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How to plan your college admission and financial aid journey, tips from college financial aid advisor Jodi Okun

How to Plan Your College Admission and Financial Aid Journey: Tips for Application Deadlines

Financial Aid, Preparing for College / By

Navigating the college admission and financial aid process can be overwhelming, especially with numerous deadlines to keep track of. From financial aid to the needs of several schools’ admission applications, there’s a lot to pay attention to. Every detail of these applications matters and can make a difference between being accepted and being denied the news you so desperately want! Proper planning and organization are essential to ensure you don’t miss any critical dates during your college application journey. That’s why I’m sharing how to plan accordingly for your college admission and financial aid applications this fall!  Understand Different Types of Deadlines When it comes to college applications, there’s a few common deadlines you should know about:  Early Decision: Binding agreement to attend if accepted, with deadlines typically around November 1st. This is for students who want to know where they’re going and are ready to commit!  Early Action: Non-binding, allows you to apply early and receive a decision sooner, with similar deadlines to ED. The biggest difference is that you do not have to attend the school you applied to here.  Regular Decision: Standard application deadline, usually between January 1st and January 15th. Most students will likely apply to schools on this deadline!  Rolling Admissions: Applications are reviewed as they are received, with decisions made on a rolling basis. Financial aid applications have their own application due dates. It’s important to file as early as you can – and as accurately as you can – so that you receive the most benefit. Financial aid  is often handed out on a first come, first serve basis. So make sure you know these deadlines and meet them!  FAFSA (Free Application for Federal Student Aid): In a normal year, the FAFSA will open on October 1st. This past year was different, as changes were made to the form. Experts are unsure how this coming year will play out yet, but regardless – submit as soon as possible to maximize aid opportunities. All schools will require you to file the FAFSA.  CSS Profile: Some colleges require this in addition to the FAFSA. Deadlines vary, but it often aligns with admission deadlines. I have lots of tips on the blog about the CSS Profile if you need to complete it for the schools you’re looking at!  Institutional Aid: Check each college’s website for specific deadlines for their own financial aid forms. This will definitely vary between colleges and states.  Tips for Staying on Track In a recent blog, I discussed creating a master schedule that includes all of these deadlines. Check out those tips here! In addition to creating a master calendar, I recommend a few tricks to help stay on track with your application deadlines:  Start Early: Now is a great time to start gathering documents, jotting down ideas for possible essay topics, and gathering personal recommendation letters. The end of summer is also a wonderful time to review your resume and collect information on your grades, volunteer work, and job experience – all of which you’ll need to complete applications. Set personal deadlines: Aim to complete all of your application components days before they’re actually due. This gives you a buffer if something happens and helps you avoid rushing right before a due date, often leaning to errors and incomplete information being submitted. Once you know the deadlines you set for yourself, schedule regular check-ins with your parents, teachers, or guidance counselors to track your progress.   Research and understand application requirements: I know that applications, particularly for financial aid, can feel really overwhelming. Make time to research what all of the lingo means and what you need to submit. If you know what you’ve got ahead of you when you sit down to file everything, it will feel way easier! Don’t forget to double check for accuracy before submitting anything!  Take Care of Yourself Senior year is an amazing, but stressful time, for many high school seniors. While these applications are very important, I want to stress how important it is to take care of yourself. Stay positive – focus on completing goals and small achievements or milestones along the way. It’s also easy to get sucked into the process and get hyper focused so make time for your loved ones, friends, and hobbies around school and applications! This is one part of your journey into college – so try to enjoy it!  Good luck! More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

Jodi Okun, college financial aid expert, breaks down what to consider when deciding on loans for college

Deciding on Financial Aid Offers: Do You Really Need All Those Loans?

Financial Aid, Pay for College / By

Receiving a financial aid offer can be both exciting and overwhelming for college-bound students and their families. While grants and scholarships provide much-needed assistance, loans often make up a significant portion of the aid package. However, before accepting those loans, it’s essential to carefully evaluate whether they are truly necessary. Let’s delve into the intricacies of financial aid offers and explore whether you really need all those loans. Understanding Financial Aid Packages: Financial aid packages typically consist of a combination of grants, scholarships, work-study opportunities, and loans. Grants and scholarships are considered “gift aid” because they do not need to be repaid, making them the most desirable forms of financial assistance. On the other hand, loans require repayment, often with interest, adding to the overall cost of education. Assessing Your Financial Need: Before accepting any loans, it’s crucial to assess your actual financial need. Start by calculating the total cost of attendance, including tuition, fees, room and board, books, and personal expenses. Then, subtract any grants, scholarships, and other sources of income to determine your remaining need. This exercise will help you understand how much you truly require in loans to cover your expenses. Exploring Alternative Funding Sources: Instead of immediately turning to loans to bridge the financial gap, consider exploring alternative funding sources. Look for additional scholarships, grants, and work-study opportunities that may be available through your college, community organizations, or private foundations. Every dollar you can secure through non-loan sources reduces your future debt burden. Evaluating Loan Options: If loans are necessary to finance your education, evaluate your loan options carefully. Federal student loans typically offer more favorable terms, such as fixed interest rates and flexible repayment options, compared to private loans. Additionally, federal loans may qualify for income-driven repayment plans and loan forgiveness programs, providing valuable assistance post-graduation. Borrowing Wisely: When borrowing student loans, it’s essential to borrow only what you need and not the maximum amount offered. Remember that every dollar borrowed accrues interest over time, increasing the total amount you’ll need to repay. Consider your future earning potential and how manageable your loan payments will be after graduation. Aim to keep your total student loan debt at a reasonable level relative to your expected income. Seeking Financial Counseling: If you’re uncertain about your financial aid package or how to proceed, consider seeking financial counseling (like what I do!). Spots for the 2025-2026 school year are open and are going quickly. If you want to chat about your personal situation and plans, schedule a 15 Minute Power Chat to learn more and see if you’re a good fit to work with me! While financial aid offers can provide much-needed assistance, it’s essential to critically evaluate whether you really need all those loans. Remember that minimizing student loan debt now can lead to greater financial freedom and security in the future. More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

Jodi Okun, college financial aid advisor, shares why the college portal check-in is your student's key to application success

The College Portal Check-In: Your Key to College Application Success

Financial Aid / By

In the fast-paced world of college life, staying on top of tasks and deadlines can sometimes feel like trying to catch a speeding train. However, one tool that can make this journey smoother is often right at your student’s fingertips: the college portal. Your student’s ability to regularly monitor their college portal is essential to their application process, especially when it comes to staying updated and informed about financial aid tasks and deadlines. In a year like this one, it has become an even more important task for students applying to college!  Financial Aid for College The college portal is like a digital command center, providing access to essential resources, announcements, and updates pertinent to your student’s academic journey. One area where its significance truly shines is in managing financial aid. For numerous students, financial aid is the bridge between aspiration and achievement. Whether it’s scholarships, grants, or loans, these resources often make higher education attainable. However, securing financial aid isn’t a one-time task; it requires ongoing attention and action. Your College Portugal’s Role in Financial Aid Management The college portal serves as the gateway to financial aid information. Here’s why regularly checking in is vital: Stay Informed: Financial aid deadlines, application statuses, and award notifications are frequently updated on the portal. By regularly checking in, your student will stay on top of any changes or requirements that come up. Proactive Planning: Knowing when deadlines are approaching allows your student to plan ahead. Whether it’s completing forms, submitting documents, or seeking additional assistance, staying proactive is key to avoiding last-minute stress. Tips for Regular College Portal Monitoring Now that we understand the importance of portal check-ins, I have a few quick tips to help stay on top of checking it regularly!  Set Reminders: Have your student schedule regular check-ins with the college portal. Whether it’s weekly or bi-weekly, consistency is key to staying informed. Create a Checklist: Compile a list of financial aid tasks and deadlines. Refer to it during  portal check-ins to ensure nothing slips through the cracks. Utilize Notifications: Many portals allow your student to set up email or text notifications for updates and reminders. Take advantage of this feature to stay effortlessly informed. I’m a huge fan of anything you can automate like that!  Engage with Advisors: If you or your student have questions or concerns about financial aid, don’t hesitate to reach out to their college’s financial aid office. They can provide guidance and support. If you’re still stuck with how to pay for college, I’m able to help! Schedule your FREE 15 minute call.  In the journey through college, knowledge is power, and your student’s college portal is the key to unlocking it. By embracing proactive strategies for portal monitoring, particularly concerning financial aid, you and your student are more empowered to navigate the complexities of higher education with confidence and clarity. So, remember to make the portal check-in a regular part of your student’s college routine—it could make all the difference in your success story. More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

College financial aid expert Jodi Okun shares how to successfully file the FAFSA for college bound students

Navigating the FAFSA Maze: Your Essential Roadmap to Financial Aid Success

FAFSA, Financial Aid / By

As the gateway to federal financial aid for college, the Free Application for Federal Student Aid (FAFSA) is a crucial step for students and their families in securing funding for higher education. However, completing the FAFSA can often feel like navigating a maze, with complex forms and important deadlines to contend with. This year, in particular, has presented many students for families seeking aid for college. I hope that these steps help you feel more confident about completing your FAFSA (this year and future years!).  The FAFSA Basics: Before diving into the intricacies of the FAFSA, it’s essential to understand its purpose and importance. The FAFSA serves as the primary application for federal student aid programs, including grants, loans, and work-study opportunities. Additionally, many states and colleges use the FAFSA to determine eligibility for their own financial aid programs. The bottom line is that if you don’t file the FAFSA, you definitely won’t receive any aid for school. A common misconception is that based on a family’s life and finances, their student won’t receive aid. You honestly never know, so the best policy is to always file the FAFSA. The only sure fire way to not receive aid is to not complete the FAFSA.  How to Successfully File the FAFSA:  Gather Necessary Documents:  Before starting your FAFSA, gather important documents such as your Social Security number, tax returns, and records of untaxed income. Having these on hand will streamline the application process. The FAFSA now pulls income from your tax return, so make sure you’ve filed that before you complete the form, too.  Create an FSA ID:  Both students and parents need to create a Federal Student Aid (FSA) ID, which serves as your electronic signature for the FAFSA. This step is crucial for security and authentication purposes. If you’re a junior, now’s a great time to get your FSA ID setup so you’re ready come the fall!  Complete the FAFSA Form:  The FAFSA is available online and can be completed electronically or through a paper application. Provide accurate information about your family’s financial situation, including income, assets, and household size. If you’re struggling with the forms, consider asking a financial aid expert (like me!) or your high school counselor for help.  Review and Submit:  Take the time to review your FAFSA carefully before submitting it. Double-check for errors or missing information that could affect your eligibility for aid. Any wrong information will delay your application delivery to the schools on your list.  Follow Up:  After submitting your FAFSA, be sure to monitor your application status and respond promptly to any requests for additional information from colleges or financial aid offices. This helps ensure that your application is up-to-date and the schools can make informed decisions for your aid package.  Pitfalls to Avoid When Successfully Filing the FAFSA: Missing Deadlines:  FAFSA deadlines vary by state and college, so it’s crucial to know the specific deadlines for each institution you’re applying to. Missing deadlines could result in lost financial aid opportunities. The 2024-2025 application cycle has been absolutely wild – so don’t take this year as an example of what the cycle is like. Normally it’s much more straightforward with a simple and clean operating site.  Remember, aid is often given on a first come, first serve basis so it’s in your best interest to file as accurately as early as possible!  Providing Inaccurate Information:  Accuracy is key when completing the FAFSA. Failing to report income or assets accurately could result in penalties or loss of aid eligibility. This is important to everything from your name to your lists of schools. Any errors will cause delays in your application – and potentially a loss of aid options.  Ignoring Updates and Changes:  The FAFSA process is subject to updates and changes each year, so it’s essential to stay informed about any new requirements or regulations that may affect your application. Stay in touch with me here at CFAA to be kept up to date with any changes on the FAFSA!  Current Updates to the FAFSA This year, the Department of Education updated the FAFSA in hopes of creating a more streamlined application process. Unfortunately, this year’s cycle has been anything but simple. From issues with the site itself and now delayed financial aid deadlines, many students and families are feeling the pressure of finding money for college. These delays are impacting all students, as they feel more rushed to make decisions about what to do – but low-income and first-generation students may feel this rush more deeply.  Despite these difficulties, many positive changes have been made to the FAFSA for the 2024-2025 application cycle. One of them was the Federal Tax Information update. Using this tool, the form will pull information from your current tax return. This saves a lot of time and reduces mistakes from entering income. Super helpful! Additionally, the questions that were included on the form have been reduced – making the form shorter and easier to fill out.  Successfully completing the FAFSA can be a daunting task, but with careful planning and attention to detail, you can navigate the process successfully. By following the key steps outlined in this guide and avoiding common pitfalls, you’ll be well on your way to securing the financial aid you need to pursue your educational goals.  I hope these tips on how to successfully file the FAFSA make the entire process feel less daunting!  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

4 tips for making good financial choices for college shared by financial aid expert Jodi Okun at College Financial Aid Advisors

4 Tips for Making Good Financial Choices for College: Navigating Financial Aid for Juniors and Seniors

Financial Aid, Pay for College / By

College choices are popping up like flowers this spring, and let’s face it, it can be a bit overwhelming… especially when it comes to picking the right financial aid options. But don’t stress! Here are four easy steps for high school juniors and seniors to help you breeze through these decisions and make a savvy choice! Although your decisions might look a little different, the same principles still apply to you both. Reflect The thinking and waiting process makes choosing a perfect college difficult. Certain important questions must be answered, such as: What college will students be happy at? What can parents afford? What financial aid path is best for families? These reflections will answer the majority of these questions and provide a starting point for conversations with your family.   Juniors:  High school juniors  should start to reflect on what they want from their college experience. Use this time to do their research on the different types of financial aid and varying scholarships available. It’s also a great time to talk with your family about budget and funds. Being informed enables students to grasp an understanding of the financial aid process as a whole and what plan will be most favorable for all parties in the long run.  Seniors:  This time of year is important for seniors to start picking what college is best for them not only with financial aid, but other attributes as well. As seniors start to approach the end of the year, college acceptances and financial aid offers/awards are rolling in. It is critical to address all aspects of each respective school with the whole family so that the final decision is clear with everyone in the family.  Refine  Spring is the time for students to refine their list of preferred colleges. Narrowing down a list of financial aid offers, identifying the path that will accomplish what students want is a significant step in the  timeline. Students need to remember to prioritize location, size of school, financial aid offer, specific major when narrowing down their choice. Look at all aspects of the schools!    Juniors:  It is never too early for high school juniors to start generating a list of colleges they are interested in and would like to investigate further. Aim for a list of five to ten colleges that they could see themselves at and do research on those specific schools.  Seniors: Students need to communicate with financial aid offices, school counselors and their families to determine what option and financial aid path is going to be the best option for everyone. Use this time to your advantage and thoroughly compare award letters and offers. Reducing the list of awards and deciding between two to three options will allow everyone to come to a consensus more effectively.  Register  Now is the time for high school students to start signing up for classes, clubs, tests, and other important preliminary college requirements. They also need to register and submit your financial aid form in the fall. Students and parents alike often forget that there are deadlines! High schoolers should stay in contact with their school counselor as well as the desired colleges’ financial aid office.  Juniors:  Although college seems to be far off, signing up and creating an account for Free Application for Federal Student Aid (FAFSA) will ultimately give students a headstart when filling out financial aid forms. Contact the financial aid offices of students’ potential colleges to discuss the baseline of what a student may be eligible for or any questions they have.  Seniors:  The time has come where incoming college students should be evaluating the financial aid offers from the colleges they were accepted to. Depending on the types of financial aid students end up opting for, they will  need to complete verification documents along the way.  Reorganize  The final step of making sure students receive the financial aid package that best accommodates their needs is to organize their plan. It is imperative to go over the financial aid requirements and what each award is offering in advance so you know what’s available for you. .  Juniors:  With upcoming deadlines, incoming seniors need to start planning and staying on track to prepare to complete all forms and applications. If students follow the three prior steps, they will not be overwhelmed with trying to rush and complete applications and make errors. Seniors:  Fall is still very far away, but graduating high school seniors need to stay organized with their financial aid timeline. Follow up with the financial aid office of their college if needed. Obviously this year has been a bit different than most. Next year college students with financial aid should be well prepared to fill out the form every upcoming year of attending college as well as fulfill the requirements of the financial aid award.  Don’t leave financial aid until the eleventh hour! The sooner you start, the more breathing room you’ll have to weigh your options. Keep in mind: today’s seeds grow tomorrow’s flowers!  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

3 must-ask questions for the financial aid director or office shared by financial aid expert Jodi Okun at College Financial Aid Advisors

3 Must-Ask Questions for the Financial Aid Director: Unlocking Financial Aid Wisdom

Financial Aid / By

Whether you’re a senior weighing your financial aid options or a junior gearing up for college visits this summer, remember: the financial aid office is your friend! I know that it can seem like a super overwhelming and scary place to visit, but they really are there to help you! The folks there, especially the director, know their stuff. When you chat with the financial aid office, asking the right questions is key. Here are three important questions to kickstart your conversation with the financial aid director and office:  How much does it really cost to attend this college?   It can be frustrating to try to come up with cost figures because students all have individual financial circumstances, but the financial aid director will probably have the best understanding of the closest dollar estimate for attending the school.  Start with a complete understanding of what it really costs to attend this college, not just tuition or room and board. You need to understand the typical costs for fees, books, living and travel expenses to have the full picture. Find out whether grants and scholarships are renewable, and what the anticipated increase is for next year’s tuition so you can plan ahead. From this amount you can subtract the amount of financial aid most students receive that does not have to be repaid, such as grants and scholarships.  What are my chances of realistically being able to repay my student loans?  You have to get a clear picture of whether this school is committed to helping you succeed. Find out how many students from the freshman class typically stay after the first semester, and ask how long it usually takes to graduate for your degree. Inquire about the percentage of graduating seniors who land jobs and what their average income is for various degrees.  This will help you determine whether you will actually be able to earn enough money to repay any student loans you might need. Otherwise, you could be looking at a future of debt piling up!  What else do you suggest for students in my particular situation?  Most financial aid directors have years of experience and they have worked with students in just about any financial situation imaginable. Explain the specifics of your financial background, let the director know if anything is anticipated to change within the next year, and ask about what other students have done to achieve success.  This can be helpful to gather a more personalized understanding of the finances of this decision.   The financial aid director can be a wonderful source of information but if you are still not sure how to proceed, you can always work with a professional college financial aid advisor to make sure you understand all the implications of the financial decisions you make. Your advisor can help you put together a list of intelligent questions and will also help you decipher the answers. If you need help coming up with questions for the financial aid director, contact us!  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

Tips for deciphering college financial aid offers shared by financial aid expert Jodi Okun at College Financial Aid Advisors

Deciphering College Financial Aid Offers: Making the Right Choice for Your Wallet and Education

Financial Aid, Pay for College / By

This time of year is so exciting for high school seniors! Financial aid packages are arriving with acceptance letters – and these students get to start figuring out what their next four years are going to look like. Now that all the paperwork has arrived, you might be feeling the pressure of choosing a college. Unfortunately, time is ticking – even with extended deadlines at some schools due to the FAFSA updates. With most decision deadlines hitting by May 1st (or sometime soon after), it’s crunch time to make the decision of which school you’ll be attending. If you’re stuck between a few options, money might be the deciding factor. Check out these tips to figure out which financial aid package is the real winner!  Compare Figures Correctly:  When choosing an offer, don’t just pick the college which gave the most financial aid. Instead, get your calculator out and analyze how much it really costs to attend each school. Otherwise, you’re not really looking at the right numbers. Be sure you understand whether you will receive the full amount of your award for the entire four years you attend, too – as this could change costs during your time there. Reread your financial aid letters and determine how much of each package is in federal student loans. Don’t forget that you will eventually have to repay that money, so it doesn’t really lower your costs; it just defers a part of them.  Calculate a Bottom Line:  List out everything you will have to spend money on including tuition, room and board, fees, travel expenses, and cost of living at each college. Then subtract out the grants and scholarships from individual schools, along with any scholarships you won on your own, for a bottom line net cost figure. See if any schools are expecting you to participate in a work-study program that will provide money within their aid package. You’ll receive funds, but it could reduce the amount of time you have available for your studies – which may not be ideal for all students.  Remember: you will be expected to pay for anything that is not covered by financial aid or federal student loans.  Ask the Financial Aid Office (if appropriate!):  If the bottom line between two schools is still very close – but the one you’re leaning towards still costs more, consider reaching out to the financial aid office. Politely explain your situation, tell the school how much of a difference there is between your two top choices, and ask if there is anything else they can do to help you. If they can’t, you will have to decide if it is worth the extra expense to attend this college. With this year’s FAFSA issues, lead with kindness and patience throughout your interactions with the financial aid offices as they’re likely overwhelmed!  Consider Earnings Potential After College:  Taking out loans? If you have to take out federal or private student loans to attend a particular school, it may be worth the extra investment if you are able to graduate in four years and land a high-paying job. Check the schools’ websites to compare details about graduation rates, employment percentages, and starting salaries. You want to ensure that you’ll be able to pay back your loans when it’s time – and not buried under a pile of debt.  This is one of the hardest decisions you will have to make during the college application process. But, you’re almost to the finish line! Congratulations!!  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

Last minute tips for college financial aid tips for the class of 2024 shared by college financial aid expert Jodi Okun

Last Minute College Financial Aid Tips for the Class of 2024

Financial Aid / By

For college seniors, the end is near! Within another month, these seniors will become the class of 2024! Next thing you know, they’ll be cramming the car full of every last necessary item and heading off to their new home for the next four years. The college application and prep process is nearly over now, too! It’s been a long journey (as I’m sure many parents would agree) but it has been well worth the effort for most families. The finish line for the financial process is close, too. To wrap up your financial aid journey, here’s a few things I recommend for the class of 2024…   Make sure the FAFSA has your 2023 tax info: April 15 is almost here and you should definitely have completed your 2023 taxes by now. If you used estimated figures on your original FAFSA application, you must go back and ensure everything has been pulled properly for your FAFSA paperwork.  Supply all requested information: If any of your financial applications were selected for verification, you must get all the supporting documentation to the school in a timely manner so they can make a final decision regarding your financial aid. This is important, especially on the crunched time tables this year.  Let the school know if your financial situation has changed dramatically:  Something may have happened since you submitted the FAFSA which could have an impact on your ability to pay college costs. If your parents got divorced, or if there was a job loss, medical emergency, or natural disaster, let the school know about it and they may be able to revise your financial aid package. It’s important that you have documentation about every change you’re sharing with the offices.  Review your financial aid offers one more time: Take a few moments to look at the financial aid offer from your top-choice school one last time. Compare it to any other offers you have received and make sure it is reasonably similar. If there is a noticeable difference, contact the financial aid office and discuss your options. Here are more tips on comparing financial aid offers.  Keep searching for scholarships:  You should always be looking for scholarships to help take the bite out of college costs. There are many year-round and late-deadline scholarships that are still available. Remember, this is a process that will continue for every year that you’re in school!  Compare student loan options: If everything else is in order and you know that you will definitely have to borrow some money to attend college, start comparing your student loan options now. The first path is to utilize federal student loans, but after that you will need to investigate private student loan options more closely. Review the differences between private and federal loans. Congratulations! You’re that much closer to starting your college career! Once all of these tasks are done, the next thing to do is make a budget for your college days. Include food, textbooks, and extracurricular activities. Budgets are a great way to ensure that you don’t leave college with even more debt! More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

College financial aid advisor Jodi Okun shares 4 tips to close the gap between financial aid offers and the actual cost of college

How to Close the Gap Between Financial Aid Offers and the Cost of College

Financial Aid, Pay for College / By

This spring, as financial aid award letters arrive and college acceptance letters fill mailboxes, families are getting the full understanding at how much college will cost them personally. Colleges use your completed FAFSA to determine how much your family would be expected to contribute. From there, they are able to offer financial aid accordingly. Any financial aid offer letters received will outline the amount of scholarships, grants, and loans you can expect. It will also state how much you may have to pay out of pocket.  If that happens to your family, here’s a few ideas of how to find money to pay for college after financial aid:    Contact the Financial Aid Office(s):  If there is a school that particularly appeals to your student, you can contact the financial aid office and ask if there are any other options for receiving more financial aid. The school may have additional funds for low-income students or may be able to point you in the direction of other scholarships. It could also help to let the school know that you will be interested in finding part-time work in addition to the federal work-study program. All of these are great options if the school has any available.  Explain Any Unusual Circumstances:  Sometimes the FAFSA doesn’t give a real picture of your family’s financial situation. If there are exceptional medical bills, or a sudden drop in income, put together a short letter that documents your specific situation, and ask the college if you can appeal the financial aid award. Make sure that you have documentation of any changes not reflected in your current FAFSA documents.  Look for Scholarships:  Be on the lookout for all late deadline scholarships. This money does not have to be repaid. Scholarships can make a big difference in your child’s ability to pay for textbooks, lab fees, and other miscellaneous expenses. Parents can also ask their employers if any funds are available to help with college expenses such as computers. Scholarships are a great option for every year your student is in school, so make an effort to look for them every year!  Consider Private Student Loans:  While there are some differences between federal and private student loans, this could be the final piece in your financial aid puzzle. Many private lenders, such as Discover Student Loans, offer competitive interest rates and other incentives that can help reach your college education goal. They may also offer other benefits, such as a reduced interest rate for automatic payments, and may even provide an incentive for good grades. Remember to carefully determine who will be paying the loans after graduation with your student!  Financial aid award letters and the Student Aid Index are good indicators of how much financial aid you will receive, but they don’t have to be the last word on the subject. College is expensive and if you need extra assistance to cover the difference, try some of these options!  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

Tips for comparing financial aid offers between colleges shared by college financial aid advisor Jodi Okun

What to Keep in Mind When Comparing Financial Aid Offers from Your Top Colleges

Financial Aid / By

As spring blooms around us, college acceptance letters and financial aid offers are beginning to arrive for students who didn’t apply for early admission at their colleges of choice. It’s such an exciting – and stressful – time as students make their final decisions about where to spend the next four years of their lives. One major factor in their decisions will be money. Paying for college is a huge and important part of deciding where to attend college. If money turns out to be the deciding factor between two solid choices, then you need to take a really good look at the financial aid offers as a tie-breaker. Here are some points to keep in mind when comparing colleges Figure Out Your Net Price of Attendance:  Find the cost of attendance on each aid offer, or look on the college website for the true cost of attendance. Make sure that what you’re looking at includes all amounts you will pay to the school directly, as well as other costs (such as living expenses, books and supplies, and transportation). Subtract any grant and scholarship offers you’ve received from that figure. The remaining amount is your net price, or out-of-pocket cost that will have to come from loans or your savings. Compare these numbers between schools to see which is a better financial fit.  Look for Qualifiers on Money You’re Receiving:  Make sure all grants and scholarships listed are available for the full time of enrollment, as long as you meet qualifications. Some funds might only be available for one year, which will affect your net price in the following years. If there are qualifiers you have to meet each year, make sure those are crystal clear. This could include GPA, credit hours, or other criteria.  Compare Debt Amounts:  Financial aid offers usually include federal student loan eligibility. This is money you will be expected to repay in the future. If the financial aid offer includes a substantial debt amount, you will have to look closely at future earning potential to determine how much of a burden repayment will be. It’s also important to discuss how much of that loan you or your family will pay back post graduation.  Can you make money? Your student might be able to work during the college term to earn additional money towards expenses. Some financial aid offers include federal work-study opportunities as part of the package. If a work-study job is not available, look at potential off-campus job opportunities to determine whether they can provide a sufficient source of income. Take into consideration any additional expenses incurred to travel to other jobs too. While getting a job in college can be a great way to limit how much money you need from loans, it will impact your student’s schedule – so think about it carefully!  Keep Looking for Scholarships:  If the cost difference between two prime options is minimal, your student might be able to qualify for scholarships that can fill the gap. Look at local community organizations, or scholarships in your student’s area of interest. Some have later deadlines, and may still be open. Another possibility is to look for scholarships that apply to students already in college. Remember to look for scholarships every year your student is enrolled to cover gaps!  If the numbers don’t add up at one particular college, there may still be time to file an appeal or provide additional documentation. If you plan to file for an appeal, follow the school’s directions and be patient with the financial aid offers. This year has been particularly grueling on families and financial aid offices alike, so it’s important to be polite and respectful. The window of time to make a decision about where to go to school is closing, but you don’t want to make a rash decision. Set time aside to carefully review your offers and feel confident about your choice – now and in the future.  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

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