How to Pay for College Without Receiving Any Financial Aid

Paying for college is a challenge.  While this statement is probably not news to anyone, we sometimes overlook the extent to which this challenge affects all income groups.  Whether rich, poor, or somewhere in between, most people spend most of what they earn. Few of us can write an annual check for $70,000 without breaking a sweat (or, perhaps, suffering a complete panic attack).  As a College Coach college finance expert, I work with families of all income levels struggling with the prospect of paying for college.  While students from lower income households often qualify for need-based financial aid, the assistance options for higher income families are more limited.  But that doesn’t mean they are nonexistent. Families can employ a number of strategies and utilize a wide range of resources to help pay for college when they don’t qualify for financial aid.

The Sibling Factor: How EFC and Financial Aid Packages Can Change

When I worked in a Financial Aid Office, there was something that I could count on without fail every year. Whenever a student’s sibling graduated from college, I would inevitably get THE CALL from parents wondering “where has our financial aid gone?”

Behold the Sibling Factor: the effect on financial aid awards when siblings enter or leave undergraduate study. Parents might be delighted at the effect of a second child entering college (packages may increase). They get panicked, however, when a sibling leaves undergraduate study, and aid amounts for remaining undergraduate children decrease. (The other most common reason for changes to financial aid eligibility is a significant change in family income.)

If you’re the parent of a high school senior, you’ve likely completed the FAFSA by now. And if your child applied to any private colleges, you may have also completed a CSS/Profile.  So congratulations!  The most difficult part of the financial aid application process is over.  You can now sit back, relax, and let the money roll in, right?

Wrong! Did you know you can ask for more financial aid?

With college application season just wrapping up, many families’ thoughts are turning to financial aid. College Coach’s finance experts are flooded this time of year with some variation of the question, “Do I need to complete a FASFA if I’m not going to qualify for financial aid?” The short answer to that question is “no.” The FAFSA is a financial aid application, and no student is required to apply for financial aid. Believe me, colleges will be more than happy to admit your child without providing you any financial assistance. Still, there are many reasons why you may want to complete an aid application even if you don’t expect to qualify for need-based assistance:

Many high school seniors wait until they’ve been accepted to a college to worry about how to pay for it. Unfortunately, however, by the time you receive a college acceptance, you have likely already missed the school’s financial aid application deadline, and may have missed out on thousands of dollars of assistance. When, then, should you be applying for financial aid? Find out on the Edmit blog, where former Boston University and Tufts University financial aid officer, Shannon Vasconcelos answers the most common questions about timing that financial aid application.

It’s almost October 1, commonly known as FAFSA time around here, and we have guidance for those completing the form this fall. We also have advice for teacher recommendations, from how they’re used to who to ask to how to ask for them. In Office Hours, we’re working through the supplemental questions for Haverford, Swarthmore, and Bryn Mawr, three colleges on the outskirts of Philadelphia.

How Many Years Can I Receive Financial Aid for College?

It takes 4 years for a student to complete a typical undergraduate degree, right? Not necessarily. Today, students are taking longer to graduate for a variety of reasons, from a decline in personal and institutional resources to indecision about choice of major at the time of enrollment. If you’re currently weighing options for a fifth year (or more) of college, we’ve provided a few things to consider as you manage your college payment plan.

150 Percent Rule for Subsidized Direct Student Loans: A new federal regulation may impact students who receive Federal Subsidized Direct Loans. These programs are now available for only 150 percent of the semesters that the college publishes as the typical time it takes students to complete their degree or certificate. This “150 percent rule” means students in a four-year degree program will be eligible for subsidized student loans for the equivalent of six years.  Eligible fifth and sixth year students should be able to benefit from this loan program as long as they meet the college’s definition of Satisfactory Academic Progress (SAP) and are on track to graduate within this time frame.

On the latest episode of Getting In: A College Coach Conversation, guest host Sally Ganga kicks off our first segment, by welcoming College Coach finance expert Michelle Richardson to discuss the Free Application for Federal Student Aid, better known as the FAFSA. They cover the basics, like what info the FAFSA requires and who should complete it, as well as more nuanced questions regarding divorce and other family situations, plus the logistics of just how colleges receive this information.

In case you haven’t heard, financial aid application season is now upon us. Not quite sure when you should be applying for financial aid? Check out this installment of the brand new College Coach video series, We Can Explain, where we answer the question, “When Should You Apply for Financial Aid?”

On the latest episode of Getting In: A College Coach Conversation, guest host Ian Fisher welcomes a special guest to discuss what you can do with a humanities degree. During Office Hours, he talks with colleagues to better understand what demonstrated interest means and goes on to cover where to get help filling out the FAFSA.