4 min read
Inside the Financial Aid Process: A Guide for Students and Parents
Gaining admission to the college(s) of your choice might weigh heavily on your mind at the moment. The odds are that the prospect of affording...
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Now is the time of year when offers of admission will start to arrive for college applicants. It's a very exciting time for Seniors! Very soon after, you'll also start to receive financial aid award letters, detailing exactly how much it will cost you to attend that university, a revelation that can put a damper on your thought process as you contemplate your college options.
On the other hand, if you're a still a junior, you may be watching your senior friends go through this process and wondering how you can take control of your college finances and get ahead of the game.
Or, maybe you're a parent wondering where to start and how to help your student put their best foot forward in finding a college that is the right fit, without breaking the bank.
No matter what stage you're in or what part you play, now is a good time to have your questions about financial aid answered. In the video below, Ashley Smith of Scoir and I will help break down the financial aid process and answer some of the most pressing questions families have.
Below, you'll find a high-level overview of the keys topics discussed, along with the times that those topics are discussed within the video. We hope this helps you jump to the specific parts of the video that are of interest to you.
If you find yourself with additional questions, we encourage you to reach out via our contact form!
To hear the full explanation about why college costs so much, jump to 1:58
To hear more about finding an affordable college, jump to 6:06.
To hear more about the five sources of funding for college, jump to 13:11.
To hear more about EFC methodologies, jump to 18:33.
Please note: the EFC was changed to the SAI in 2023. The new FAFSA, which will come into effect for the 2024-2025 academic year, brought about this change.
To hear more about the financial aid matrix, jump to 27:39.
For a full list of questions to ask the financial aid officer in securing an early estimate of your EFC (now SAI), jump to 36:48.
For a full explanation of financial aid mistakes, jump to 47:16.
A 25-year veteran of the college admission process, Peter Van Buskirk is dedicated to helping families find student-centered solutions in college planning. His ability to interpret and personalize a complex, and often mysterious, college-going process makes him a popular speaker among students, parents and educators. His creative programming has informed, inspired and entertained more than 2,000 audiences around the world. Peter’s books, Winning the College Admission Game; Strategies for Students and Parents and Prepare, Compete, Win! The Ultimate College Planning Workbook for Students, coach families through the complexities of finding and getting into the college that is the best fit for the student. His weekly blogs are featured on his website, www.BestCollegeFit.com, and he has appeared on numerous television and radio interviews including “Oprah and Friends” with Jean Chatzky. A graduate of Bucknell University, Peter moved through the ranks at Franklin & Marshall College to become Dean of Admission, Interim Director of Athletics, Associate Vice President for Enrollment Management, and Executive Officer in the Office of the Provost. He subsequently created and now operates Best College Fit® as a platform for delivering student-centered college planning content to students, parents and educators.
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