Just as soon as your admission decisions roll in, Financial Aid will quickly become the next most important thing on Seniors’ minds. Generally, Financial Aid awards (also called “packages”) from each school will be provided to you within a few weeks of your admission decision- provided that you’ve filed all required applications and documents (including the FAFSA for domestic students and certifications of financial support for international students).
Now is a crucial time for families to talk together about what finances are available to fund your college education. Since it is highly unlikely that each college will provide enough Financial Aid to cover the entire cost of attendance, it is a good idea to start answering the following questions:
The annual cost of attendance (Tuition + Room & Board + Fees) at Dream College is $_________, our available funds will cover $________ of that each year.
What is the likelihood of our family qualifying for need and/or merit-based aid?
What will the budget to cover these expenses look like by month, semester, and year?
In the case that we don’t get Financial Aid, is a debt of $_________ worth the investment at this college?
Here are a few articles that offer some important information and perspective on the Financial Aid process: