Putney College Guide

There is a growing cottage industry, not all of it trustworthy or even legal, in finding financial aid. The professional associations associated with admissions and financial aid publish frequent alerts about the most recent scams: the most common indicator that a scam is afoot is the request for money for the service promised. No reputable agency charges to help students find financial aid. The will-of-the-wisp of "millions, or billions, of dollars going unused each year" is hype.

FAFSAFAFSA is the Free Application for Federal Student Aid, found online at http://www.fafsa.ed.gov/. It is required by all college financial aid offices. Even though instructions say to use your current income tax information, it is better to estimate and mail (or file electronically) as soon after January 1 as possible. The Student Aid Report (SAR) will be sent for verification and figures can be updated. About 30% of FAFSA must be verified by the financial aid office, who will ask for copies of tax forms and other records.

The CSS Profile registration must be done online at www.collegeboard.com. The Profile charges a basic fee and a second fee for each report mailed to a college. Not all colleges require it, but it is more detailed than the FAFSA and therefore helpful as financial aid offices calculate their awards. The CSS Acknowledgement/Data Confirmation Report will be sent when the Profile is processed.

Institutional Financial Aid forms usually come with the application packet, and can be requested from the individual colleges and universities. Not all colleges use one, but a quick read of application instructions or a telephone call to the Admissions and/or Financial Aid Office will answer any questions.

State Application forms can be requested from the State Department of Education, and Private Scholarship forms from the organization awarding the grant.

Don't expect a state or private grant to be applied to your Estimated Family Contribution; it might well be deducted by the college from your college grant or used to replace a college-awarded loan. Each college has its own policy. ASK ABOUT THIS AT EACH COLLEGE.

Keep copies of all forms after you fill them out.

Need Based Aid is the most usual form of college financial aid (about 96% of all aid), and will include grants and scholarships (which do not need to be repaid), loans and work study. The amount is determined by what the information on the above forms indicate that the family can contribute to their child's education. Some colleges promise to meet need, some promise to maintain the level of financial aid for all four years if the family circumstances do not change, other colleges cannot meet full need and there is a gap between the estimated family contribution and the cost - with aid - of attending the college. ("Gapping" is the term used.) Families need to investigate the financial aid policies of each institution.

Non-Need Based Aid includes Merit Aid, or college grants for students with good transcripts and scores, and Athletic or Music or Art or Leadership Scholarships. These grants are primarily used to ensure matriculation by students whose talents and abilities the college feels would bring particular strengths to the incoming class. The number of these grants is growing.

Keep in contact with the Financial Aid Office. Ask any questions you have; inform them of any changes in your financial situation or any particularities not covered on the forms. The more information they have, the better they can respond to your needs. The more information you have, the better you can make decisions.

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