Focus on Financial Aid: How to Apply (continued)

Step 4.

Once notice has been given that an applicant has been accepted for admission, the college or university financial aid office reviews the application carefully, first to judge whether need does, in fact, exist, and second to determine how much aid should be offered. The five critical elements in the need analysis are:

• the cost of education
• family income
• family size
• the number of family members who are in college or graduate school at the same time
• family assets.

There is no sure way to predict how a family will be affected. The formula is simple enough to understand in its essentials, but the elements can be complicated if family circumstances themselves are complex. This is especially true when a business or farm is involved or, for some families, when parents are separated or divorced.

Step 5.

The financial aid office, after determining how much aid in various forms is available for distribution, awards packages of aid to applicants according to need and within limits of the resources at hand.

Step 6.

Candidates are notified by the admission office of acceptance and, either at the same time or shortly thereafter, by the aid office of its award.

Some Concluding Advice

If you need aid to meet the cost of college, you must be realistic, hopeful and organized! Remember that it is possible for a college to offer admission to a student but not to offer financial aid. A college is not obligated to provide financial assistance to all accepted students, so it is a good idea to apply to at least one college whose cost is within reach of your resources without substantial aid.

You may need to explore alternative educational plans, such as beginning your study toward a four-year degree at a less expensive two-year community college and then transferring to a four-year college or university to complete the degree. You might also check out colleges with cooperative education programs in which students can combine work with study as they advance toward a degree. There are many ways to finance an education!

Don't be overwhelmed by the paperwork. Start early! Seek help from your counselor or the financial aid office of a college that you are applying to. Don't procrastinate! The reward will far outweigh the effort you exert to meet the cost of your education through financial aid.