Navigating The Financial Aid Process
By Devan Lenz-Fisher, M.Ed., Waverly Educational Consulting
October 17, 2023
This is a BIG year for change regarding collegiate financial aid. The 2024-2025 Federal Application for Federal Student Aid (FAFSA) is undergoing a restructuring to make the process of applying simpler for families. Even with the anticipated changes, navigating the financial aid process can feel overwhelming. At Waverly, our goal is to reduce confusion around this process. Here are a few tips to get you started:
MIDDLE or EARLY HIGH SCHOOL
Educate yourself and start family conversations
Read The Price You Pay for College by Ron Lieber, or for the cliff notes, check out this podcast episode.
Review types of aid available including loans, scholarships, merit and need aid.
All families are required to fill out the FAFSA to be eligible for federal aid, including federal student loans. Some schools also require the CSS Profile.
Begin discussing college costs with your child by early high school.
Plan for college costs and determine how much you can and are willing to pay
Meet with a financial planner to understand college costs within the context of other expenses and life goals.
Consider how to strategically organize your finances during the tax year 2 prior to the year when your student starts college (typically junior year fall) - the FAFSA uses tax documents from the “prior prior” year.
JUNIOR YEAR
Consider financial fit while building the college list
Estimate cost using Net Price Calculators, the 2024-25 SAI Estimator and the college’s financial aid websites and staff.
Begin identifying and organizing sources for private scholarships
Sources include community organizations, student’s high school counseling office, parents of current seniors and college freshmen, online private scholarship lists on college websites, My Scholly, Going Merry, Unigo and Fast Web.
SENIOR YEAR (FALL)
Understand the policies and deadlines for each college on your students’ list
Determine the forms required for each college (FAFSA and/or CSS Profile).
Be aware of the schools that offer “first come, first serve” financial aid.
Investigate how Early Decision, Early Action and Regular Decision deadlines affect financial aid at each of the colleges on your student’s list.
Prepare to complete the FAFSA (and CSS Profile if applicable)
Gather materials at least two weeks before starting financial aid forms.
Complete FAFSA Planning Worksheet and review the Financial Aid Toolkit or FAFSA Demonstration site.
Create a FSA ID/CSS Profile account up to 3 business days before you’re ready to complete the forms. Student AND parents each need accounts (hint: don’t use a high school email address).
Complete & submit FAFSA & CSS Profile (if applicable), 2-3 weeks before the earliest deadline
FAFSA is free to complete, CSS Profile has $25 cost to create and $16 per university (unless granted waiver).
Carefully review the documents before submitting and make copies for personal record. Be sure to submit the same information on both forms.
SENIOR YEAR (SPRING)
After completing the FAFSA and/or CSS Profile
Review Student Aid Report (sample SAR) to see your student’s need-based aid eligibility.
After receiving financial aid packages
Compare financial aid packages carefully, and plan for tuition and fee increases each year of college.
Negotiate for more aid at colleges that allow/encourage negotiation.
Need more personalized help? Contact Waverly to learn more about how we help families navigate financial aid.
About Waverly Educational Consulting
Waverly is an independent educational consulting business. We provide expert guidance to high school students throughout their college search and admission process. Located in Milwaukee, Wis., we work with high school students from anywhere, on regional and national college searches. We deliver timely support and practical advice that empowers students to take charge, and earn admission at their top-choice, best-fit colleges.