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Part Two on Comparing Financial Aid Awards

Posted on Wed, 04/03/2013 - 14:29

Diane Stemper, Executive Director of Financial Aid at The Ohio State University, returns today with the second of a two-part post on comparing financial aid awards so that students and their families can be wise consumers and better understand what they are being offered and signing on for. Yesterday Stemper laid out the vocabulary and content of financial aid award letters along with a step-by-step plan for comparing aid awards. You can see Part One of Stemper's post here. Today, she has more advice for students and families on understanding aid awards as smart consumers, as well as guidance for interacting with financial aid offices and a resource list for tools that can help families in the comparison process.

Be Aware:

·         Colleges may state they meet “full need” – sounds great, but how much of that is loans?

·         Are parent loans listed as part of the financial aid award?  If so, it may look like you have sufficient financial aid to meet your costs, but part of this could be debt that your parents are incurring on top of your own student loan debt.

Ohio State's Executive Director of Financial Aid on Financial Aid Awards: Part One

Posted on Tue, 04/02/2013 - 11:32

Different colleges cost different amounts, present their costs in different ways, and offer different amounts of fiancial aid in different combinations. This can make it difficult to understand which combination of price and student aid award is best.Diane Stemper, Executive Director of Financial Aid at The Ohio State University, joins us today for the first of a two-part post on comparing financial aid awards so that students and their families can be wise consumers and better understand what they are being offered and signing on for.

During 30 years as a financial aid director, I have worked at several different colleges and universities, creating and revising award letters at each and every school.  Financial aid offices across the country engage in the same activity, striving to provide a clear message in the financial aid award letter and often approaching it in a slightly different manner.  The result is that letters from different institutions often do not look the same.  How do you understand this land of acronyms and abbreviations?  And more importantly, how do you understand what the cost will be to you and how do you compare this for various institutions as you make your very important college choice decision? 

Basic Definitions:

There are a few basic definitions that will assist you in sorting out the information:

Seniors: Treat Your Financial Aid Officer Well!

Posted on Wed, 03/13/2013 - 10:23

Financial aid offices are not set up like admission offices. They are often less well staffed, and they have the college’s existing student body to care for, as well as applicants and their families. What does this mean for you? You cannot ask a financial aid officer to hold your hand. You need to do as much as you can to master the process, and call on the aid officer with specific and informed questions. That is how you will obtain the best guidance.

The vast majority of aid officers do their jobs because they care about helping families afford higher education. Many were able to get through college themselves because of financial aid. They want to make this work for you as well— within the legal and institutional guidelines under which they operate. So treat your financial aid officers well.  And don’t forget to say thank you!

March Financial Aid Checklist for Seniors

Posted on Fri, 03/08/2013 - 09:07

March is a big month for seniors in more ways than one. Not only will most admission decisions be released this month, but students will also be evaluating their financial aid awards. This is one of the last steps in your college admission process. Even though we hope you will be celebrating and contemplating your choices, you will also need to be focused and diligent about evaluating those offers—both with regard to where you will spend the next four years and also how you will pay for them. College advisor Alice Kleeman is back with lots of terrific advice for students and families about what they should be doing this month.

 

*             Soon after you filed your FAFSA, you should have received your Student Aid Report (SAR) via email or, if you did not provide an email address, via snail mail.  The SAR summarizes the information your provided on the FAFSA and provides the Expected Family Contribution. If you do not receive the SAR within three to five days of filing the FAFSA, check the status of your application by going to the "FAFSA on the Web" home page or calling the Federal Student Aid Information Center for assistance at 1-800-4FED-AID.