Affording College

Discussions around finances and affordability related to college expenses are a hugely important piece of the college admissions process. It may be helpful as your student is forming his or her college list to think about Colleges with generous merit aid, for example.

The Director of College Counseling will provide guidance around need and merit-based aid and provide any school related documents needed (i.e., transcript, letter of recommendation, etc). It is the responsibility of the family to manage application materials and deadlines related to scholarships. This is a great area where parent(s)/guardian(s) can assist their student.

FREE MINI COURSE ON PAYING FOR COLLEGE IN 4 STEPS

Families can find resources and websites below to aid in the scholarship search and completion of the financial aid process for college. There are thousands of opportunities for aid out there but they generally fall into two categories - need-based or merit-based aid (with some that overlap). School-specific aid is an important piece to investigate as well. Some schools will automatically consider applicants for scholarships through your Common Application (nothing additional needed). Others will have a separate application/interview process, particularly for those scholarships that offer the most amount of aid. Even if a school is test-optional in admissions, the financial aid office may consider test scores in evaluating scholarship candidates so please be sure to check scholarship eligibility. SAT/ACT waivers are available for those who qualify.

Identifying and applying for sources of financial aid
Financial Aid Basics: Trinity presentation and links

Identifying and applying for sources of financial aid

Here are some tips to get started:

This resource from Fastweb is a helpful overview to have on hand to reference key dates and resources. Beware of scholarship scams.
Sign up for two scholarship search engines to get regular notifications about opportunities your student may qualify for based on the responses they provide to the initial questions asked.
As you're learning more about colleges and Universities where you might attend, be sure to visit their Financial Aid webpage or talk with a tour guide or admissions rep about the aid that's typically offered to students. The individual school pages on SCOIR will also rate the school on distributed need and merit-award.
Be prepared for the FAFSA opening on October 1st. Even if your family doesn't qualify for need-based aid, some merit scholarships look at the FAFSA as well.
Think about using a resource like the one below and set up a recurring monthly calendar reminder to check which have deadlines in the coming month.

SCHOLARSHIPS CATEGORIZED BY DEADLINE MONTH

Financial Aid Basics: Trinity presentation and links

Chad Spencer is the Senior Associate Dean of Admission and Director of Financial Aid at Davidson College recently led a presentation at Trinity. It included

Questions students should ask before applying for admission
Myths and facts

Helpful hints and practical ideas
College cost comparison chart
How to apply for financial aid and calculate the expected family contribution.
The difference between need-based and merit-based aid.
A discussion on how scholarships, loans, and 529 College Savings Plans are treated within the financial aid process.
Changes coming with the FAFSA application were also shared as their expected impacts to financial aid eligibility.

Need-based aid

FAFSA and CSS Profile

The links below are to common websites that assist students in completing the financial aid process for their college enrollment. Students and parents are also encouraged to look at the Matchlighters Scholars Program for free resources from seasoned college counselors.

FAFSA
(Free Application for Federal Student Aid)

FAFSA WEBINAR

College Scholarship Service (CSS) Profile HOW TO APPEAL FOR MORE FINANCIAL AID

How to estimate costs

Each college or University should have a Net Price Calculator on their website (typically indicated by a Federal Aid icon). It will ask a series of questions to give you a better break down the "sticker price" of a school. Net Price Calculators can also give you an idea of what types of aid your student may qualify for to be figured into their financial aid package. Additionally, these are helpful resources as you think about estimating costs.

EXPECTED FAMILY CONTRIBUTION (EFC) FORMULA GUIDE

In certain circumstances, a student may appeal his or her financial aid award.

Fee waivers

Merit-based scholarships

National scholarship search engines

Local, regional, and state opportunities

Here is a quick list of scholarships open to students in North Carolina that was recently published by the News & Observer.

The College Foundation of North Carolina (CFNC) provides a clearinghouse of scholarships and grants for students in North Carolina. Additionally, in some search engines like scholarships.com and Smart Scholar you can sort by county.

CFNC

SCHOLARSHIPS.COM

SMART SCHOLAR

FINANCIAL AID GUIDE FOR FUTURE TEACHERS

Merit-based scholarship programs

There are many amazing merit-scholarship programs across the United States open to seniors applying to college.

These opportunities often cover a full ride of tuition, room, board, books, etc. but also provide connections and funding for summer experiences, internships, study abroad opportunities, conferences, and more. They often have strong alumni networks and have special events for the scholar cohorts or have a separate physical space on campus to provide a smaller community for students.

Generally, merit-based scholarship programs fall into these categories:

National programs with outside applications where, if awarded, the funds can be applied to most colleges and universities across the country
Programs tied to a specific College or University without an additional application. A student may be automatically considered with their application for admission to the school or more specifically the honors program/college within the school. More information about this category can typically be found on the financial aid website of the school you're applying to.
Programs tied to a specific College or University with an additional application process which may include essays, recommendation letters, and/or interviews. Many have open applications where a student can apply on their own and a few have a process where in order to be eligible to apply, the student has to be nominated by his or her high school

MORE ABOUT MERIT-BASED SCHOLARSHIP PROGRAMS

Additionally, Juniors can be nominated by the school for the North Carolina Governor’s School for gifted and talented in English, World Languages, Mathematics, Natural Science, Social Science, Art, Choral Music, Instrumental Music, Dance, and Theater. If you’re interested in a Governor’s School nomination, please contact the Director of College Counseling.

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