Family & Parents

Posted on Sun, Jun. 15, 2003
KIDS' CORNER: Parents must learn ABCs of college financial aid
By STEVE ROSEN
Columnist

How's your college financial aid vocabulary? Are you up to speed on FAFSA? Do you know the significance of EFC? And what about SAR – the form, not the deadly virus.

If you are a year away from sending your son or daughter to college, you need to become familiar with the financial aid process and all its nuances. It can be a real challenge, even if you've been through it before.

I'll admit I'm on quite a learning curve, because my oldest has one more year of high school. But I'm not alone.

If you had mentioned FAFSA to me a year ago, I would have thought you were talking about a Brazilian soccer team rather than the Free Application for Federal Student Aid.

As for EFC, I know now that it's shorthand for estimated or expected family contribution -- the amount colleges will ask you to pony up each year through a complicated financial-aid formula. SAR? That, of course, refers to your federal Student Aid Report that schools review.

Why am I'm writing about all this college mumbo jumbo now? Simple. The summer before your students' busy senior year is an ideal time to get up to speed on the financial aid process -- how it works, how much money is out there, and what programs you can tap into from the government, schools and third-party sources such as businesses and nonprofit organizations.

Last week, I told how three high school seniors hustled to line up student loans, grants and scholarships for freshman year. This week, here are some resources and suggestions that can help as you navigate the financial aid system.

Consider it a summer school course.

Internet

  • www.fafsa.ed.gov: The government's Free Application for Federal Student Aid is available here. This is the cornerstone document families must fill out in early January showing their income and assets to be eligible for all kinds of federal financial aid based on need.
  • www.studentaid.ed.gov: This U.S. Department of Education site has information about federal aid programs, and includes recommendations and tips for parents and students on how to pay for college.
  • www.nces.ed.gov/ipeds/cool/search.asp: The National Center for Educational Statistics' Web site tells you the average award amount at each school, how many students receive aid and various other statistics. You can also find this information in many college handbooks.
  • www.wiredscholar.com: This site, operated by Sallie Mae, the educational loan lender, is another good place to start. Wiredscholar features free scholarship searches and information on student loans.
  • www.fastweb.com: High school students I have interviewed consider this site one of the best sources for finding scholarship information. The clearinghouse has a huge database that saves students time from hunting through resource books. Students enter their personal data and information and list their criteria for scholarships and contests, and then information that meets those standards is sent in an e-mail to them automatically as they become available. It's all free.
  • www.collegeboard.com: The College Board site offers advice, a scholarship search, online federal aid applications and information about the SAT.
  • www.finaid.org: This is an overall financial aid site with information on loans and scholarships, and a financial aid calculator that can help you determine whether you qualify for need-based aid.

Books, publications

Except where noted, the following books, handbooks or pamphlets should be available at libraries, college counselor offices at your high school or at bookstores.

  • Peterson's College Money Handbook, 2003, by Peterson's Publishing
  • The Best 345 Colleges, by Princeton Review
  • Paying for College Without Going Broke, by Kalman Chany and Geoff Martz
  • How to Get Money for College, by Woodburn Press (www.woodburnpress.com; 1-(888) 285-1502)

Other helpful tips

  • The financial aid section of any college's Web site should have links to other financial resources.
  • If your child is working or plans to work while attending college, see if the company offers tuition assistance. Some companies will offer tuition aid even for part-time help.

This should be enough resources and tips to get you started. As always, if you have any other suggestions, I'd like to hear from you so I can share your ideas with other parents and students.

Have a question or comment? Call me at (816) 234-4879 or send e-mail to srosen@kcstar.com.