We hope you enjoyed last week's article on how 48% of high school students depend on family financial support to pay for college and our top advice. This week, we will dive into the 80% of high school students who defend on Financial Aid.
You might be surprised that many people do not understand the difference between FAFSA and financial aid. Here’s the short answer: the FAFSA (Free Application for Federal Student Aid) is the application students complete to apply for government funds to help pay for college. On the other hand, financial aid refers to the entire process and resources available to students after submitting the FAFSA.
Due to a lack of information, many high school students do not understand the financial aid process or how financial aid is not designed to cover the entirety of a college education. Currently, high school seniors are completing the FAFSA, assuming that financial aid will cover most of their college tuition, room and board, and fees. However, they often face a stark reality in March or April when they receive their financial aid award letters. At that point, the stress of figuring out how to fund the remaining balance of college sets in. Some students decide to take on massive student loans, attend community college, or forgo college altogether.
Our top advice for students and families is to negotiate your financial aid award letter. Here are some steps to consider:
Submit your FAFSA to multiple universities. Applying to several schools increases your chances of receiving competitive financial aid offers.
Use financial aid award letters as negotiation tools. Request additional funds from your top-choice universities by sharing competing offers. If a university truly wants you to attend, they may revise their financial aid package.
Understanding how the FAFSA and financial aid processes work is a game changer as high school students transition to college.
For more information, check out our resource: Defining the NEW FAFSA & Financial Aid Terms for CCRM, AVID, College Prep on our Teachers Pay Teachers store.
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