by Shannon Vasconcelos, former financial aid officer at Tufts University

Winter is an exciting time for high school seniors and their parents. Even (and maybe especially) in this unusual year, the receipt of a college acceptance is cause for celebration. For many families, however, the initial elation of a college acceptance is quickly tempered by the receipt of a financial aid offer and the realization that, even after the awarded financial assistance, a given college’s cost is still out-of-reach for your family. While disappointing, that inadequate financial aid offer is not necessarily the end of the story, nor the end of your child’s relationship with that school of choice. The college aid application is, while daunting, necessarily limited in scope and does not paint a complete picture of many families’ financial circumstances, especially in these complicated times. For that reason, colleges are given latitude to use their discretion in considering families’ special circumstances when awarding both government and institutional aid. Consider if you may have had any of these special circumstances that would warrant an appeal to the Financial Aid Offices for special consideration:

by Shannon Vasconcelos, former financial aid officer at Tufts University

If you’ve been within shouting distance of a TV, computer, tablet, phone, or newspaper today, you’ve likely heard that Congress passed an omnibus spending bill last night, including a COVID relief package. What you may not have heard much about yet is a number of significant changes to federal financial aid programs included in the legislation.  More details will be forthcoming, and the bill is still pending President Trump’s signature, but, for now, here are the major provisions in the bill that may directly or indirectly affect how students and parents pay for college:

by Shannon Vasconcelos, former financial aid officer at Tufts University

Important news for student loan borrowers coming out of the Department of Education this weekend!

Secretary of Education Betsy Devos announced the extension of the automatic loan forbearance for federal student loan borrowers through January 31, 2021.  This forbearance was originally granted by the CARES Act and was scheduled to end September 30, 2020. President Trump later extended the forbearance by executive action through December 31, 2020, and Devos’ latest action ensures that struggling borrowers will not need to make payments prior to the new administration taking office in late January.

Are you wondering if you can apply for financial aid on your own, without your parents’ financial information? While most traditionally-aged college students will require parental information as part of the financial aid process, some students are considered independent and can apply for need-based scholarships, grants, and student loans based solely upon their own information.

In the latest installment of the Bright Horizons College Coach video series, We Can Explain, we break down what it takes to be considered independent by a financial aid office.

by Shannon Vasconcelos, former financial aid officer at Tufts University

In order to access financial aid for college, you can list up to 10 schools on your FAFSA (if you’re applying to more than 10 colleges, read our post How to Apply to More than 10 Schools on the FAFSA) to receive your family’s financial information. Upon receipt of your complete financial aid application, those colleges’ financial aid offices will determine your eligibility for any applicable federal, state, and institutional aid programs.

We are often asked if there is a particular order in which order a student should list colleges on the FAFSA in order to maximize financial aid or chances of admission. The good news for students is that, in most cases, it makes absolutely no difference in what order you list your schools: listing from first choice to last, in alphabetical order, or by favorite school color will not change your admissions or financial aid outcomes in any way.

Applying for financial aid can by scary. It’s intrusive. It’s intimidating. And it’s high stakes.

But don’t let fear stop you for accessing the money you need to go to college.

In the latest installment of the Bright Horizons College Coach video series, We Can Explain, we break down the financial aid application process into 10 easy steps.

If you couldn’t otherwise afford to attend college, applying for financial aid is a no-brainer. Of course you should complete a FAFSA! The decision may not quite as simple, however, for families who may be able to pay for college on their own. Is there any reason you should submit a FAFSA if you don’t expect to qualify for financial aid? Find out from former Boston University and Tufts University financial aid officer, Shannon Vasconcelos, in the first installment of the Bright Horizons College Coach video series, Ask the College Finance Expert.

by Shannon Vasconcelos, former financial aid officer at Tufts University

Once upon a time, the college application process was simple.  By and large, students applied to just one or a couple of local colleges, they were easily accepted, and they could often pay for tuition with not much more than a summer job.

Nowadays, lots of students are considering a much more expansive network of the more than 4,000 colleges available across the country, many of those colleges have grown increasingly competitive, and paying tuition with no more than a summer job?  Forget about it!

by Shannon Vasconcelos, former financial aid officer at Tufts University

• The net worth of the median Black family is one-tenth that of the typical white family. (Board of Governors of the Federal Reserve System)
• Black Americans are paid less than white Americans at every education level, with Black college graduates earning $26/hour compared to $31/hour average wages for white graduates. (Economic Policy Institute)
• Black college graduates, on average, borrow $7,400 more each in student loans than their white counterparts. Four years later, the remaining debt of Black grads is double that of whites. (Brookings Institution)
• Over one-third of Black Parent PLUS Loan borrowers have household incomes less than $30,000/year (compared to 12% of white borrowers). (New America)
• Black student loan borrowers default on their loans at 2.5 times the rate of white borrowers. (Center for American Progress)

Do these statistics concern you?

by Shannon Vasconcelos, former financial aid officer at Tufts University

For rising high school seniors who are finalizing their college lists—or juniors who are just starting to get serious about their college search—one feature you may be looking for in a college is generosity.  Specifically, how generous is a college with their need-based financial aid programs?