Decision Day - May 1st is just a few days away and students are still waiting for their financial aid packages from the schools they’ve been accepted to. While many schools have delayed decision day, some a few weeks, some by as much as a month or more, it doesn’t help anxious students and parents who are trying to make a decision about where to go.
A recent survey by NASFAA (National Association of Student Financial Aid Administrators) of their membership, revealed that 54% of financial aid packages have not been sent yet. Only 34% of respondents said that some or all of their packages for their respective schools have gone out, just weeks before Decision Day. While several schools have moved or are considering moving their decision deadlines, it’s hard to say if students will have enough time to thoughtfully evaluate their packages before having to make a commitment.
The cause of these delays stems back to the redesign of the FAFSA (Free Application for Federal Student Aid) which was released months after it’s typical October 1st timeline and what was released came with a host of technical and unforeseen issues. Needless to say, the already late release of the FAFSA was even further hindered by subsequent unexpected difficulties and circumstances that made for an admissions perfect storm for students.
Just a few weeks ago, Edvisors asked 1,000 students about this year’s FAFSA experience. 41% of students surveyed acknowledged they are counting on their financial aid packages to make their decision, that the offers they receive will determine where they can and can’t afford to go. A majority of students also admitted that they count on their financial aid to help pay for school and that they are frustrated with the process this year and who can blame them; it’s been one set back after another in what is already typically a stressful and competitive process.
Tips for Using the Time Wisely While Waiting for Your Aid Package:
While waiting for your financial aid packages to arrive, you can use your time wisely by getting prepared and making sure you're ready to make informed decisions once those packages are in your hands. Here’s how you can stay proactive:
1. Research Schools
Learn more about each school you've applied and been accepted to. Look into their campuses, what student life is like, and the programs they offer. This isn't just about numbers; it's about feeling out where you could see yourself thriving.
2. Understanding the Financial Aid Award Letter
Get a head start by understanding all the terms related to financial aid that could come in your award letter. What’s the difference between grants and loans? What does work-study mean? Knowing these will help you understand your packages better when they arrive.
3. Create a Budget
Think about how much money you’ll need for college. Don’t just consider tuition—remember books, room, food, and maybe even a little fun. This will help you evaluate how far your financial aid package will go at each school.
4. Scholarships Search
There’s always more scholarship money to find. Use this waiting time to apply for more scholarships. There are lots out there based on all kinds of things, not just grades or sports.
5. Talk to Current Students or Alumni
If you can, chat with people who've been to the schools you're considering. They can offer insights you won’t find in a brochure or on a website.
6. Plan Your Visits
If you haven’t already visited the campuses of the schools you’re interested in, now might be a good time to plan those visits. Seeing a campus in person can give you a feel for the place that pictures just can’t match.
7. Get Your Questions Ready
Make a list of questions you have about each school or your financial aid packages. That way, when your packages do arrive, you’ll know exactly what information you’re looking for and what you might need to ask the financial aid offices. With limited time, if you think you may need to appeal for more aid, you’ll want to be ready and prepared as soon as possible to begin that process.
Using your time effectively now means you'll be in a great position to make the best choice for your future quickly given you may not have a lot of time when your financial aid packages come in. Remember, choosing a college is a big decision, but being prepared will help you make the right choice for you.