However, parents and their student-athlete should consider that other “need-based” scholarships exist that do not always relate to their annual income. These scholarships are awarded to a student-athlete based on the school’s need for the student. A student-athlete attending a Division III school, for instance, cannot technically be awarded an athletic scholarship as the NCAA prohibits scholarships based solely on athletic ability at this level. Colleges give out scholarships based on leadership, academic, or merit, as well as their desire to create a competitive grants-in-aid package to attract a student they need for t heir team and campus.
The hidden reality is that colleges have “pots” of money they can dip into for students that qualify (especially athletes). These “pots” are not listed in the brochures, and therefore a lot of families do not realize they exist. For example, some colleges have pots that the financial aid staff can dip into for students who are journalism majors from Wisconsin,” or for students who have a “3.77 GPA and 1100 SAT and want to major in physical therapy”
Whether you are looking to maximize your traditional “need based aid” or find the hidden money that exists at colleges, here are 8 steps to follow:
1. Know your family’s EFC:
EFC stands for Expected Family Contribution. You can find the EFC calculator hereto determine an estimate of this number. Whatever your family’s EFC turns out to be, will make a big difference in the amount you are expected to contribute to college. So think of the EFC as the amount of money you will be expected to come up with for school (to which academic/athletic scholarships will be added).
EFC stands for Expected Family Contribution. You can find the EFC calculator hereto determine an estimate of this number. Whatever your family’s EFC turns out to be, will make a big difference in the amount you are expected to contribute to college. So think of the EFC as the amount of money you will be expected to come up with for school (to which academic/athletic scholarships will be added).
2. Complete your FAFSA
FAFSA stands for Free Application for Federal Student Aid and can be found here. The biggest mistake a lot of families make is not filling the FAFSA out because they think their family income is too high. This could not be further from the truth. Every family, regardless of income, has an EFC (estimated family contribution) number and the LOWER your EFC, the more aid you will receive. Even if you may not receive a significant amount of financial aid, you should still complete the FAFSA because it can act as an insurance policy for your son/daughter’s education. If there is a change or loss of income or an emergency in your family; you will not be eligible for college funds if you do not complete the FAFSA on an annual basis.
FAFSA stands for Free Application for Federal Student Aid and can be found here. The biggest mistake a lot of families make is not filling the FAFSA out because they think their family income is too high. This could not be further from the truth. Every family, regardless of income, has an EFC (estimated family contribution) number and the LOWER your EFC, the more aid you will receive. Even if you may not receive a significant amount of financial aid, you should still complete the FAFSA because it can act as an insurance policy for your son/daughter’s education. If there is a change or loss of income or an emergency in your family; you will not be eligible for college funds if you do not complete the FAFSA on an annual basis.
The first date you may submit the FAFSA is January 1 of senior year. Submit the FAFSA on this date or as soon after as possible! University financial aid budgets are limited and are awarded on a first come first serve basis, so the earlier you submit your FAFSA, the better your chances of receiving aid. Each college/university has a specific deadline and at a certain point, the money does run out.
3. Apply early:
Funds are given on a first-come first-serve basis. If you can get your application in by the early date, that is ideal. Most schools will automatically qualify you for merit-based aid just for applying. From a recruiting standpoint, this is yet another reason to get started early and begin targeting the right schools and developing relationships with those coaches.
Funds are given on a first-come first-serve basis. If you can get your application in by the early date, that is ideal. Most schools will automatically qualify you for merit-based aid just for applying. From a recruiting standpoint, this is yet another reason to get started early and begin targeting the right schools and developing relationships with those coaches.
4. Ask the coach for an early financial aid read:
Most schools have their own financial aid forms you may fill out before the FAFSA is even turned in. They would then submit the information to financial aid and give you an estimated dollar amount. This gives you a starting point.
Most schools have their own financial aid forms you may fill out before the FAFSA is even turned in. They would then submit the information to financial aid and give you an estimated dollar amount. This gives you a starting point.
5. Know the school’s financial aid policy:
Most schools will list their scholarships on the website under “Financial Aid.” Be sure to thoroughly check for merit-based scholarships you may qualify for. Make sure to understand the right questions to ask the coach about types of financial aid you qualify for.
Most schools will list their scholarships on the website under “Financial Aid.” Be sure to thoroughly check for merit-based scholarships you may qualify for. Make sure to understand the right questions to ask the coach about types of financial aid you qualify for.
6. Obtain outside scholarships:
Ask your high school guidance counselor, church, workplace, or anyone for that matter about scholarships they know of. Third party sites like Fastweb offer a free, personalized and comprehensive list of scholarships that might fit your circumstances.
Ask your high school guidance counselor, church, workplace, or anyone for that matter about scholarships they know of. Third party sites like Fastweb offer a free, personalized and comprehensive list of scholarships that might fit your circumstances.
7. Have leverage:
Leverage is a term typically reserved for the boardroom, but when it comes to recruiting, it can have a strong impact on the amount of money a recruit will receive. The reality for recruits is that the more schools that are pursuing you, the more leverage you will have when negotiating your financial package. While there are right and wrong ways to parlay your leverage into proper negotiation strategies, the first step is to get as many of the right schools involved as possible.
Leverage is a term typically reserved for the boardroom, but when it comes to recruiting, it can have a strong impact on the amount of money a recruit will receive. The reality for recruits is that the more schools that are pursuing you, the more leverage you will have when negotiating your financial package. While there are right and wrong ways to parlay your leverage into proper negotiation strategies, the first step is to get as many of the right schools involved as possible.
8. Appeal your offer:
Calling or emailing the financial aid office to inform them of other offers or just to simply ask them for more money often yields great results. You will never know if you don’t try. Sometimes the coach is also able to offer you support during this process. Ask a lot of questions and find out what the individual school policy is. There are certain appeal techniques which can be used to maximize this portion which can save you thousands of dollars.
Calling or emailing the financial aid office to inform them of other offers or just to simply ask them for more money often yields great results. You will never know if you don’t try. Sometimes the coach is also able to offer you support during this process. Ask a lot of questions and find out what the individual school policy is. There are certain appeal techniques which can be used to maximize this portion which can save you thousands of dollars.
The financial aid process can be overwhelming and confusing. There are many intricacies and nuances that prevent families from capitalizing on the amount of money they could receive to attend a particular college. The good news is that even in a struggling economy, many colleges and universities are finding sources of money to make school more affordable. The best advice for recruits is to start early, do your research, and surround yourself with experts to make sure you are taking all the right steps.
October 7th, 2009 - by Chris Krause
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