March Financial Aid Action Plan

Admissions and Scholarships

Generally, this month your acceptance letters begin arriving. For years, high school students have heard rumors about how to “read” the acceptance letter without having to open the envelope. I’m sure you have heard that if you receive a thick envelope, it is an acceptance letter; but if you receive a thin envelope, it is a rejection letter. This is not always the case! Schools send their acceptance and rejection letters in all sorts of ways. Many schools now notify a student via email. You may be given a pin number from a certain college and be directed to a website that will update you about your application status, financial aid information and acceptance status. You may also get notification you’re your school needs additional information from you.  Usually schools utilizing an online notification program will still send an acceptance letter. In the end, the only way to know for sure is to open the envelope or email! So, take a deep breath and rip it open!

Prepare yourself ahead of time for any type of news, whether good or bad. Some students prefer to have a family member or friend close by when they open their letter, some choose to have another person read their letter aloud to them, and others prefer to be alone. Find a way that works for you, and keep a positive attitude! If you are notified you were not accepted to your first school of choice, try not to be too disappointed. No matter which school you attend, remember you will be receiving a college education! And, there are still many options available to you. Many times, students will attend one college or university, and then transfer to their first choice school as a sophomore. There are many different paths to obtaining a degree; look for every opportunity available to you, and find a path works best for you.

If you get your acceptance information online, you should find your financial aid award information there also. Navigate through the website and familiarize yourself with it since you should be receiving that information within a couple of months. If you have any questions, call the school’s financial aid office and speak with a Financial Aid advisor. If you receive your acceptance letter in the mail, then a financial aid package should follow. Again, check with the financial aid office to learn what steps you need to take to view your financial aid awards. Since every school has a different process, make sure you understand how to view your awards with every university or college you in which you are accepted.

If you have not submitted your FAFSA, it is still not too late – but it is getting close. Follow the directions in our January newsletter (or click the FAFSA link at www.financialaidtips.com) and complete it as soon as possible. Again, the later you submit your FAFSA, the less likely you are to receive your full potential for financial aid awards. Whether you are celebrating being complete with the FAFSA this month or waiting in anticipation, it is important for you to stay focused on maintaining your grades and staying on top of your college preparation.

Those who have submitted a FAFSA and received a Student Financial Report (SAR) with an asterisk next to the EFC (Expected Family Contribution) have been designated for “verification”. Verification is a process to confirm information you provided on the FAFSA. The U.S. Department of Education selects some FAFSAs for verification. Others are selected by schools due to discrepancies in their submission. If selected, you will likely need to submit specific documentation, such as copies of signed tax returns and other financial aid documents, to the financial aid office in order for them to verify the information you submitted on your FAFSA. Do this as soon as possible to ensure that the processing of your FAFSA continues to go smoothly without delay. Remember that the sooner you verify your information, the sooner you’ll be able to receive your eligible financial aid!

How is the scholarship search going? Have you received any scholarship awards? If you have, contact the provider of the scholarship and ask how  You  the money will be distributed. Will they send the check directly to you or will they notify the school of your award money and send it to the institution at the beginning of the year? What are the terms and requirements? Clarify all the details and keep track of how much you should receive and when you should receive it so that you will not be confused about your scholarship status at the beginning of the semester. Take another broad review of potential scholarships by checking your high school and college financial aid offices. Also keep up-to-date on the scholarship searches you started at www.findscholarships.financialaidtips.com or www.scholarshipsearch.financialaidtips.com. Some may open up if another student declined one due to choosing another school or due to accepting scholarships.

Ok – let’s talk about helping you survive your college course work. At this time, many students want to start thinking about ways to make their college time easier or ways to get ahead by getting some college credits early.  One way to do this is with AP (Advanced Placement) tests. These exams take place in May, and you may register for them with your high school counselor or with your school’s advanced placement coordinator. The great thing about AP tests is they allow you to get a head start on college. If you score high enough on them, you may be exempt from certain college courses. That means you have more flexibility to take the courses you really want to take. Some students also consider taking college courses while still in high school.  This is called dual-enrollment.  You don’t to even have to physically go to the classes to get the credits.  You can take courses online and get the same credits.  Visit www.onlinecollege.financialaidtips.com for more information.

AP and dual enrollment can also save you a lot of money, if you meet all of the requirements!  The College Board now offers an online has a website where you can search specific institutions’ policies on AP credit and placement. You definitely want to take AP practices tests.  Do that at www.testprep.financialaidtips.com – look at the bottom right of the page practice test links.

In summary, make it your goal this month to get your financial aid information organized. Here is your “to do” list for this month:

o       Get admission results from every school you applied to and begin thinking about which school you will attend

o       Send in required financial information if the FAFSA is requiring verification

o       Familiarize yourself with the different ways schools will notify you of your financial aid awards

o       Keep applying for scholarships and talk to the providers of any scholarships you won about the terms, how much money you will receive and how and when the money will be distributed

o       Look into AP exams and early college classes to ease your college load

Next month, you will review the results of your school applications and make a final decision on which school you will be attending. You will notify schools of your decision and provide any necessary documents. Graduation is only a few months away, so focus on your senior studies, and remember to focus on your grades during the remainder of this year. Remember, you cannot attend college without having first received a high school diploma, so don’t fall behind in these last few months! Consider your current classes and grades as an important part of your overall preparation for college. You aren’t a college student yet – or maybe you are if you are following our guidance for early college credits!