Month: June 2021

Does My Child Qualify for Financial Aid?

$250,000 in joint gross income is a substantial sum! Is it too much to qualify for need-based financial aid? Not necessarily. Is a 3.0 high school GPA and an 1100 SAT score good enough to qualify for merit scholarships? It might be. The formula for need-based financial aid is more nuanced than one might think. In addition to obvious considerations such as income and assets, other key variables include number of children in college and which college the student is applying to. Most schools rely on the FAFSA to calculate the dollar amount that a family is expected to contribute towards their child’s tuition each year. This dollar amount is commonly referred to as the EFC (Expected Family Contribution). The FAFSA, or Free Application for Federal Student Aid, is required to be completed each year to determine eligibility for financial aid. It can be completed online for free and consists of a variety of questions related to parental and student income and assets. Many private schools require an additional financial aid form called the CSS Profile, which is used to determine financial aid offered directly by the institution. Have multiple children headed for college? You may not need to rule

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Does My Child Qualify for Financial Aid?

$250,000 in joint gross income is a substantial sum! Is it too much to qualify for need-based financial aid? Not necessarily. Is a 3.0 high school GPA and an 1100 SAT score good enough to qualify for merit scholarships? It might be. The formula for need-based financial aid is more nuanced than one might think. In addition to obvious considerations such as income and assets, other key variables include number of children in college and which college the student is applying to. Most schools rely on the FAFSA to calculate the dollar amount that a family is expected to contribute towards their child’s tuition each year. This dollar amount is commonly referred to as the EFC (Expected Family Contribution). The FAFSA, or Free Application for Federal Student Aid, is required to be completed each year to determine eligibility for financial aid. It can be completed online for free and consists of a variety of questions related to parental and student income and assets. Many private schools require an additional financial aid form called the CSS Profile, which is used to determine financial aid offered directly by the institution. Have multiple children headed for college? You may not need to rule

Read More »