What You MUST DO NOW To Get The College

Funding You Need…and Deserve! 

Dear Parent,

 Well, here we are in the month of February. If you’ve given us your updated financial information and have stayed on schedule, your child’s FAFSA (Free Application for Federal Student Aid) has already been processed by our office, and you have the “preliminary” results in hand. This is a crucial time in the college funding process. So let’s take a look at what you need to know and do to maximize the amount of funding that your child can receive. 

As soon as your new Income Tax Returns are completed, please make sure to get us a copy of your 1040 (federal) and your W-2’s right away by faxing to 602-889-1991. If your income is a lot higher on your tax return than estimated, we will not automatically update the SAR (as this may be in your best interest).  Let us know if the college is requesting a copy of your taxes. This only happens about one-third of the time…the other two-thirds, your “estimated EFC” will be sufficient and the financial aid award may not change.  But, if they do request a copy of your tax return, then you need to send the university a copy, usually only the first two pages. If the college requests copies of your W2 and taxes, we will need to electronically update the final numbers on the FAFSA which will produce a “final” Student Aid Report (SAR) to each of the schools we listed on the FAFSA. Here’s the scoop on the SAR: 

                  1.  If your child qualifies for a federally subsidized Pell Grant, it will be noted on the SAR. However, don’t be discouraged if he or she doesn’t qualify. Pell Grants are reserved for students with the greatest financial need.                       

                 2.  Part I of the SAR will reveal your EFC. This is a very important number—it is your “Expected Family Contribution.” This is the minimum amount of money you are expected to come up with to send your child off to any college or university, based on a nine-month enrollment period. Many parents experience a sinking feeling when they see the EFC for the first time. It may seem like a lot of money. But don’t get stressed out about it. There are many ways to come up with this money—or other funding options—that do not require bankruptcy! We’ll can explore your options with you and help you uncover some of these often-overlooked sources of money. 

                  3. Carefully check every detail on the SAR to you to make sure it’s accurate. If you find any errors, please let us know as soon as possible. We will correct them for you. 

Now let’s turn our attention to the other major form in the “alphabet soup” of college funding: the CSS/Financial Aid Profile.  If you needed the CSS/Profile (most do not), we would have submitted this form if your child wants to attend a private college that requires it. On the form, we listed all the private schools your child is interested in applying to, so the College Board, which receives the Profile, will send it on to each of those schools. Here’s what happens next: 

1.   Approximately three to four weeks after we submit the CSS/Profile to the College Board, you will receive an Acknowledgement Form. Carefully examine it. Make sure it lists every college or university where the College Board should send a copy of the Profile. This is also your opportunity to add any new private schools your child may have added to his or her “wish list.”

2.      You also will receive a Data Confirmation Report in response to submitting a CSS/Profile. It’s a summary of your answers to certain sections of the Profile. Look over this information carefully to ensure that it is accurate and complete; if not, contact us immediately so we can return the form as soon as possible.  

Okay, so what’s next? Before you sit back to take a long breather, there are a few more things you must do at this point: 

1.      Even though the FAFSA processing center and the College Board are supposed to send your corrected SAR and CSS/Profile to the schools you designate, it doesn’t hurt—and may help—if you call each school yourself. That way, you can make sure the targeted colleges and universities have what they need to develop your child’s financial aid package.

2.      Contact the financial aid offices of the schools on your child’s list to find out if they need any other information. Some may request copies of your tax return. Many will ask you to submit their own financial aid application—even if they also use the FAFSA or Profile. (Yes, it’s true: another application to fill out!) Again, if you’re using our Platinum service, make sure these forms are forwarded to us to complete and return on time.  

3.      Also be aware of application deadlines for private scholarships or awards. Although I usually advise parents to avoid pinning a lot of their hopes on “private” scholarships, I do recommend applying for any that seem within reach. Remember: Not all scholarships require the student to be brilliant. Quite a few are based on non-academic traits, such as the student’s religious affiliation, ethnic background, etc. The Acceptance Letters should spell out all of the school’s scholarships, and include instructions on applying for them. 

4.      Please make sure you read every word of your Acceptance Letters! Too many people simply read the opening paragraph or two, and then file it away. They are full of vital information, and none of it can be overlooked! Often, in addition to telling you what they are offering in “Merit” money, they tell you other money available within the school, and how to go about qualifying for it. Don’t leave money on the table if you can help it!

 Be prepared to start receiving Financial Aid Award Letters from the schools sometime in late March…possibly sooner!  As soon as you receive them, please forward a copy to us for analysis.  For our Platinum members, we may need to “appeal” for more money, provided we can base the appeal on a fact or circumstance (works for some private universities, but will not work at all for the big 3 in-state U’s). All negotiations must be completed by May 1st, and the school of your choice must have your signed “acceptance” in hand no later than May 1st! If they don’t, they assume you’re not coming, and will award your “funding” to someone else they have put on their “wait list”. 

These are the most important things you need to know at this time.  If you have any questions, don’t hesitate to call. 

Until next month…Best Wishes!

 Randy Stoltz, President