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Introduction to Aid
Let's face it, college is expensive, but it is arguable one of the single greatest investments that a young person can make in their life, with the potential to pay dividends down the road.
For many families, it is difficult to cover the full cost of college tuition and living expenses. However, it is important not to rule out a school simply because of its “sticker price”; the full price tag of the college is most often not what the student will pay to attend. Through merit or academic-based scholarships, to need-based financial aid, assistance can be given to families to make the cost of attendance more feasible.
There are two general categories of financial aid:
Merit-based aid can also be referred to as academic-based scholarship, and is awarded solely based on talent and ability in academics or extracurricular accomplishments. Merit-based awards do not take into consideration the financial need of the family. Individual schools and external organizations may offer merit aid, which does not require student repayment upon graduation. It is important to note that not every college or university provides merit-based awards–with both highly selective schools including those in the Ivy League–most notably. Additionally, it should be understood that the most money for a student’s education comes from the institution themselves, not external sources (outside scholarships).
Need-based aid is determined based on your family’s financial situation and the feasibility of paying for college. The amount of money given in this form of aid is singularly determined through an evaluation of each family’s finances and demographics among several factors. Oftentimes, grants, loans, and work study are included as part of need-based financial aid offers.
| How to Apply for Financial Aid |
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FAFSA is the Free Application for Federal Aid. All colleges use this form. The FAFSA form determines your eligibility for federal financial assistance. Once completed, you will receive a SAR (Student Aid Report) that outlines your SAI (Student Aid Index). The SAI determines your financial need and how much financial aid you may be eligible to receive from a college. The FAFSA form evaluates “household” income only, which can include a step-parent and exclude a non-custodial parent. This form opens annually on October 1st and should be completed when your son/daughter is in their senior year of high school. It is then required to be completed each year the student is in college for need-based aid consideration. Families will use “prior-prior” year taxes to complete the form (ex/ if filing in the 2024-2025 school year, using 2023 taxes) and can download their tax information directly into the FAFSA form.
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| CSS Profile |
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CSS Profile is the College Scholarship Service. The CSS Profile is an application required mainly by private institutions (nearly 400 of them) and a few public schools that use this form to determine how much institutional money they can give to the student. This form provides more detailed financial information than the FAFSA, including assets such as the value of your home. Using the information you provide on the Profile form, the CSS Profile helps shape the college’s financial aid package. Unlike the FAFSA form, the CSS Profile costs $25 for the first school, and $16 for each subsequent school that it is submitted to. This form opens annually on October 1st, and it is recommended to complete it as soon as possible (no later than December 1st if you are applying for early decision) to ensure that you receive your financial aid package in a timely manner. After you submit your financial aid forms and have been admitted to a college or university, your family will receive a financial aid award letter. These arrive at varying times (often December - April), depending on the school and when the student applied.
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| What is a "Need?" |
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Need refers to your ability to pay based on your family’s financial situation. Colleges use a complex formula to determine need and will first look at what your family can afford to pay by establishing your Student Aid Index (SAI). The federal government calculates your SAI when you complete the FAFSA form. The following factors are taken into consideration:
Some colleges meet 100% of your demonstrated need. While others meet a percentage of it, but not the entire cost. This is an important factor when considering what college to attend. Note: if biological parents are divorced, the parent who provides more financial support should be listed on the FAFSA (we realize that this is often difficult to define). If the filing parent is remarried, both the parent and the step-parent’s information should be included on the FAFSA. |
| Calculating Your Financial Aid |
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Cost of attendance (COA) is a total that includes a college’s tuition, room and board, fees, books, and transportation expenses. This will vary per college. Net-Price Calculator. All colleges and universities in the US are required to have this on their financial aid website. It allows families to estimate their COA using standardized inputs (ex/ savings, family size, etc.) and the college’s financial aid and merit aid methodology. Student Aid Index (SAI) is an eligibility index number that helps a college determine how much federal aid you would receive should you attend their institution. The number results from the data on your FAFSA form. Four areas are included in the calculation of SAI: parental income, parental assets, student income, and student assets. Parental Contribution is the amount determined by your family’s net worth, or sum. Florida Bright Futures (FLBF) Students who receive their International Baccalaureate (IB) Diploma automatically qualify for the highest tier of FL Bright Futures, the Florida Academic Scholars (FAS) award, which covers 100% of tuition/fees at any public school in Florida, or the equivalent dollar amount applied to any private school in Florida. A combination of grade point average (GPA) and standardized test scores (ACT or SAT) can yield two levels of FLBF: Florida Academic Scholars (FAS) or Florida Medallion Scholars (FMS). For students graduating in the 2025-2026 school year, the following thresholds apply: Florida Academic Scholars (FAS): 3.50 weighted GPA, 29 superscored ACT composite, 1330 superscored SAT total, or a 95 on the CLT. Florida Medallion Scholars (FMS): 3.00 weighted GPA, 24 superscored ACT composite, 1190 superscored SAT total, or a 82 on the CLT. Note: all CDS students complete the application for Florida Bright Futures during their senior year with their college counselor. |
| Glossary of Aid Terminology |
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Grant money is funds typically provided by the institution (and sometimes by the government), which you do NOT need to pay back. Sometimes, merit-based grant money is also included in a predominantly need-based financial aid award. Loans are typically federally funded with low interest rates, which you don’t need to begin repaying until six months after undergraduate graduation. These loans are usually in the student’s name, though loans are also available for parents to assume as well, if desired. Work-study refers to designated jobs at the school on campus that allow students to work part-time. The earnings from these jobs are expected to go toward the costs of college, but it is at the discretion of the student to decide if it will be applied towards their educational expenses. Meeting 100% of demonstrated need refers to the financial aid package covering the entirety of your demonstrated financial need. Gapping relates to colleges that do not meet the full financial needs of every family. Instead, they will provide you with partial funding to meet some of your family’s needs. This is called “gapping” because there will be a gap left between what you can afford and the COA that the college will not help you cover. Need-blind admission is when a college makes admission decisions without regard for the financial situation of the applicant’s family. The admission process is separate from the financial aid process. Your admission decision is based on academic/extracurricular merit, while your financial aid is determined by your individual family’s need. Need-aware admission is when a college makes an admission decision with some consideration of the family’s financial situation; financial decisions may also take into consideration the strength of the student. |
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