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Financial Aid Secrets | "Wish I'd Known" Series | The Princeton Review - YouTube
Channel: The Princeton Review
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Financial Aid Secrets
The Princeton Review
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As you apply to college鈥攅specially if you鈥檙e
applying for financial aid鈥攁nd especially
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if you鈥檙e filling out the CSS/Profile, you鈥檙e
probably having the experience that so many
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students before you have had:
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You cannot believe that literally millions
of students have gone through this entire
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arduous process, and not somehow communicated
to you just how complex it can be.
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One thing that students almost always wish
they鈥檇 known more about is financial aid.
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The whole process of funding your college
education can feel like a spider鈥檚 web鈥攐nly
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getting stickier and harder to maneuver the
more you try.
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It鈥檚 almost like it鈥檚 designed to be confusing.
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We鈥檝e talked to so many students who鈥檝e
been where you are, and we鈥檙e sharing their
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advice so that you can learn their hard-won
lessons the easy way.
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One of the most common refrains we hear from
folks is that they wish they鈥檇 applied for
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financial aid in the first place.
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Wait, what?
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It鈥檚 true.
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A quarter of college-bound high school students
don鈥檛 fill out the FAFSA.
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In some cases, they think they won鈥檛 qualify,
and in others, they find it too daunting.
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What that means is that an estimated 1 billion
dollars in aid, grants, and scholarships goes
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unclaimed each year.
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Never leave money on the table, folks.
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Here鈥檚 another fact that lots of students
learn too late: Do not cross a school off
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your list just because it has a high sticker
price.
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Some schools, even very expensive schools,
have need-blind admission鈥攎eaning that they
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do not consider your ability to pay when deciding
whether to accept you鈥攁nd also offer very
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generous financial aid packages.
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The result is that pricey private schools
can sometimes end up costing you less money
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than public institutions with lower tuition
rates.
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Let me give you an example.
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Harvey Mudd College, a fantastic school in
Claremont, California.
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Tuition rings up at just over $58,000 a year.
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But Harvey Mudd ranks #3 on our Best Value
Colleges list, and it鈥檚 easy to see why:
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The average freshman need-based gift aid is
more than $48,000.
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Plus, the school offers a solid ROI.
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The median starting salary for recent alumni
is nearly $89,000.
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If you鈥檙e fortunate enough to earn one of
the coveted spots in Harvey Mudd鈥檚 first-year
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cohort, you could end up getting a top-notch
education at a bargain price.
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And speaking of bargain prices, don鈥檛 be
afraid to appeal your financial aid award
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if you (a) received a better offer from another
school, (b) believe that your circumstances
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merit additional aid, (c) have had your financial
circumstances change, or (d) have any combination
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of those factors.
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If you are clear, polite, and honest, the
worst thing a school could say is no!
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If you are fortunate enough to win scholarships
and grants, be aware that some can come with
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contingencies that might warrant a second
thought before accepting them.
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For example, you may apply for a scholarship
before starting school with the intention
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of completing a computer science program.
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That scholarship might be specifically for
students to study computer science.
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Now let鈥檚 say you dive into the curriculum
and decide you actually don鈥檛 want to earn
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your degree in computer science anymore.
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You鈥檒l need to know how that decision will
affect your aid.
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Keep in mind, too, that sometimes those contingencies
might not even be communicated when you apply
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for the scholarship.
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Do yourself a favor and review any stipulations
on a scholarship award before you accept it.
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If you take away one thing from this video,
folks, it鈥檚 this: Do your research.
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Do that research now鈥攅ven if you won鈥檛
be college-bound for another year or two or
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more鈥攅specially if you won鈥檛 be college-bound
for a while.
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Now is the time!
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The best way to understand financial aid is,
well, to understand financial aid.
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You can do this!
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When it comes time to apply, I highly recommend
that you pick up a copy of PAYING FOR COLLEGE,
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which gives you line-by-line instructions
in applying for financial aid.
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There is no reason not to apply, my friends!
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Thanks so much for watching, folks.
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Subscribe to our channel to be among the first
to find out about college admissions, financial
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aid, test prep, and a whole lot more.
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See you here next time!
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