Scholarships

Seniors, you should still be applying for scholarships at this time. But, as you do, please check with the colleges to which you’ve applied about how they handle scholarships from private groups and organizations— known as “outside awards”—in the calculation of their financial aid award. Different colleges calculate their impact differently.

Colleges are legally prohibited from overawarding federal aid. In other words, the total amount of aid a student receives cannot be greater than a college’s cost, and usually not more than a student’s overall calculated financial need. Some colleges count half an outside award toward grant aid and half toward student self- help, lowering the student’s work- study or loan amount by the equivalent of half the outside award. Others count the entire outside award against loans and work- study, and only lower the institutional grant portion of an aid award if self- help is brought down to zero. Still others count the entire outside award against institutional gift aid. Best advice: always apply for a scholarship, but check with every college and university on your list about their *outside scholarship policy* so you can understand what happens to your need-based financial aid package when you win a merit scholarship.

February is Financial Aid Awareness Month. So who better to feature as our Counselor of the month than Frank Palmsani?  A veteran counselor now in his 20^th year at Hinsdale South High School in Darien, Illinois, Palmasani is also the originator of the Financial Fit Method, a program that provides families with a step-by-step process for figuring out affordable colleges, how to file financial aid documents, how to pay for college and how to analyze award letters. His guide to choosing and paying for college, Right College, Right Price, was published in January.

Palmsani spends his days at Hinsdale South, a comprehensive high school -- and a magnet school for the deaf -- with a diverse population -- socioeconomically, ethnically, and academically -- of approximately 1800 students. One of nine counselors at the school, Palmasani is charged with assisting students with personal, social, and academic concerns, as well as college counseling and selection and career/vocational plans.

It's time to apply, apply, apply for financial aid! College advisor Alice Kleeman is back to kick off the New Year with advice for seniors on what you should be doing. Remember it is you, the student, who applies for aid. But families need to work together to obtain the best result. Here are this month's reminders. Read, save and use them!

*             Check with your high school counselor about financial aid evening workshops scheduled at your school or in the community and attend with your parents!  

*             Complete the FAFSA, reading all instructions CAREFULLY! You do NOT have to wait until you and your parents have filed your income tax returns; you may use estimates on the FAFSA and then update the information once you have filed your income tax forms. It is better to file on time with estimates than to file late!

*             Submit your FAFSA electronically as soon as possible! Once submitted, the colleges you have listed and coded will receive your information electronically.

*             Each state also has its own FAFSA deadline, which in many cases is different from the federal submission deadline each year.  Make sure to submit your FAFSA by your state's deadline or as soon as possible after the first of the year to get the most financial aid possible. Deadline information can be found here.

This is the third installment from college advisor Alice Kleeman in our monthly series for seniors on what you should be doing with regard to financial aid. Remember, while in most families it is up to the parents to provide the bulk of the money for college costs to the extent of their ability to pay, it is the student who applies for student aid. Read, save and use these monthly reminders!

*             All students applying for financial aid -- whether you are considering attending two-year or four-year colleges—will complete a FAFSA. Familiarize yourself with the form. BUT DO NOT SUBMIT YOUR FAFSA BEFORE JANUARY 1—it will not be processed for the correct school year!
 

*             Work with your parents to collect the documents you will need to complete the FAFSA—including tax returns for the most recent year, Social Security numbers, driver's license information, student and parent W-2 forms and other records of money earned, current bank statements, etc. The FAFSA web site lists the documents you will need here.