There’s always a lot of conversation on the topic of paying for college – and this year has been no exception. From the FAFSA and financial aid to scholarship criteria and opportunities, students and parents alike want to know: What are ways that I can make college more affordable??
If you’re a parent or caring adult, we have actionable answers from trusted experts and leaders on the topic that can help. On February 22, “For Parents: Help Your Teen Fund Their Future” with Brendan Williams of uAspire and MorraLee Keller of the National College Attainment Network was the second BigFuture Live of the season, a series of community events where students and families can get their questions answered.??
- Go ahead and complete the FAFSA. The FAFSA is one key form to fill out even if you aren’t sure if your family needs it. Your income can be relative to the specific college’s costs and the form allows students to fill in information for specific scenarios like divorced parents. FAFSA is how you can apply for federal financial aid. It’s also how some states, colleges, and scholarship providers determine financial aid offers. Tool Tip: Yes, the FAFSA underwent some significant changes this year, but our three tips can help seniors in high school unpack the next steps.?
- Estimate your potential aid. Some aid is need-based aid and that means that the amount of aid can vary for student and by college. So how can you plan with all that variability? There are college cost estimators that can help you better understand how much aid you might qualify for based on the institution and your family’s financial situation. This is a great way to start planning ahead and budgeting. Tool Tip: Read through our free guidance on calculating college costs.??
- Consider a 529 investment account. A 529 account allows families to start saving for a child’s future. You will need to include it on the FAFSA, and it may be considered during need-based aid eligibility, but the advantages of saving for college are beneficial.???
- Read the conditions for financial aid. Some colleges will be open to negotiating your child’s financial aid offer. You may consider sharing financial aid information your family received from other institutions when you start this conversation.??
- Don’t wait to discover your options. While a lot of scholarship opportunities may be most relevant starting in junior year, it doesn’t hurt to start familiarizing yourself with the options early. There is no limit to the number of scholarships students can receive, so it is helpful to see what you can secure. The only consideration is the amount received may impact need-based aid from colleges. Tool tip: Starting in 10th grade, students can receive rewards for completing key college, career, and financial planning steps on BigFuture.org. Every month, BigFuture Scholarships give away two $40,000 and hundreds of $500 scholarships.??
- Be mindful of scholarship scams. There are a few key things to navigate when considering a scholarship opportunity. For starters, a scholarship should never charge you to apply. A scholarship should also not be asking for sensitive information at the onset, such as bank information or social security number. Take a step back, pause, and ask how can you confirm? If you’re unsure, contact the organization running the scholarship or go to their website. Tool tip: Use reputable scholarship engines like BigFuture Scholarship Search, offering 24,000+ scholarships totaling $1.5 billion.??
