Understanding the Financial Aid Process
In Iowa, the Iowa College Access Network (ICAN) provides community and school-based events regarding the financial aid process to help families prepare for college financing. These topics cover financial aid offers, understanding and comparing costs, financial aid options, and the scholarship process.
Other states may have similar nonprofit organizations to assist their families with college and career preparation.
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. ICAN has multiple resources available on their website. Additional updates and information can also be obtained from their Twitter Feed @icansucceed. - 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.
What Your Student Can Do Now
- Plan to attend, if possible.
Your student can clear the calendar to attend one of ICAN’s presentations. If unable to attend an in-person event, you and your student can view a recorded presentation. Attending in person is always more beneficial as it allows your student to interact with the experts and ask specific questions, but a recording offers a good alternative. - Make a list of known and unknown information.
The delayed release and processing time of the 2024-2025 FAFSA has severely affected the timing of sending financial aid offers to families this spring. Consequently, some colleges and universities have changed their enrollment deadlines and financial aid priority dates. Make use of this directory to find if your student’s top schools have made adjustments to their dates. Develop a list of questions using the information in any financial aid offers you’ve received or from a financial aid office’s website. 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 offers in-person and virtual advising sessions for families. This is the opportunity to ask remaining questions about paying for college and financial aid, including the scholarship process and student loan options. ICAN can also assist you with any questions regarding the additional information required by an individual college if your student’s FAFSA is selected for verification. - Follow expert advice.
Advisors in college financial aid offices are the experts when it comes to financial aid for their institution. The overall process is similar among schools, but some may have additional steps to take. Your student should pay attention to outstanding items showing on online college portals and make a plan to complete all steps. - 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.
Be present with your student during the financial aid presentation, especially if you are watching a recording. Much of the information will be helpful to you as the adult, 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 it.
Take notes and gather printed materials collected from ICAN’s website or your student’s school. All of this information can be valuable over the next few weeks as you and your student prepare to pay the first college bills. - 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 his or her own earnings, savings, scholarships and loans. If your combined finances together with actual awarded aid is not enough to afford some of your student’s options, then hard decisions may have to be made now. It is often emotionally and academically difficult to change course due to a lack of ability to pay for continued attendance.
Next Steps
Be sure to complete the survey questions at the end of this article to be entered into the 529 deposit giveaway!
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