Campus Bound

[#1]

Need-based financial aid – it is based on more than just finances.

I recently came across survey results indicating just how much academic merit influences need-based financial aid packages. According to the U.S. News and World Report , an analysis of more than 300 award letters sent out by over 100 public and private colleges around the nation reveals a strategy likely to improve a student's chances for merit aid. No matter what the student's SAT score, those who applied to schools in which their scores put them in the top 25 percent of the school's student body tended to get more and bigger grants. On average, letters to students who were in the top 25 percent contained grants averaging $11,144, meeting 81 percent of the student's need. Award letters to students whose SAT scores were at least 200 points below the top 25 percent floor offered grants totaling only $7,800, meeting just 64 percent of need.

Regardless of a family’s financial need, we have witnessed this same trend over the past couple of years—many colleges award better need-based and merit-based packages to students with higher GPAs, higher SAT/ACT scores, and higher class rankings.   As a result, families worried about the cost of college should proactively seek colleges that not only fit your child’s academic and social needs but will be more inclined to reach out to your student financially in the form of a merit award or a better need-based award.    Each family should assess their priorities early on and continue to evaluate what makes a good “fit”.

Regardless, by building a strong academic record throughout high school, maximizing standardized test scores and developing compelling admissions applications, not only will you be helping your chances for admissions, but you will also increase your chances of receiving better financial aid packages at many institutions.

[#2]

My daughter is in the top of her class and has made the deans list two times in four smester but we still are finally in trouble. Any suggustions on where to get help

[#3]

Bill -- Thank you for your post. Without a few more details it is difficult to give specific recommendations but here are a few avenues to pursue if you have not already done so:

Need-based aid - The deadlines may have passed for the upcoming year but you should contact the financial aid office at your daughter's schools about the application requirements (i.e. FAFSA) and pursue. At minimum it may allow you to get more favorable government loans.

Merit-aid - Colleges and universities may have merit scholarships available for their returning students. Check with the financial aid office or the department for your daughter's major. She could also looking into fellowship programs.

Local aid - Many cities, towns and community organizations have smaller scholarships for students. Some of these may be reserved for graduating high school seniors but it is worth looking around.

There are web-based search engines such as www.fastweb.com that are worth a look. The competition for these scholarships may be tough but it's free and worth a chance.

Good luck
- Gregg