Show Me the Money: Figuring Out Financial Aid

Even before you formally began your college search, you may have felt intimidated by the idea of paying for college. Applying for financial aid might be one of the more intimidating aspects of the college admissions process. It’s lengthy and detail-oriented, and errors and accidental omissions can be problematic.

But don't let the above scare you. Financial aid is a pretty acronym- and jargon-heavy topic, so beginning with the important terms can help you begin to get a handle on this vital part of the college admissions process. 

• Here's a list of key words and acronyms. It's very comprehensive and worth bookmarking. 
• It's not unusual for parents to write off college for their kids because they think they can never afford it, but paying for college is doable. If your parents have expressed concerns, here's a site which takes a well-organized approach to helping them navigate the process. 
• FAFSA: This stands for the Free Application for Federal Student Aid, which you probably just learned from reading the above glossary, if you didn't already know. This document is probably the most important one you'll fill out with regards to financial aid. There is an extensive amount of information intended to help you and your parents, but be aware that many links will take you away from the FAFSA site so think about how you can best manage and organize all this information. 

  

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• First-generation specific FAFSA tips can be found here, here, and here. 
• Nearly every state offers College Goal workshops, which give students and parents access to free assistance with completing the FAFSA form. State-specific websites can be found at the link. 
• Net Price Calculator: By law, a college must have this tool on its website. The purpose of the calculator is to provide a non-inflated estimation of actual cost. Be aware that they don’t seem to adhere to specific criteria, so their actual usefulness will vary. But the calculator is still a helpful way to get an idea of cost. 
• Scholarships for first generation college students are plentiful, but be mindful of scams, which can seem endless too. This article outlines common red-flag phrases. Here are some additional signs, along with sites you can use to make sure you're dealing with a legitimate organization. FastWeb, which is part of Monster.com, is a database of scholarships which are carefully screened to ensure legitimacy. 
• Looking for financial aid and scholarships can be a challenge due to the sheer volume of resources, not all of which are legitimate. U.S. News and World Report is a reputable publication, and this February 2018 article highlights four organizations which specialize in finding scholarship money for first-generation college students. The article also includes links to additional sources of information.  
• Once you've submitted everything, get ready for your offers to come in. Comparing offers can also be overwhelming, but there are resources to help you determine what's going to work best for you. This College Board post explains how to decipher the different offerings. And while this article doesn't specifically explain aid letters, it addresses some pitfalls which are often overlooked. 

One final tip: whether you maintain a digital calendar/organizer, or an old-school pen and paper one, it's a good idea to create a timeline for yourself. The admissions process is very deadline-driven, and missing deadlines can have disappointing consequences.