The Key to Understanding the Financial Aid Process
In Iowa, the Iowa College Access Network conducts financial aid presentations at Iowa high schools to help families prepare for college financing. These topics cover financial aid offers, understanding and comparing costs, financial aid options and the scholarship process. It’s a must for anyone who hasn’t previously attended and can provide a good refresher even if already attended.
Why It Matters
- You can obtain a map for navigating the process.
The landscape of college financing is complicated and ever-changing. The experts at ICAN keep up with what you need to know now and help you with a checklist to follow for the entire process, even if your student still has more than a year of high school remaining. - Understanding the real cost of college prevents surprises.
Many families believe colleges should be affordable based on a realistic assumption of family finances and generous financial aid. The truth is, however, that families are often surprised by how much they are expected to pay and are forced to change plans partway through college or take on debt the student may not be able to successfully repay. - A group presentation exposes other questions.
Attending a group presentation, even if done virtually, allows you to hear information you might not know you need as well as answers to other families’ questions you might not think to ask. Even if your student feels prepared, attending the presentation may provide new insight.
What Your Student Can Do Now
- Check for events.
The counseling office may post information online or send a notification about ICAN presentations the school has scheduled for families. In addition, ICAN has an events calendar on its website. - Plan to attend together.
Once dates are known, clear the calendar to attend one together. Various recordings are available if in-person attendance isn’t an option or you live outside of Iowa. However, attending in person allows your student to interact with the experts and ask specific questions. It’s beneficial for both student and parent to hear the valuable information that is presented. - Make a list of known and unknown information.
You and your student can develop a list of questions in preparation for the event. Many of these questions may be answered during the presentation, and your student should be prepared to note answers for future reference.
What Your Student Can Do Later
- Arrange a personal advising appointment.
ICAN currently offers one-on-one sessions for families via Zoom and at certain regional locations in Iowa. This is the opportunity to ask questions about planning and paying for college, as well as the financial aid and scholarship processes. - Follow the college prep checklist.
Federal Student Aid provides a grade level-specific checklist for you and your student to follow this year and into the summer months. - Continue to ask for clarification.
If your student doesn’t understand something regarding financial aid, immediate help is often available. The school counseling office, the financial aid or admissions office at the college, and the ICAN staff are all available to answer any questions not answered by the ICAN presentation or materials. Your student should rely on specific, expert information rather than general, and possibly inaccurate, answers from friends or other sources.
What You Can Do
- Attend with an open mind.
Attend the financial aid presentation with your student. Much of the information will be helpful to you as the parent, and you may have additional questions that your student doesn’t consider. In addition, you and your student may each note different information that together make a more complete picture. - Make the most of the event.
Take notes, gather any printed material that is provided, and pay attention to other people’s questions and the answers that are given. All of this information can be valuable and frequently referenced as your student plans the next steps. - Have an honest discussion about family finances.
Your student needs to understand how much of the financial burden the family will carry and how much will have to be covered through their own earnings, savings, scholarships and loans. Better to make hard decisions now, rather than changing course later due to a lack of ability to pay for a first term or year of enrollment.
Registration is open now for a scholarship for Iowa high school students, not just seniors. The scholarship awards $1,000 College Savings Iowa deposits, which can be used when your student is ready to pay educational expenses. Register at www.IowaStudentLoan.org/ScholarshipSignUp.
Next Steps
Be sure to complete the survey questions at the end of this article to be entered into the 529 deposit giveaway!
Additional references, handouts and talking points are available in the right sidebar to use at your leisure. They may prove beneficial to reference now or after receiving future emails – we’ll leave it completely up to you. Use our emails like a recipe for a successful outcome — assemble the recommended ingredients and then follow accompanying directions to add flavor and depth.