Guidance Office
Q. and A.: Paying for College
Laura Perna, a professor at the University of Pennsylvania and a researcher in college finance and affordability, is answering select reader questions about paying for college.
The Choice has invited Laura Perna, an author, professor at the University of Pennsylvania and researcher in college finance and affordability, to answer your questions about paying for college in the blog?s Guidance Office, a forum for college applicants and their families seeking expert advice.
The moderated Q. and A. session, which begins Monday, will continue throughout the week.
In this first installment of answers, Ms. Perna responds to questions about alternative sources of financial aid, how financial need affects admissions, universities with no-loan policies, and financial aid for international students.
Some questions, and answers, below have been edited, including for length and style. ? Tanya Abrams
Sources of Financial Aid
Q.
What other options are there beyond student loans, aid in the form of grants, scholarships or otherwise that I can pursue toward financial assistance?
? Jeffrey Wolf
A.
Student financial assistance comes primarily from the federal government, state governments, and colleges and universities. These sources offer grants and scholarships (money that does not need to be repaid), loans (money that must be repaid), and work-study (money that must be earned through employment at the college or university or other designated employer).
Most financial aid is awarded to students based on financial need. To apply for need-based financial aid, students must complete the Free Application for Federal Student Aid. I?d encourage you to visit a January 2013 Guidance Office session, in which Mark Kantrowitz addresses questions about the Fafsa.
Smaller amounts of financial assistance are available from other sources. According to the College Board?s Trends in Student Aid report, about 9 percent of the financial aid received by undergraduates in 2011-12 was from federal education tax credits and deductions, and 4 percent was from grants from private organizations and employers.
Some employers offer their employees tuition reimbursement programs. Civic organizations, foundations and other organizations also award scholarships to students who meet particular criteria. Both the eligibility criteria and application procedures for private grants are idiosyncratic and the scholarship awards are typically small.
There are many online tools for finding private scholarships, including the College Board, Fastweb.com and Zinch.com.
The Impact of Financial Need on the Admissions Process
Q.
Does the pursuit of financial aid lessen the chances of admission versus a full-paying student? Most likely we will be pursuing a private school and, as you know, it is extremely expensive.
? Jeffrey Wolf
A.
The most important consideration in the college admissions process is a student?s academic record. Some colleges do not consider a student?s financial need in the admissions process, but others do.
Colleges that use need-blind admissions policies typically communicate this practice on their Web sites. At need-aware colleges, self-paying students who meet the college?s academic requirements may have an edge in the admissions process.
Avoiding Student Loans
Q.
My son will be a senior next year. I believe he will qualify for financial aid, but I?m wondering if there is a way to avoid having to take out student loans. I will not be able to take out loans on his behalf and I don?t want him to have to start his post-college years saddled with debt. I have heard that some schools are taking student loans out of their financial aid packages. Is this a growing trend? Is it possible to get financial aid without loans?
? Elizabeth
A.
About 50 colleges have adopted no-loan policies over the past decade. (Some of these colleges amended their programs in the wake of the Great Recession.)
Colleges with a no-loan policy generally meet 100 percent of undergraduates? financial need from sources other than loans. These colleges also tend to have relatively low admissions rates.
At most colleges, loans are a typical part of financial aid package. The Institute for College Access and Success calculated that two-thirds of students who graduated from four-year public and private colleges in 2011 used student loans; the average amount of student loan debt for those who borrowed was $26,600.
Financial Aid for International Students
Q.
I?m an international student and I?m interested in applying for financial aid at an American college. Can you please give details on the way you determine whether or not to give financial aid to international students? (I am specifically pointing at the Ivy League here.)
? Curious Junior
A.
Federal financial aid is generally available only to American citizens, American nationals, and permanent residents of the United States. The U.S. Department of Education identifies a small number of exceptions.
As Mark Kantrowitz indicated in Part 3 of his responses to questions about the Fafsa, some colleges award institutionally funded grants to international students.
Each college creates its own policies and practices for awarding its institutionally funded aid. EduPass lists colleges that award financial aid to international undergraduate students.
To pose a question to Ms. Perna, please use the original post soliciting questions or the comments box below. We will accept questions through March 20.
Source: http://thechoice.blogs.nytimes.com/2013/03/18/guidance-office-paying-for-college-1/
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