May 12, 2024

Admission with No or Inadequate Financial Aid

Hello Reader,

Happy Mothers Day to the moms in your life!

The dust is beginning to settle on the 2023-24 admission cycle. Save for delays emanating from the change in the FAFSA format, most first-year applicants have now settled on their admission offers. But some of those offers of admission have come with no financial aid or very little financial aid.

Here is a typical scenario. Prospective student is set on a particular dream school. That school was added to their list without consideration to funding with the expectation that after getting accepted they will think about funding. By the way, this is the wrong way of going about this. In CFF College Fully Funded​™ -- our college admission coaching program (enrollment deadline for summer 2024 cohort is fast approaching) -- we make funding considerations foundational to the college search process and to building your college list.

So now the student has a spot at their dream school (congratulations!) but the family is stuck worrying about how to pay for it. If you and your family find yourself in this situation here are options to consider.

1. Apply for Scholarships

Research and apply for scholarships that you may be eligible for. There are various scholarship opportunities available from the college itself, private organizations, and even government agencies. You can search for scholarships online or speak with the college’s financial aid office for assistance. Colleges often have pockets of money that students and families may not be aware of.

In terms of searching for scholarships online, please beware of online scams. The most reputable sites are usually connected to college directories e.g. Petersons and Princeton Review. I recommend using the College Board's Big Future scholarship search tool. If you already have a College Board account from registering for the SATs or any other standardized tests, or using the Common App, then you can access to Big Future with the same account information.

Also sign up for the College Board's Student Search Service, which connects students to scholarships for which they are a match. Please bear in mind that while you may find scholarships that might put a dent in your total cost of attendance, you are unlikely to get scholarships to cover your entire cost. Scholarships that cover total cost of attendance are very competitive and usually have deadlines early on in the admission cycle.

2. Consider Federal Student Loans

Let me start by saying this is not my preferred option. In CFF College Fully Funded​™ our goal is to help students get accepted to college with full funding and avoid debt. However, if you are new to us and this information, and you are a high school senior and already in a situation where you have an admission offer but with inadequate or no funding, federal student loans may be an option if you are a U.S. citizen or eligible non-citizen.

Federal loans generally have lower interest rates and more flexible repayment options than private loans. And federal subsidized loans are better than federal unsubsidized loans. However, it’s important to keep in mind that loans must be paid back with interest, so borrow only what is necessary. In order to get access to federal loans you must complete FAFSA, so if you did not submit FAFSA, now is the time to do so. This is only a temporary solution though to take care of the first year. I do not recommend borrowing for all 4 years of college so you may want to consider option 3 below.

3. Reapply as a Transfer Student or Take a Gap Year

If you start with taking federal student loans to pay for the first year you may want to consider reapplying as a transfer student to only schools that will offer you full funding. In CFF College Fully Funded​™, we work with prospective transfer students in this same exact position. When you apply as a transfer student in your first year, you can start your second year in a school and program that will fully fund you. Alternatively, you may want to consider taking a gap year to do something meaningful and interesting that would make you a more attractive applicant the next time around. And of course, you guessed it, only apply to schools that will give you full funding. Here is the story of one of our students who did just that successfully.

4. Appeal Your Financial Aid Offer

If you submitted all your financial aid forms (FAFSA and CSS Profile) but did not get enough financial aid, or if you believe your expected family contribution does not accurately reflect your financial circumstances, you can appeal your offer. This is especially important since financial aid applications use prior prior year tax returns (so 2022 for admission in fall 2024). If your current family circumstances are vastly different from what your 2022 tax returns or financial picture show, then appeal with proper current documentation such as your 2023 tax returns.

I hope these tips are helpful in navigating the coming weeks of offer evaluation and associated decision making. Are you facing a similar or different situation? How do you plan to handle it? Please hit reply and let me know. I would like to hear about your experience.

Announcements

1. The enrollment deadline for the Summer 2024 cohort of CFF College Fully Funded​™ is fast approaching: May 24. This cohort is for prospective college students that are high school juniors and prospective transfer students looking to transfer to their dream college, including community college students and graduates looking to transfer to their dream 4-year college.

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2. You can get a preview of CFF College Fully Funded™ here. Please feel free to reach out if you have any questions. We look forward to having you or your loved one in the program.

Have a wonderful week.

Dr. Faith Okpotor

Founder and CEO, National Center for Higher Education Access

Award-winning academic and tenured professor

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