Frequently Asked Questions
The list below contains questions often asked
by parents as they investigate college options. To find the
answer for any question in the list, just click on
the particular question and the
answer will appear below.
COLLEGE COSTS & FINANCIAL
AID
Is
college really as expensive as everyone keeps saying?
It
depends on where you apply and the kind of financial
aid available for the student. If the
student is applying to a college that is expensive and
it doesn’t have a lot in the way of scholarships
to give, the college’s costs can be a huge problem.
However, if the student is applying to a college with
good financial aid offerings, the real cost can be far
different from the list price and thus potentially very
affordable. The key is to find out where your family stands under the federal
formula used to determine need-based
financial aid and merit-based
financial aid options that are available
at a given college.
What
is financial aid?
Financial
aid is any kind of merit or need-based money offered
to a student to help cover college costs. The
most common types of financial aid are grants or scholarships
that you don’t have to pay back; loans that you
do have to pay back; and federal
work study jobs, typically in a department
on campus.
When
and how do you apply for financial aid?
You
can’t officially be considered for financial aid
until you have been admitted to a college. After
admission, colleges can offer merit-based
financial aid. Need-based
financial aid can’t be awarded
until the Free Application for Federal Student Aid (FAFSA)
has been filed. The Free
Application for Federal Student Aid (FAFSA) can
be filed after January 1 of the student’s senior
year in high school (and each year thereafter while the
student is in college). In Indiana, the federal processor must receive the FAFSA by March 10 or the student won’t receive State of Indiana grants for which they otherwise might be eligible.
Where
do scholarships and grants come from and how do you get considered
for one?
The
vast majority of grants and scholarships come from one
of three sources – the federal government, the
student’s home state government or the individual
college involved. However, there are lots of places to
look for other private scholarships including the Internet
and local organizations. There usually
is less competition for local scholarships than those
that are available on a state, regional or national basis.
Some scholarships and grants are awarded without special
applications beyond those used for admission or financial
aid purposes. Some will require an additional application,
so it is best to check with the college or organization
to see if an additional application is required. Be sure
to explore these options well ahead of time so that you
do not miss any deadlines.
Why
are loans considered a part of financial aid?
Loans have become an important part of college funding today. Because “money is money” when it comes to paying for college, loans made available by the government are considered “financial aid” because they give a student access to cash to help pay for college and the interest is often capped and subsidized by the government. Although loans are not the best form of financial aid since they have to be paid pack, neither the government nor the colleges have enough money to cover all college costs with scholarships and grants, making loans a necessity in many cases. The key is finding a college that fits the student’s needs and interests and where the amount of loan debt is manageable for the student after graduation.
If your parent’s make a pretty good income, can you still receive financial aid?
Absolutely,
but it depends on the colleges to which you are applying. Some
families with good incomes still show financial need,
especially at some of the more expensive private colleges.
Many colleges also offer merit or talent-based scholarships
that are given regardless of family income. Between 60 and 70% of college students nationally receive some sort of financial aid every year.
Can
the student move out of the household and be considered an
independent student?
There are only seven conditions under which a student is considered an “independent” for financial aid purposes
- which means they do not have to file the financial
aid paperwork with parent information. The
student must meet one of the following
criteria:
- Currently be serving on active duty in the military
- Be at least 24 years of age by January
1 of the academic year for which they are filing the
form
- Married
- Working toward a graduate or professional
degree (not undergraduate)
- Be a veteran of the armed forces
- Have a child/dependent of her/his
own for which s/he provides at least half of the dependent’s
financial support
- Be an orphan or ward of the court
(or a ward of the court up to age 18)
Parent information must be reported in all other circumstances unless a “professional judgment” is made by the financial aid administrator at the college the student plans to attend which waives this requirement.
Is
Indiana state grant aid available to students from Indiana who
attend college out of state?
In
most cases, Indiana state aid stays in Indiana. However,
students from a limited number of counties in the southeastern
part of the state can take their state grant to one of
three colleges across the border. Students residing in
Dearborn, Franklin, Jefferson, Ohio, Ripley and Switzerland
counties may take their Indiana state grant to Northern
Kentucky University, University of Cincinnati and Cincinnati
State Technical College.
FINDING AND APPLYING TO THE RIGHT COLLEGE
How
many times should a student take the SAT or
the ACT?
Ideally
most students will take the test(s) at least twice, unless
the student is really pleased with the first scores. Normally
students take the test for the first time in the spring
of the junior year, then again as a senior. Test scores
often go up the second time because the student is more
comfortable with and knowledgeable about the test, plus
they have learned that much more math, science, etc.
Also, many colleges give the student the benefit of using
the best scores in each section of the exam, so the student
has nothing to lose by retesting.
When
is the best time to apply to a college?
Normally
colleges won’t consider a student’s application
until they have a transcript of the student’s high
school courses and grades through junior year. Applications
are then considered beginning in the fall of the student’s
senior year. Usually the sooner the student
gets an application in, the sooner s/he will know where s/he
stands. However, talk to the admissions office at each college
to see what they think is the best approach for the student.
For example, students whose grades have been improving over
the high school years may want to wait to apply until after
their fall grades of senior year are available to further
improve their chances of admission. Also be aware of different
colleges’ application deadlines. Some are very early
in the senior year while others stretch well into the spring.
You should also learn about Early
Action and Early
Decision options at a given college to
see if one of them is right for you. How
important are the college visits, and how do I set one up?
The
college visit usually is the most important thing a student
does to really get to know a college. If
it is a residential college (meaning most students live
on campus), it is highly recommended that the student
stay overnight on campus to get a better feel for the environment and culture of the college before making a final decision. Visits can be scheduled through the college’s admissions office, via its web site or a designated phone number.
Is it true that the amount of money a student gets through the Indiana state grant program varies depending on the type of high school diploma the student receives?
Yes. Students who are eligible for the need-based grants awarded through the Frank O’Bannon Grant program get a percentage of the eligible award based on the type of diploma they receive. Students who graduate with a general diploma get 80% of the eligible award; Core 40 recipients get 90%; students with the academic honors diploma receive 100% of the eligible award. (After figuring the appropriate percentage, the parent contribution portion of the EFC is subtracted from the award amount to determine eligibility.)
CONSIDERING COLLEGE
How
do you pick a major in college, especially if you aren’t
sure about exactly what you want to do with your life?
The
majority of college students nationwide change their
minds about majors and career plans between the time
they enter college and the time they leave, because
they really weren’t sure what they wanted
to do when they started. Most undecided students
are better off at a college with a wide range of classes
and where the student has at least a couple of years
to choose a major. Internships are a great tool to help
students find a possible career that may help determine
a major. If the student is still undecided, s/he should
choose a major that captures his/her interest and enthusiasm.
Students can go into lots of different jobs and careers
from almost any college major.
Do
you have to have a four-year college degree to make it in
today’s world?
No. While you do have to
have a four-year degree to do certain things like teaching, in
today’s economy there are many good, high-paying jobs
(like health care technology) that can be obtained with
a technical or two-year degree.
The key is to do your
homework. Start with fields that interest you. Learn what kind of education is required and what the job opportunities are in those areas. Then get the degree
you need for the type of career you want.
Loans
have become an important part of college funding today.
Because “money is money” when it comes to paying
for college, loans made available by the government and
private sources are considered part of financial aid because
they give a student access to cash to help pay for college.
Ideally it would be nice not to have them to pay back, but
rarely does the government or a college have enough money
to cover all the college costs with scholarships and grants.
The key is finding a college that fits the student’s
needs and interests and where the amount of loan debt is
manageable for the student after graduation.
In
most cases, Indiana state aid stays in Indiana. However,
students from a limited number of counties in the southeastern
part of the state can take their state grant to one
of three colleges across the border. Students residing
in Dearborn, Franklin, Jefferson, Ohio, Ripley and
Switzerland counties may take their Indiana state grant
to Northern Kentucky University, University of Cincinnati
and Cincinnati State Technical College.
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