If you're stressed by the idea of paying for college, you're not alone. With confusing vocabulary and processes, many students and parents dread the conversation and the bill. But, your school's financial aid department can help you navigate everything from completing the Free Application for Federal Student Aid (FAFSA) to submitting your tuition payments. Before you submit your application or decide to attend, ask your college's financial aid office these 12 important questions.
What can your college financial aid office help with?
Your college's financial aid office is there to help you with all things related to paying for college. They determine financial aid packages, disperse aid, and send notices regarding payments. Some things you can reach out to them for assistance on include:
- The FAFSA
- Understanding your financial aid offers and terms
- Tuition payment plans, if available
- Applying for scholarships and grants
- Appealing a financial aid offer
- Emergency aid applications
Questions to ask your college's financial aid office
Many of the answers to these questions you can find online, right on the school's website. Others you might have to reach out to the financial aid department for further information or clarity. We recommend reviewing these questions, as you'll want some of the answers before you even consider applying to college.
1. What is the actual cost to attend your school?
All colleges have a cost of attendance (COA), which is an estimated sticker price to attend the school for one year. It includes tuition, fees, room and board, books, transportation, personal expenses, and more. Students rarely have to pay the full COA thanks to financial aid packages.
Instead, you want to ask about the net price, which is the price you'll pay after financial aid is accounted for. Colleges in the United States have net price calculators on their websites that estimate how much financial aid you'll receive should you be accepted. You can also use our College Match tool which has net price estimations for schools. It's free to use.
Keep in mind that the number from a net price calculator is an estimate, not a guarantee. You will know the actual amount you're responsible for once you receive your financial aid offer letter with or shortly after your acceptance letter.
2. What do your financial aid offers typically include?
Most families pay for college using different types of aid. Review their website or ask the financial aid office what their offers typically include, such as unique options specific to that school.
The common college funding strategies usually include a mix of:
- Federal grants (ex. Pell Grant)
- College scholarships (merit-based or others your child could apply for)
- Work-study
- College savings
- Payment plan (monthly payments made to the school)
- Student loans (federal or private)
Inquire about need-based and merit-based aid. Some colleges only offer need-based, while others have merit-based scholarships for academics, athletics, and other achievements.
3. What are the financial aid application deadlines?
While the deadline to submit the Free Application for Federal Student Aid (FAFSA®) is June 30 of the year you will be attending school, you will only be eligible to receive loans by that date. Colleges (and state grants) have much earlier internal deadlines, usually around January or February but they may be earlier.
Your college should list their financial aid deadlines, including due dates for scholarship applications, on their website. If none are listed, reach out to the financial aid department.
To avoid submitting your FAFSA too late, complete it as soon as you can after it opens on October 1 each year. Many forms of financial aid are distributed on a first come, first serve basis.
4. Will my financial aid package differ after my freshman year?
Students and families may expect their first financial aid package to be the same the following year.
Unfortunately, that's not always the case.
Some colleges offer significantly more financial aid during your first year as a way of attracting you to attend, but some do have scholarships and grants specifically for upperclassmen, too. Additionally, family finances change every year and school awards could vary each year which could affect your financial aid.
Talk to your financial aid office about realistic cost estimations for the four years you'll be attending. Keep in mind: tuition prices often go up each year!
5. When are payments due?
Colleges typically follow similar payment schedules but they can vary. Your school should post due dates and how to pay on its website, but reach out to the financial aid office if it's unclear or not available.
Many students will make their first payment to their college on or before May 1, College Decision Day, to secure their spot. If you applied and were accepted under Early Decision, you'll have to submit your deposit a few weeks after you receive your acceptance letter.
You might have to send in a housing deposit early, as well, especially if dorm space is limited. You'll likely start making larger payments in August to cover the remaining balance. If you need private student loans to cover the COA, research your options early to avoid making rushed decisions and choosing the wrong loan for your needs.
Make sure to also note disbursement and early disbursement dates for your financial aid, especially if you need the money to pay for books and supplies.
6. Do you require the CSS Profile or other forms?
Some institutions require the CSS Profile with the FAFSA to distribute financial aid packages. If your school requests it and you don't complete it, your offer could be much smaller than you expected, if you receive one at all. Your financial aid department can also answer any questions you have about the form.
You may also have to submit additional financial aid applications, such as state forms. For example, Florida's Bright Futures scholarship requires you to send in the Florida Financial Aid Application (FFAA).
7. Does your college have need-blind admissions?
Unfortunately, finances can sometimes affect your chances of getting into a college. Need-blind schools don't consider finances when accepting students. Talk to the admissions department for more information about how your financial situation could impact your admission chances.
8. If my financial circumstances change, how do I apply for additional aid?
A student's financial situation can change drastically between the tax year the FAFSA uses and when they attend college. If your financial circumstances have shifted or they may change in the near future, talk to your financial aid department now about your options and the process for applying for additional aid, such as emergency assistance.
9. What percentage of students graduate with debt?
Some colleges post this information directly on their website, especially if they have students graduating with little to no debt. At other schools, you'll need to do some digging. Inquire about how many students graduate with debt and how much, on average. Be sure to estimate how much debt you'll be graduating with, too, based on your financial aid offer.
10. Are there any tuition payment plans available?
Your college may offer flexible payment options, such as monthly tuition payment plans. Talk to the financial aid office about these payment solutions and how to apply. There may be additional enrollment or late payment fees.
11. Will applying early affect my financial aid package?
In some cases, applying early, through early action, early decision, and priority deadlines, can impact your financial aid offer. Schools sometimes have scholarships specifically for these students. If you can't find these details on your website, reach out to financial aid.
If you're applying under early decision, ask when you should expect your financial aid award letter. While you can back out of early decision acceptance if your offer isn't enough, you run the risk of not having time to apply to other colleges if it comes too late.
12. What are the terms and conditions attached to the financial aid package?
Your financial aid offer letter should clearly spell out the terms and conditions attached, should you accept the awards. Talk to the department as soon as possible if you have any questions or concerns.
Ready to fund your college education?
To pay for your college education, always complete the FAFSA, even if you don't think you'll receive anything. Income minimums and scholarships change every year, and you could be passing up gift aid by not completing the form. If you have any questions, talk to your financial aid department as soon as possible to avoid payment delays or late disbursement.
Need to fund the gap between what you have and what you owe?
A private Citizens Student Loan® could be an alternative option to federal loans.† Interest rates are determined by creditworthiness, which could mean securing a lower interest rate than your federal loan options. Plus, with Multi-Year Approval¹, you could get the money you need for all of your child's college years with one application.