Financial Aid Secrets The Princeton Review
As you apply to college—especially if you’re applying for financial aid—and especially
if you’re filling out the CSS/Profile, you’re probably having the experience that so many
students before you have had:
You cannot believe that literally millions of students have gone through this entire
arduous process, and not somehow communicated to you just how complex it can be.
One thing that students almost always wish they’d known more about is financial aid.
The whole process of funding your college education can feel like a spider’s web—only
getting stickier and harder to maneuver the more you try.
It’s almost like it’s designed to be confusing.
We’ve talked to so many students who’ve been where you are, and we’re sharing their
advice so that you can learn their hard-won lessons the easy way.
One of the most common refrains we hear from folks is that they wish they’d applied for
financial aid in the first place.
Wait, what?
It’s true.
A quarter of college-bound high school students don’t fill out the FAFSA.
In some cases, they think they won’t qualify, and in others, they find it too daunting.
What that means is that an estimated 1 billion dollars in aid, grants, and scholarships goes
unclaimed each year.
Never leave money on the table, folks.
Here’s another fact that lots of students learn too late: Do not cross a school off
your list just because it has a high sticker price.
Some schools, even very expensive schools, have need-blind admission—meaning that they
do not consider your ability to pay when deciding whether to accept you—and also offer very
generous financial aid packages.
The result is that pricey private schools can sometimes end up costing you less money
than public institutions with lower tuition rates.
Let me give you an example.
Harvey Mudd College, a fantastic school in Claremont, California.
Tuition rings up at just over $58,000 a year.
But Harvey Mudd ranks #3 on our Best Value Colleges list, and it’s easy to see why:
The average freshman need-based gift aid is more than $48,000.
Plus, the school offers a solid ROI.
The median starting salary for recent alumni is nearly $89,000.
If you’re fortunate enough to earn one of the coveted spots in Harvey Mudd’s first-year
cohort, you could end up getting a top-notch education at a bargain price.
And speaking of bargain prices, don’t be afraid to appeal your financial aid award
if you (a) received a better offer from another school, (b) believe that your circumstances
merit additional aid, (c) have had your financial circumstances change, or (d) have any combination
of those factors.
If you are clear, polite, and honest, the worst thing a school could say is no!
If you are fortunate enough to win scholarships and grants, be aware that some can come with
contingencies that might warrant a second thought before accepting them.
For example, you may apply for a scholarship before starting school with the intention
of completing a computer science program.
That scholarship might be specifically for students to study computer science.
Now let’s say you dive into the curriculum and decide you actually don’t want to earn
your degree in computer science anymore.
You’ll need to know how that decision will affect your aid.
Keep in mind, too, that sometimes those contingencies might not even be communicated when you apply
for the scholarship.
Do yourself a favor and review any stipulations on a scholarship award before you accept it.
If you take away one thing from this video, folks, it’s this: Do your research.
Do that research now—even if you won’t be college-bound for another year or two or
more—especially if you won’t be college-bound for a while.
Now is the time!
The best way to understand financial aid is, well, to understand financial aid.
You can do this!
When it comes time to apply, I highly recommend that you pick up a copy of PAYING FOR COLLEGE,
which gives you line-by-line instructions in applying for financial aid.
There is no reason not to apply, my friends!
Thanks so much for watching, folks.
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