cOllEGE WIThOUT STUdENT lOANS- Character Traits – Teacher/Counselor Ratings
Admissions committees rely on CAP to objectively review each appli-
cant and then compare them to the established selection criteria for the
school. In a survey by the National Association of College Admission
Counselors, 54% of the colleges that responded said that they use pref-
erential packaging.
FUnDIngFinancial aid can be made up of these sources:
- Need-Based
- Merit-Based
- Scholarships
- Endowments
College costs money...whether it’s your money, the government’s mon-
ey, or the school’s money depends on smart strategy and a winning for-
mula. Since the goal is for your student to attend a great school without
student loans the first step is to understand Need-based Financial Aid.
Applying for need-based aid is essential even if you don’t think that
you’re eligible because many schools won’t even consider your student
for “non-need” based aid if you don’t apply. This is done through the
Free Application for Federal Student Aid (FAFSA) which is available
online at http://www.fafsa.ed.gov.
The Higher Education Act of 1965 states that it is the parents’ responsi-
bility to educate their children beyond the 12th grade. The law states that
if a family can demonstrate “Need,” the government will assist in pay-
ing for the education. The good news is “Need” is not subjective but is
based on a formula and you can estimate your contribution much easier
by understanding the calculation.
The financial aid administrator at each school develops the average Cost
of Attendance (COA) for all categories of students. The COA = Tuition
& Fees + Room & Books + Transportation + Miscellaneous Expens-
es. The law also provides limited allowances for computer expenses,
dependent care, and expenses for handicapped students. The COA can
vary for each student at the same school but students in the same situa-
tion must have the same COA.