Five Common Financial Aid Application Mistakes Made by Students and Parents

"THE BRIDGE TO COLLEGE"
By Frank Burtnett, Ed.D.
Education Now (www.ednow.org)

College costs weigh heavily on students and families as they explore, apply and make the transition from high school to college. The most recent American Freshman Study of the Higher Education Research Institute (HERI) reported in January, 2009 that 64% of current first year college students had "some" or "major" concern about their ability to pay the bills throughout their college experience.

Whether the student is a high school senior heading off to college this fall or a junior or sophomore hoping to learn more about the availability of future assistance, a "financial aid package" may become a part of their life sometime in the future. Even current college students may need to obtain or enhance student assistance in order to complete their studies.

Financial aid officers at colleges and universities point out that students and families are prone toward making five common errors as they research sources and apply for help in meeting college costs. Avoiding these mistakes can have a positive economic impact on the collegiate experience.

-Colleges should not be removed from full consideration on the basis of cost until all financial aid prospects have been exhausted and the institution's financial aid package (if forthcoming) has been examined.

2. Students fail to apply for aid, thinking they won't be eligible - At some colleges, two-thirds (sometimes higher) of the students are receiving some form of financial assistance. Given the number of students receiving aid and the amount of assistance being dispensed, there is a strong likelihood that an admissible student can match his or her abilities, achievements, interests and needs to one or more of these aid sources.

3. Students don't explore the full range of financial aid possibilities - Financial aid is available from a variety of sources, including government, the private sector and the institutions themselves. It comes in the form of grants, scholarships, work- study and loans and is awarded on the basis of both merit and need. Students and parents can explore a wealth of sources at www.fastweb.org.

4. The process of applying for student assistance becomes a distraction or deterrent - Applying for scholarships can be a tedious and time consuming process and needs to be done in a manner that does not detract from the student's current studies or the general admission process. All need-based assistance is predicated on the family filing the Free Application for Federal Student Assistance (FAFSA). Information about the FAFSA and federal student assistance can be accessed online at: www.fafsa.ed.gov.

5. Students and families don't construct a good financial aid package - The best financial aid package is one that includes a mixture of scholarships and other gift aid. It may also include a work-study experience if academic demands will allow. Many aid packages today include loans, and students and families need to be sensitive about incurring debt (sometimes

substantial) that will need to be repaid. Whether a student loan or a home equity loan for the purpose of paying for college, borrowing is a matter that has to be considered carefully.

The more you know about financial aid and the various forms this assistance can take, the better you will be at making application and enrollment decisions. Take time to learn about financial aid!

Veteran counselor and author Frank Burtnett will guide NICCP members through the nuances associated with the college admission process in a one hour webinar at noon EST on Thursday, February 12th. Dr. Burtnett will look at the exploration, decision-making and application, as well as the strategies that will work best for students and parents..

Frank Burtnett's new book, the Bound-For-College Guidebook will be available from Rowman & Littlefield Publishing, in less than a month. This comprehensive guide to college exploration, decision-making and application strategies can be pre-purchased through the publisher's web site.

Unique to this student guide are the Frequently Asked Question (FAQs) about college admission and financial aid and a series of student exercises that engage the reader in his or her personal journey to college.

R. Russell Shunk (former Dean of Admissions at Dickinson College (PA) said of the new book: "There are a number of books about the college admission process on shelves all over this country. Frank Burtnett has written one that will be on desks, open and used."

Answer: An admission officer once told me the answer is one if it's the right student applying to the right place. Realistically, students will likely file multiple applications resulting in multiple exposures for their academic qualifications and personal characteristics, the two things that selective colleges are looking at when they examine applications.

What do I think about those statistics? Well, first applying to a single institution is far too risky in my estimation. If the student is not a "perfect fit" in the eyes of the institution he or she is going to be getting a rejection letter. It has been my experience that 2-3-4 applications allow the applicant to submit applications to a combination of "safe" and "reach" schools and should produce the desired results.

NICCP members will find a letter written by Dan Kadlek, Money contributing writer, to his college-bound daughter filled to the brim with good advice. To review his financial tips he offered to his eldest child going off to college, go to:

© Education Now, 2009. Dr. Frank Burtnett is a regular contributor to both the NICCP member and student/ parent newsletters. A career-long counselor and teacher and former executive director of the National Association for College Admission Counseling (NACAC), he is the president of Education Now, a consulting firm and publisher with offices in Springfield, Virginia and Rockport, Maine. Frank also trains future counselors as a member of the counselor education faculty of the School of Education and Human Services at Marymount University in Arlington, Virginia.

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