The average Cost of Attendance (tuition, room and board, books, supplies, transportation, loan fees, and miscellaneous expenses) for a four-year private undergraduate education can easily cost students more than $250,000. Unfortunately, many students make the mistake of giving up on their dream of attending selective colleges, based only on price tags, and settle for less expensive public schools. However, there is still hope to attend their dream school knowing how to find and apply for financial aid. Or, better yet, if they discuss the option of applying for financial aid packages with their admissions coach.
There are millions of dollars available in grants and scholarships but, somehow, hundreds of thousands of dollars in grants and scholarships are never used by students. Unfortunately, not many students know how to access the funds they need to build a successful career in the college of their dreams and settle for less desirable, “cheaper” academic options. Information is key when it comes to applying for financial aid but knowing where to search for it and how to use it can sometimes be rather complicated. Moreover, not many students know that the college “sticker price” could be negotiable alluding to the difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC).
What types of financial aid are available?
Morzep college coaches will guide you to define a college list with schools that could provide the best financial aid package. Admission consultants are trained not only to offer college admissions coaching but also to help students secure the money for college and reduce the costs of their college experience. They can achieve this by identifying and recommending good-fit colleges that are relatively affordable and willing to offer significant financial aid.
All Morzep scholars apply for merit-based aid or need-based aid. Merit-based aid provides financial support based on a student’s academic achievements and extracurricular activities while need-based aid takes into account the student’s level of financial need, defined in FAFSA by the EFC. Students may receive one or both types of financial aid according to his or her profile.
Merit-based aid is free money provided mostly as grants and scholarships. Colleges award these based on the student’s grades, standardized test scores, athletic abilities, artistic skills, or special-interest merit. Contrary to common beliefs, Ivy League schools and highly selective colleges do not provide merit-based aid, but they are known to be extremely generous in meeting financial needs. Fortunately, many other colleges are happy to help reduce COA in order to attract talented students.
Need-based aid can include one or a combination of institutional, state, and federal grants, as well as work-study programs and federal loans. They are the most common type of financial aid and are calculated based on the student’s financial situation (EFC). According to Statista, nearly 7 million students have received the Federal Pell Grant, the most popular need-based financial aid available in the US, in 2019.
If some college-bound students are not eligible for merit-based or need-based aid, they should try to access a different type of funding. Morzep admissions consultants collaborate with financial aid counselors and can help you identify scholarships addressed to students who excel or are interested in a particular field of study or have artistic or athletic talent. They can also provide students with federal subsidized and unsubsidized loans or private loans or recommend scholarships reserved for certain demographic groups, minority students, or students with disabilities. Students can also access scholarships for LGBTQ+ candidates, as well as financial aid for military spouses and children.
How to apply for financial aid?
Your college coach is an experienced consultant who can help you every step of the way with your college application process and financial aid application. They will assess your eligibility for financial aid, and help you fill out the required paperwork, including editing of essays when needed. Your eligibility for merit-based aid depends on various factors, including your high school GPA, extracurricular activities, organization membership, and personal characteristics. If you are applying for need-based federal financial aid, you need to fill out the FAFSA form and CSS Profile which is required by the majority of private colleges in the US to obtain information about the types of aid you can access.
A student’s eligibility for federal student aid depends on:
- cost of attendance (COA) determined by the college’s financial aid staff
- the student’s Expected Family Contribution (EFC) determined by FAFSA and CSS Profile
- the student’s enrollment status
After filling out the financial aid forms, the financial aid staff subtracts your EFC from your COA and determines the amount you need to cover the COA and the need-based aid they should allocate which could include grants, scholarships, work-study, and loans.
The financial aid process is similar for scholarship applications since many of them request FAFSA as well, plus prospective students should submit additional documents attesting to their excellent academic achievements. The process involves filling out the FAFSA because there is a chance the student might be eligible for federal aid too. You should ALWAYS apply to your dream college despite the cost and wait for the admission committee to grant you admission, and then wait for the financial aid office to send you the award letter. Please, make sure you understand the COA associated with every specific field of interest. If you have additional questions, you can always ask your admissions coach and they will be happy to clarify everything for you.
How can college coaches help with the financial aid process?
College coaches can do all the hard work for you. Applying for financial aid is a strenuous process that requires time and effort. Since we make sure that students already planned their admissions application, wrote the best college essays, and made sure their academic journey reveals their strengths and dedication, we will also make sure that you will have the best financial aid package, to have a more pleasurable journey during your academic adventure in college.
This means, our admissions consultants will help students and parents:
- Get access to information regarding financial aid opportunities
- Identify and locate suitable financial aid packages – scholarships, grants, awards, loans
- Plan academic activities throughout high school for better chances at merit-based aids
- Maximize eligibility for financial aid
- Fill out financial aid forms like FAFSA and CSS profile
- Negotiate financial aid packages
- Gather application materials and resources
- Provide guidance in writing scholarships essays
- Help prepare for interviews with scholarship selection committees
- MAKE SURE YOUR APPLICATION IS ALWAYS ON TIME!
Moreover, we will help you compare in-state and out-of-state financial aid options, understand all the conditions associated with the aid, as well as explain the prepaid tuition plan, 429 plans, deductions, and other financial aspects involved in the process. Morzep college coaches will help prepare all the necessary documentation for a successful college financial aid process. Morzep can also help college students who want to apply for financial aid for graduate school. Our college coaches will encourage students and parents to assess every option they have and apply for eligible financial aid available.
