Getting To The Quad

I would never claim to be an expert on financial assistance, college financing plans or pretty much anything that has to do with the money side of college. Admissions, yes expert. Finances, not so much. Still I think it’s been important for me to gain a broad understanding of the financial assistance side of things. After all life won’t go so smoothly if my clients have ten acceptance letters (yay!) and the inability to finance their education.  I teamed up with college financial assistance counselors to provide these tips since this isn’t my forte.

An ongoing NYTimes series answers questions about the financial assistance process. Hopefully it will be as helpful to you as it’s been to me.

There is enough financial assistance available to make it possible for you to get a college education. Assistance in the form of scholarships and grants, subsidized student loans, and on-campus part time jobs is available to you if you qualify for need-based financial aid. Typically, all that is required to access these resources is the completion of an application — the Free Application for Federal Student Aid (FAFSA). The result is a determination of your eligibility for need-based financial aid. The FAFSA must be completed in order to receive need-based financial aid.

Check with your college to see if any additional forms are required. Many schools require students to complete the CSS Profile form as well.

Required Information – The financial information requested on the form is based on the federal income tax returns you and your parents file during your senior year, and the form is available to be filed after January 1. You should file the form as soon as possible after it becomes available. If your family’s federal income tax has not been filed, you can estimate the amounts based on the previous year’s tax return.

Due Date – The FAFSA contains a list of the 50 states with a different deadline date for each state. It’s important to file the FAFSA by your school’s deadline date to receive the max amount of aid possible. Remember that you must fill this out every year you are in college.

Here are some key words and acronyms you will encounter as you go through the process of applying for need-based financial aid.

EFC – Expected Family Contribution is the calculated amount your family should be able to pay for one year of your college education, based on the information contained in your FAFSA.

SAR – The Student Aid Report will be mailed to you upon the completion of the FAFSA. It lists all the information that you submitted on the FAFSA. It is important that you check the accuracy of the information; if you find an error, you have the opportunity to correct it. The SAR also contains your EFC amount in the upper right- hand corner of the form.

Cost Of Attendance – The Cost of Attendance is the total cost of one year to attend a particular school and is made up of tuition, fees, room, board, books, incidental expenses (recreation, laundry, personal grooming, etc.) and travel to and from home. Each school will have its own unique Cost of Attendance. A school’s Cost of Attendance is usually available on the school’s web site.

Need – Your “Need” is the Cost of Attendance minus your Expected Family Contribution — the amount to be filled by a financial aid award package.

Financial Aid Award Package – The total amount of financial aid awarded by a particular school that fills your “Need.” The package is made up of scholarships, grants, work study and student loans.

FWS – The Federal Work-Study Program subsidizes your earnings while working part- time on your college campus. You must be eligible to receive need-based financial aid to participate in the program.

In my ongoing quest to read the college admissions literary cannon (reminiscent of the days of being a history graduate student) I just completed The Price of Admission: How America’s Ruling Class Buys Its Way into Elite Colleges– and Who Gets Left Outside the Gates by Daniel Golden. Talk about an eye opening read. In my years as an admission counselor I was well aware of development cases, alumni children, athletes, and underrepresented minorities. I know first hand that these groups have a hook that often improve their chances for admission. I remember what it’s like to sit with the admissions committee, debating student files, and know that an alumni child with lesser qualifications is going to be admitted ahead of an “unhooked” applicant. This is a part of the admissions business (ah yes, I did in fact call it a business) that has always left me feeling a bit uneasy.

I feel like I have to tread somewhat lightly on this subject.  I’d like to see all legacy based admissions processes abolished but (there’s always a but, right?) I have two daughters who will eventually apply to college. Do I think they should be given preference and privilege over other students when they apply to college? Not at all. However, I’d be lying if I didn’t admit that deep down, if they want to attend my alma mater, I’d love to see them have the opportunity to attend the school my husband and I love so much. Disclaimer: My husband and I are Washington University alumni. His parents and all of our siblings (his two and my three) are Washington University alums. If legacy preferences remain in place in the next decade, my daughters may break the record for Washington U. alumni connections.

But my daughters shouldn’t need legacy preference for admission. They are already the product of fortunate circumstances– premiere education, access to extracurricular activities, a book filled home, parents with college and graduate level educations. What I’m saying is that they’ve already received a leg up in terms of admissions. They shouldn’t need a further boost, from our alumni status, to gain them admission. If they don’t have the qualifications to attend Washington University (I should know right. After all I do this for a living.) they will not be applying there. There are hundreds of other excellent schools for them to consider.

Daniel Golden’s book forces the reader to consider these issues. I highly recommend reading this book if you want to better understand one of the darker sides of admissions. Then I’d love to hear what you think about this topic.