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The FAFSA Can Save YouWhy FAFSA Matters as Much as Your College ApplicationsBy Merilyn Lee , Assistant Director, Office of Student Financial Aidyou the best value. Is a $20,000 scholarshipbetter than a $2,000 scholarship?Surprisingly, the answer is, “Maybe.” Tofind out, you need to look at your out-ofpocketexpense at each institution.To understand what your financialaid awards mean, you have to understandcollege costs. What it actually coststo attend a specific institution for anacademic year varies greatly betweenschools. All schools have direct costs,which are billed to you each term, andindirect costs, which you pay as you go. Tofind your out-of-pocket direct cost at eachschool, subtract your gift assistance (scholarshipsand grants which do not need tobe repaid) from the school’s direct costs.The difference is your out-of pocket cost.PHOTO BY MICHAL UFNIAK, SXCCongratulations! You’ve been admittedto college, and now you are on your way tofulfilling your dreams.Not so fast! College is expensive, andmany families find it hard to come up withthe funding to pay for a college education,especially in this economy. Most studentsfind financial aid a necessity to pursuetheir educational goals. Recent data fromthe National Postsecondary Student AidStudy suggests that 66 percent of allcollege students obtain some kind offinancial aid to pay for college.The good news is that financial aid isavailable. The not-so-good news is thatfunds are limited and are awarded to thosestudents who maximize their chances ofreceiving the best aid package. If you wantto be one of those students, read on!First, do your best in school.Scholarships are awarded to students whoshow promise, whether in academics orin specialized areas like dance or artisticperformance. The better your gradesand overall performance, the more likelyyou are to be considered for merit-basedscholarship awards.Second, find out what you need to doto apply for all kinds of aid. All collegesrequire the Free Application for FederalStudent Aid (FAFSA) for federal aid. Somecolleges also require separate institutionalapplications or the CSS PROFILE forconsideration for non-federal aid funds.It’s important to find out which applicationseach institution you are consideringrequires and whether there is a prioritydate for filing. Most colleges’ websites willclearly explain their application processand priority filing dates, but if you haveany doubt, contact the aid office directlyto clarify.Third, apply as early as possible, andalways before the priority application date.When funds are limited, early applicantshave a better chance of being awarded.Fourth, make sure your FAFSA andother applications are completely andaccurately filled out. If information ismissing, or if the school has to requestadditional clarification from you and yourparents, you may miss out on funds.Applying for aid is an important firststep, but it’s equally important to be ableto compare aid awards from differentschools to figure out which one offersConsider these examples of costs:College A College BTuition & fees $ 9,400 $ 36,300Room & board $ 10,065 $ 8,960Total direct costs $ 19,465 $ 45,260Now let’s look again at those scholarshipoffers:College A College BTotal direct costs $ 19,465 $ 45,260Scholarship & grant offer $ 2,000 $ 20,000Total out-of-pocket costs $ 17,465 $ 25,260The difference in out-of-pocket cost atthese two colleges is almost $8,000. This ishow much more you and your family willpay if you attend College B. You may pay thisfrom savings, by working while in school, byborrowing student loans, or by some combinationof these strategies. In any event,College A will cost you and your family lessof your own funds than College B.Is cost the whole story? Not really.There are some intangibles, too. Yourfamily has to decide what is most realisticin your situation. Which college willtake your further toward your goals?What is a realistic educational debt levelfor you given your projected major?Where will you feel more comfortable?All these factors should be taken intoaccount as you decide where you wantto attend and how much to invest inyour college education.10