Steps to Paying for College
1. Find out as much information as you can about the schools you are interested in attending. Be honest and realistic about your chances of being accepted to these schools. Remember that application fees are not refundable. Talk to your counselor and career resource advisor about your options. Helpful web-sites that will sort through all of your criteria and help narrow your choices are:
www.collegeboard.com
www.c3apply.com
2. Discuss options for paying for school with your parents. These options may include scholarships, grants and loans. Beware of organizations that promise to find you scholarship money for a fee. Talk to your counselor or career resource advisor about the scholarships for which you may be eligible. Comprehensive financial aide information can be found:
www.finaid.org
www.ed.gov
Other options include State-Sponsored Savings Plans, Prepaid Tuition Plans, Lifetime Learning Credit, Hope Credit, and Education IRAs. A concise summary of these plans, as well as their tax implications, can be found at:
www.knowledgefirst.com
www.embark.com
The most comprehensive free database for scholarships is:
www.fastweb.com
You may also qualify for reduced tuition as a Western Undergraduate Exchange student at a number of western colleges or universities:
www.wiche.edu/sep/
3. Request or download financial aide applications for the schools to which you will be applying. Begin organizing family tax information you will need to calculate aide. You can estimate your expected family contribution early in the game with the help of:
www.embark.com
Essentially, most programs determine need by this formula:
Cost of Attendance – Expected Family Contribution = Financial Need
4. Start the application process by completing the Free Application for Federal Student Aide (FAFSA). These are available in counseling offices in early December, but cannot be submitted before January 1st. You can also apply online as of Jan. 1st to:
www.fafsa.gov
Alaska State Student Loan Program information can be accessed at:
www.state.ak.us/acpe
5. Complete any other aide or admission forms required by the school. Some will ask for the CSS Financial Aide Profile, also available from your counselor, or apply online at:
www.collegeboard.com
6. Receive the Student Aide Report (SAR), summarizing the FAFSA information, including your Estimated Family Contribution. Review the SAR and be sure it is correct. Send it to the financial aide offices of the schools to which you are applying.
7. Receive your award letter from the financial aide office, letting you know what kind of aide for which you are eligible. Consider all of the options included in their offer, whether they are grants, work-study or loans.
8. Weigh your options and make a decision. This will include not only financial aide and acceptance, but whether the school offers you what you need.
9. Continue to pursue scholarship possibilities.
10. Be prepared to reapply for financial aide each year. You will probably be eligible to complete the shorter renewal FAFSA.
(Created by Susan Haines, Counselor, East High School, October, 2000)