafsa4caster.ed.gov  This will estimate your "Expected Family Contribution" and will save your information so that after January 1, 2008, you can expedite the FAFSA application process.

Interactive "Lesson" on the entire process of college financial aid:  elearning.makingitcount.com

New in 2007, the US Congress instituted an Academic Competitiveness Grant (ACG) program to help high-achieving, needy students pay for college.  Criteria:  Pell Grant eligible, 3.0 GPA, taken a rigorous HS curriculum (defined in several ways...earning a score of 3 on 2 AP exams, taken 4 cr. English, math, and science plus 3 social studies and 1 foreign language.)

Estimate what you'll be expected to pay for one year of college:

    1. Expected Family Contribution Estimator/Calculator  (at CitiBank...simplified estimator; information not saved)

    2. Expected Family Contribution Estimator/Calculator (at FinAid site...more complex estimator; information not saved)

    3. FAFSA Forecaster (Dept. of Education; information is saved)

How to apply for financial aid:  After January 1...

    FAFSA  Print out a pre-application worksheet before trying to submit online so you can gather the correct information before submitting online.  Financial aid is readily available, and often students may not pay any more for a school with high tuition than they would for a school with lower tuition.  Everyone should go through the financial need analysis to determine the family's "expected family contribution."

    PIN     Both student and parent apply for PIN's (personal identification numbers) to electronically sign the FAFSA and to make changes or check the FAFSA status online later.

    CSS/Financial Aid PROFILE.  A detailed need-based aid application used ONLY by a limited number of colleges.  Online registration (and the fee) gets you a detailed financial analysis used by certain colleges.  This link has the list of colleges that require it.  Don't use this form unless you need to. 

    Local Scholarships - the list will be updated each February.

Scholarship search sites:

PrepHQ  updated daily as scholarships arrive in MHS mail.  Also updated by PrepHQ national office, with email notices to students when new scholarships are added.

Fastweb     A scholarship search site that includes MANY scholarships

College Tool Kit 

Scholarships.com

Collegeboard

BrokeScholar

College-Scholarships

Super College

Ten Questions to ask about a financial aid package: (excerpts from "Covering More than the Price of Admission" by Albert Crenshaw, Washington Post, April 28, 2002)

    1.  Are there strings attached to the scholarship or grant? (i.e. GPA, credit hours, major, etc.)

   2.  What should I expect to happen to my aid package after the first year?  Ask especially about the ratio of grants to loans.  You don't want to be stuck with too many loans the last couple years. 

   3.  Is my aid package based on ALL by costs or just my BILLED expenses?

   4.  How much will I be expected to borrow next year, and over my college career?

   5.  What happens if my family's financial circumstances change?

   6.  If I win a scholarship from my school, church, or other organization, how does it change my aid award?  (ask if the amount reduces your loan or does it reduce the scholarships/grants?)

   7.  How can we spread payments for college out over a longer period of time?  Any monthly payment plans?

   8.  If work study is on your award letter, ask how you get the on-campus job, and how many hours you'll be expected to work

   9.  Does the college offer any other scholarships that need an application that you don't know about?  

  10.  Do you have all this information in writing?  (not that you shouldn't be trusting...)

Ten Common Financial Aid Errors  (portions from www.usnews.com "Mistakes were made" by Megan Barnett)

1.  Failing to fill out the application.  People often assume they won't qualify.  Don't assume!

2.  Saving in the child's name.  The federal formula for determining aid eligibility takes over 35% of a student's personal savings, but only about 5.6% of parents' assets.

3.  Missing out on scholarships. Expect to do some writing, but there are many independent scholarship sources out there.  Check the websites listed above.

4.  Sending in forms a little too late.  Don't wait for acceptance letters to apply for aid.  The need analysis and the application process can work in parallel ways, eventually coming together.  Priority deadlines for filing the FAFSA can be as early as Feb. 15.  After the priority deadlines, money from the colleges runs out.

5.  Paying someone to do it for you.   Help is readily available from the high school guidance office, college financial aid offices, the US Dept. of Education, and the professional organization of financial aid administrators.

6.  Reading the wrong bottom line.  Don't compare the amount of aid offered.  Compare the actual cost to the student.  You might have to sift through all the items to differentiate the loans from the gift aid.

7.  Passing up the chance to discuss an award offer with the financial aid office.  The financial aid administrators want to help, so if you question the aid offer, don't hesitate to ask them to explain or review it with you.

8.  Buying what they're trying to sell.  You don't have to use the lender the financial aid office suggests.  You may find your own, but often the lender they suggest might make things easier to get through the paperwork.  You may always shop for the best interest rate.

9.  Robbing the wrong piggy bank.  Use caution if you want to borrow from your 401(k).  Not good to let your credit card balance grow either...debt doesn't factor into your aid eligibility next year.  A second job will increase your income for next year, thereby lessening your aid eligibility.   You're probably better off with a home equity line after exhausting all federal loan options.

10. Leaving fun off the budget.  Depending on what city is nearby, the social life expenses are often a big part of the budget, but people often forget to include it...which makes for unhappy students.  Personal expenses can range from $1,400 to over $2,500.

For additional information, contact the web site of the National Association of Student Financial Aid Administrators (NASFAA) www.nasfaa.org. or the Ohio branch of that organization, oasfaa.org.