Q&A: Five financial aid administrators from colleges across the country answer your most pressing questions - Brief Article

Careers and Colleges, Nov, 2001

OUR PANEL OF EXPERTS:

Don Muret

Susan L. Brandt

Thomas C. Keane

John Nametz

Larry Vaughan

Ann-Marie Waterman

C&C: What is the biggest mistake students and parents make when applying for financial aid?

Susan L. Brandt (University of Notre Dame): The biggest mistake in the financial aid process is not applying for aid. Some students will not apply for admission to the college of their choice because they feel it is cost prohibitive based upon their current economic status.

Larry Vaughan (Cumberland University): Not filing early enough. There is a free application for federal student aid. They should complete it by February. A lot of students file it right before they start school in August.

Thomas C. Keane (Cornell University): Assuming that applying for aid will negatively impact the admission decision. Some of our students think our admission decision is affected by applying for aid. They then wait to apply for aid until after they're admitted, by which time much of our aid is already committed to other applicants.

C&C: What should students and parents try to keep in mind when filling out financial aid forms?

John Nametz (University of Arizona): The Free Application for Federal Student Aid (FAFSA) is much simpler than your tax forms and uses some items directly from the tax forms. Use estimated information if your taxes aren't completed by the aid application deadline.

Keane: Be accurate, honest, complete, and on time. If the forms don't fit the family situation, call the aid office at your colleges, and ask how to address the case. Usually we ask families to write a letter explaining the situation. We also verify the data on the application forms with your federal tax returns, so we are checking.

C&C: Is there one thing students can do to increase their aid?

Ann-Marie Waterman (Howard University): There are three boxes on the forms: grants, loans, and work-study. Check all that apply.

Vaughan: Be pro-active. Tell the university that you desperately want to go to that school and go out and seek the aid, rather than letting it fall out of the sky.

C&C: What is the one piece of advice you would give students and parents to help them use the financial aid process to their best advantage?

Keane: In addition to applying on time, I would encourage families to take advantage of all the resources available to them. The Internet, the library, and the local college all have reference materials. It's also important to remember that it is a process, not simply a transaction. It involves education, discussion, and interpretation. Perhaps this is all summed up by saying, "Get to know your financial aid adviser at your college or university."