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.
You can print the questions and answers you
are interested in by clicking the printer symbol to the left.
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
need-based
financial aid used to determine federal
formula and then explore the kinds of need 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 State of Indiana
won’t
give the student any state grants for which the student may
be eligible.
Where do scholarships and grants come from and how do you
get considered for one?
The
vast majority of grants or 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 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.
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 the fields that are interesting to
you and 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.
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 the best 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 phone number.
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.
If you 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. Over 70% of college
students nationally receive some sort of financial aid.
Can the student move out of the household and be considered
an independent student?
There
are only six 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:
- 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” which waives
this requirement is made by the college the student plans
to attend.
Is Indiana state 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.
Can I get into college with the CORE 40 diploma, or do
I have to have the Academic Honors diploma?
Most colleges in Indiana
routinely want to see at least the CORE
40 diploma. That is sufficient
for many of them, but the more selective the college
is in its admissions, the more likely it is to want
the academic preparation of the Academic
Honors diploma (e.g., four years
of math, foreign language). Also, remember that an
Indiana student eligible for a state grant will receive
100% of the grant s/he is eligible for with an Academic
Honors diploma, 90% with a CORE 40 diploma and
80% with a General diploma.
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