Episode 13: Paying For College Series, Part 2: Understanding Need-Based Financial Aid

This is the second in our three-part series on paying for college. In this episode we give you an introduction to need-based financial aid: what is need-based aid, how do you apply for it, and what can you expect from a college that you are admitted to?How does a family determine if they have “need” for college aid? It’s not a question of what you want to pay, but based on a needs analysis that considers your income, your savings and your ability to borrow. This analysis determines what is called  the Student Aid Index (SAI), which  is actually a family assessment, looking at both student and parent income and assets. We offer an overview of the two primary forms used in college needs assessment, the FAFSA and the CSS Profile, and then discuss what you might find in your student aid package if you have need. We look at grants/scholarships, loans and work study.Our tips segment covers recommendations for getting ready to file the financial aid forms, including applying for a FSA ID prior to sitting down to submit your FAFSA. College financial aid offices can be a great resource for families, and in particular if your financial situation is in flux or has changed considerably after you have filed for aid. We encourage families to also use a preliminary SAI calculator to get an indication of your possible need, depending on the price of each college.Tune back in for Episode 15 when we talk about merit aid and how to build a college list with affordability in mind.Time Stamps:1:20 What Are We Learning This Week?  How do the shifts in English language usage impact editorial choices in college essays? We talk about the line between spoken word and grammatically correct choices. Sometimes, it’s okay to break the rules. 5:04 Big Picture: Need-based financial aid is complex and we try to distill it down to the basics: what is need-based aid, how do you apply for it, and how do colleges grant these awards?16:00 “Stump the IEC (Independent Educational Consultant)” Do you know when the first college football game was played in the United States? 20:30 Tips and Strategies Tips on applying for financial aid including timelines, preparing to file and then considerations for comparing financial aid packages that you receive after and admission.More Than A Transcript © is a production of Whitney Bruce College Consulting and College Options, LLC. It is supported by Susan Lanigan and Katie Bruce, with artwork by Heidi Rehbock and original music by Will Morrow.Visit our website at www.morethanatranscript.com for resources or to ask questions.Thanks for listening!