ACCEPTED to COLLEGE; NOW HOW DO I PAY THE TUITION BILL?

High school seniors and their families are hearing from colleges & universities with offers to join the graduating Class of 2020. Yes, I have been accepted to college!! It is a very exciting time as the acceptance are placed on the refrigerator door. Excitement also comes with the reality that a tuition bill will need to be paid in very short order. Now before panic sets in and joy turns to tears, students and parents should understand that resources are available. Resources are available in the forms of scholarships, grants & loans; they come from the government, colleges/universities, private/public civic, philanthropic & foundations and even some employers.

Resources are generally dived into two groups, merit and need based aid. Merit aid is awarded as part of the admissions process (undergraduate student) and usually accompanies an acceptance letter. This award recognizes a student’s academic and/or personal talent and eligibility is tied to the terms of a specific scholarship funded by the school or an alumni donor. Similar types of awards are provided at a high school graduation and through civic, philanthropy & foundations. These groups are ones a student must investigate and apply to independently of the college.

The other form of financial aid is known as need based aid. Eligibility is determined based on a student/ families household income, available financial resources, size of the family and number of students in college. All students are must submit the FAFSA Form (Free Application for Federal Student Aid) to determine their eligibility. A small number of colleges and universities may also require the CSS Profile Form be completed. Some civic, philanthropy & foundations may also require the FAFSA (and Profile) as part of their selection & awarding process. February 15th is a common due date, so don’t delay.

Other steps to take:

1. Review each acceptance offer to determine if a merit scholarship or grant was included. If you suspected one should have been, contact the Admissions Office

2. Have a family discuss as to what available resources could be devoted to a monthly tuition bill? Can an extended family member help? Is there equity in the house? Everyone needs to be on the same page.

3. Students should contact their high school guidance department to find out what scholarships are available and how to apply. What local, regional and state programs? Students involved in after school athletics, dance, band and other programs should speak with their coaches and organization leaders to learn if scholarships are available.

4. Parents and extended family members should inquire with their employers to determine if a scholarship is available.

Once a student learns their eligibility for merit and need based aid from each college, one will be able to understand what the net tuition cost to attend, the one I really, really want to go to but may cost more or one that is more affordable. That’s the real decision.......and it is right around the corner!!!

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