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The Financial Aid Puzzle

Avoiding Financial Aid Foibles

By Alice Patenaude

"Financial aid can come from a number of sources," says Daly. "On the federal level, there are grants, student loans and work/study available, although the Pell grants are usually reserved for low-income families. There are also grants available on the state level, as well as ones available from the college itself. In the recruiting brochures, colleges often claim that a very high percentage of their students are receiving financial aid. But what they are often referring to is student loans."

Scholarships are also available to students who distinguish themselves in academics or sports or particular criteria for the scholarship. "The best source of information on scholarships is the high school financial aid counselor," Daly says.

So what's the first step in the process? Colleges determine "need" as the cost of the school minus the expected family contribution. And how do you know how much you are supposed to contribute to your child's higher education? That's where the paperwork comes in. Each year, parents should start the process by filling out the Free Application for Federal Student Aid (FAFSA). From that report, a Student Aid Report (SAR) is generated which both the intended school and the parent receive. When the school receives an SAR, and the student has been accepted by the admissions office, the school then generates an award letter listing how much aid the school is offering the student and breaks it down in terms of grants, loans and work-study.

To get your fair share of financial aid dollars, Daly offers some tips on avoiding the mst common financial aid mistakes that parents make:

Want to see more?

• Skip the Luxuries, Save for College: 5 Simple Steps You Can Take to Ensure Your Baby's Future
• Financial Help for College Costs: Grants, Scholarships and Loans
• Join the discussion on our Family.com community!
• The Next Step to Pay for College: 5 Creative Ways to
  Help Finance College

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