Financial Aid Resources

The financial aid process can be daunting. Many students pursuing post-secondary school education receive some sort of aid. This aid may take a variety of forms: grants, loans, work study, and scholarships. Conversations about finances are important during the college process. Students can only make realistic choices if they understand their financial situations. Honest communication within the family on this subject is essential.

Colleges generally expect students and their families to make some financial contribution toward college costs. This amount is usually based on the family's ability to pay, but also includes what the student can reasonably be expected to earn during the school year and through summer employment.

Need-based Financial Aid

Need-based financial aid is available for those who qualify. A family may calculate its expected contribution using the financial aid calculator. Once the family's parental contribution is determined, assistance may be available in many forms. 

• Loans: Most financial aid packages ask students and their families to take out loans in order to pay for college. Federal loans offer lower interest rates, fixed payment schedules, and some deferment options. Private loans, obtained through commercial banks, are a less desirable option. 
• Grants: This is money that the government and/or colleges gives to qualified students. Grants do not need to be repaid.
• Work Study: Colleges make many different jobs on campus available to students. A student may be asked to take one of these jobs as part of their financial aid package.

Non-need-based Scholarships

Both students who qualify for need-based financial aid, and those who don't, may be eligible for non-need-based scholarships.

• Merit Scholarships: Many colleges award these scholarships to students with strong academic records and/or special talents. To determine what is available, check with individual schools.
• National & Local Scholarships: A variety of institutions invite students to apply for scholarship money. Students should begin investigating and applying for scholarships in their junior year. Scholarship applications can be lengthy and complicated, so starting early is a good idea.

Applying for Aid

The decision about whether to apply for aid is complex. Some financial aid offices advise parents to apply, because many families are more likely to qualify than they think. On the other hand, it is worth noting that not all colleges are need-blind; in other words, they may consider a family's financial need before making an admissions decision. Our suggestion is to begin a discussion of costs early and explore a variety of financing options.

The most important form is the FAFSA, or the Free Application for Federal Student Aid. Every college and university in the country requires this form. The FAFSA should be completed as possible after October 1.

Private colleges and universities also often ask parents to fill out the College Board Profile/CSS Profile form. Check with individual institutions to see if they require the CSS Profile.

Finally, individual institutions may have their own financial aid application forms with their own deadlines.

Each fall Holton's College Counseling office hosts a Financial Aid Workshop for families. Check the calendar for dates and newsletter for details.

Resources

Required Financial Aid Forms
FAFSA	Free Application for Federal Student Aid
CSS Profile	The CSS Profile is the form many private colleges and universities require, in addition to the FAFSA.
Net Price Calculator	Each university is required to have a Net Price Calculator on their admissions website. The Net Price Calculator allows students to enter information and if done correctly will give you a fairly accurate cost of attendance.
Scholarship Resources
FASTWEB	An online resource that helps students find scholarships, fellowships, grants, and loans
FINAID.org	A good source for information on student financial aid as well as advice and tools.
Cappex.com	Scholarship search engine
DC Tuition Assistance Grant Program	DCTAG was created by Congress in 1999 by the District of Columbia College Access Act to expand higher education choices for college-bound residents of the District of Columbia.