As a high school junior or parent of a high schooler, one of the most important things to consider when it comes to college applications is how you are going to pay for it. College tuition fees have been on the rise for years, and it is now more important than ever to start planning for financial aid early. That is why we have put together a series of videos on financial aid planning for college applications, hosted by our expert financial aid planner, Lu Shi.
Common Financial Aid Questions
When to Start Financial Aid Planning
The first question many students and parents have is when they should start planning for financial aid. The answer is simple: the earlier, the better. Financial aid applications often require a lot of paperwork, so it's important to start gathering information as soon as possible. In addition, many colleges have early financial aid application deadlines, so it's essential to plan ahead.
What Type of Financial Aid is Available?
There are three main types of financial aid available to students: scholarships, grants, and loans. Scholarships are typically awarded based on academic achievement, athletics, or other criteria. Grants, on the other hand, are awarded based on financial need. Loans are money that must be paid back with interest. There are also work-study programs available, where students can work part-time to earn money to pay for college.
How Much Financial Aid Can I Receive?
The amount of financial aid you can receive depends on a variety of factors, including your family's income, the cost of the college or university you're attending, and whether you're attending school full-time or part-time. It's important to note that financial aid is not guaranteed, and that different colleges and universities may have different financial aid policies.
Which Financial Aid Should I Apply For?
When it comes to applying for financial aid, it's important to apply for as many types of aid as possible. This includes federal and state aid, as well as aid from the college or university you plan to attend. Your financial aid planner can help you determine which types of aid you're eligible for and guide you through the application process.
How is Financial Aid Calculated?
Financial aid is calculated based on your Expected Family Contribution (EFC), which is determined by a formula that takes into account your family's income, assets, and other factors. Your financial aid planner can help you understand how your EFC is calculated and what it means for your financial aid eligibility.
In our video series, Lu breaks down each of these topics in detail, providing expert advice and guidance on financial aid planning for college applications. Lu has helped many of our students receive hundreds of thousands of dollars in financial aid over the years, and her knowledge and experience are invaluable resources for high school juniors and parents.
In addition to the videos, Lu also provides one-on-one financial aid planning services to interested students. She can help you navigate the complex world of financial aid and provide personalized guidance on how to maximize your financial aid eligibility.
Overall, financial aid planning is an essential part of the college application process, and starting early and seeking expert guidance can make a big difference. Lu's video series on financial aid planning is an excellent resource for high school juniors and parents looking to understand the financial aid process and make informed decisions about how to pay for college.
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