QUICK Aid FACTS & REsources
1. The FAFSA* is used to calculate your family’s ability to pay for college. It generates a figure called your “SAI”* based on your financial data.
2. Your SAI is based on financial data two years prior to the college year. For students starting college in 2024, data from 2022 will be used to calculate their first year SAI.
3. There are tools that let you plan ahead and get an estimate of your SAI.
4. For the child of divorced parents, the family income of the household where the student spends the most time is used to determine FAFSA, regardless of who has custody or declares the student for tax purposes.
5. Many families have a very low SAI or an SAI of zero.
6. Many schools do not meet all of your family’s financial need, which means you will be expected to contribute more than your SAI.
7. Many very generous schools meet all of your family’s need so that you only have to pay your SAI. These are known as 100% meet need schools.
8. Many schools provide merit aid* for families that will allow them to pay less than their SAI. Merit aid can be given for high test scores, grades, special talents or other qualities.
9. You can get an estimate of the need and merit aid you are likely to receive before you apply using each school’s net price calculator (NPC)*.
FINANCIAL AID TERMS:
COST OF ATTENDANCE (COA): An amount that includes tuition, room and board, books and supplies, personal and travel expenses.
CSS PROFILE: A tool like the FAFSA that private colleges use to calculate your SAI.
Student Aid Index (SAI*): An estimate of the amount a family can pay for college, which determines the amount of need-based aid you can receive.
FAFSA*: Free application for federal student aid.
MERIT AID*: The amount of money that a school offers you for reasons other than financial need (because they want you to attend).
NEED-BASED AID: The amount of aid a school gives you based on your family’s financial situation.
NET PRICE CALCULATOR (NPC)*: A tool each school needs to provide on their website to forecast how much aid (need and merit) you are likely to receive.
Additional Resources
The College Solution
Lynn O'Shaughnessy knows a lot about paying for college. I would call her a "guru" because I learned so much from her and rely on her insights. I hope you will take a look and sign up for her newsletter.
The College Affordability Guide provides a list of the most affordable colleges by state and degree program.
How America Pays For College | Sallie Mae
”This annual report looks at undergraduate families' attitudes toward college, how much they spent, and the sources they used to pay for it.”
All About WUE (Western Undergraduate Exchange)
The Western Undergraduate Exchange (WUE) is a reciprocity program that allows students in participating western states (including Idaho and Washington) to attend schools in neighbor states for 150% tuition. WUE offers some great opportunities for keeping college affordable. However, not every school in every participating state offers the tuition break and not every major qualifies. Check the WUE site and the school site to make sure this works for you.
Questbridge is an organization that helps academically talented low income students find their way to college. One program they offer is the College Prep Scholar program for high school juniors. It's designed to help them learn more about great colleges (and visit them) and prepare for colleges admissions.
Too poor to pay for college, too rich for financial aid
”While colleges advertise their "sticker price," many families expect to receive need-based financial aid in the form of grants and student loans. The amount they are awarded is based on what the college estimates they can afford and is supposed to help fill in the gap. But some middle and upper-middle class families find that what the college expects them to contribute is more than what they can afford.”
Can Parents Measure The ROI Of College Tuition?
”If you “invest” $120,000 in your child’s education, what will you get back? Just as we can’t know for sure how our kids will turn out as a result of our parenting, so we also can’t really know how their college experience will aid them once they are graduates.”
7 Tips to Graduate from College in 4 Years | MyMajors Blog
Part-Time Jobs That Offer College Benefits
”Picking the right part-time position in your college years could provide you with more than just work experience — it can lead you to lower college debt, too. Here are eight great part-time gigs to check out that offer college benefits.”