Financial Aid & Scholarships in College

Hello RCDS Families!

If paying for college is a concern, start to research different funding sources NOW. The better you understand this process, the less stressful and more successful it will be! We firmly believe that students and parents/guardians should understand how applying for financial aid will influence your college process. The very first step we recommend is that your family complete a Net Price Calculator in order to get a rough idea of your potential costs associated with college.

Pro Tip: BOOKMARK AND READ THIS ENTIRE PAGE!!!

Financial Aid

How does Financial Aid Work?

Demonstrated financial need is the gap between the EFC and the COA. This is what financial aid from colleges will attempt to cover.

Demonstrated financial need is how much financial assistance a family will need to cover the cost of attendance at college. This figure relies on two data points—a family’s expected family contribution and the cost of attendance at that specific college.

The expected family contribution (EFC) is how much a family is projected to be able to contribute towards the cost of attendance at any college and is determined by the calculations generated by the FAFSA. Generally, the higher the family’s income and the more assets a family has, the higher the EFC will be.

The cost of attendance (COA) is the total sticker price at that particular institution. This includes room, board, tuition, any necessary fees, and essential personal expenses that a student will that school for one full academic year.

Financial Aid Forms and Applications

Applying for financial aid may seem overwhelming. There are lots of forms with technical questions, but it is really quite simple as long as you stay organized. Most colleges expect forms to be completed before FEBRUARY 1st. However students applying Early Decision/Action may have earlier deadlines to be considered for aid. It is safe to assume that you want your financial aid applications to be complete by NOVEMBER 1st if you are applying Early Decision/Action.

Here are the financial aid forms that you are likely to need to submit to get the most scholarships and financial aid.

FAFSA is required by every college in the U.S. The online form asks basic questions about income, savings, and assets for the entire family using the most recently completed (2021) federal tax returns.

Pro Tip: DO NOT PAY TO SUBMIT YOUR FAFSA! Make sure you are at the correct website: https://studentaid.gov/h/apply-for-aid/fafsa. Fake sites are out there and eager to rip you off.

FSA ID allows students and parents to sign the FAFSA electronically. Both students and parents need their own FSA ID. The FSA ID you choose will be your PIN for life, so if an older sibling applied for college, your parents will have to use the FSA ID.

Pro Tip: You and your parents/guardians can apply for a FSA ID in advance of beginning your FAFSA to make the process easier, but you are able to create one during the FAFSA submission process.

TAP is required by every college in NY State. If you attend a NYS college, you may be eligible for additional grant money!

Pro Tip: The form is done online AFTER the FAFSA is submitted using NY State taxable income, savings, and assets using NY State tax returns.

CSS Profile is required by many private colleges. The form is done online using federal tax returns for 2019, 2020, and a prediction for 2021. CSS also asks specific questions about debt, pensions, mortgages, rent.

Pro Tip: You and your parents will need your College Board login information, from SAT or Subject Test registration, to complete the form. There is a cost associated with submitting the CSS Profile, but you may qualify for a fee waiver based on the income that is reported. If you do not qualify and need financial assistance to submit it, talk to your counselor because we are likely able to help!

IDOC is a branch of the College Board that helps colleges gather official financial aid information from students who submit the CSS profile. Once you have completed the CSS profile, you may be able to submit one copy of your parent's/guardian's income information directly to IDOC who will then send it to their participating colleges.

Pro Tip: If you are applying to a school that does not use the IDOC process, you will need to eventually send a copy of 2021 tax documents directly to each school.

Non-Custodial Parent Profile is a required form for students with divorced, separated, or never married parents. The non-custodial parent is required to complete a form about their income.

Pro Tip: If you know you are going to have difficulty getting information from your non-custodial parent, PLEASE speak with your college counselor. We can help you apply for an exemption from each of your colleges that waives the need of this information.

IRS 1040, W2, and/or public assistance summary forms. All colleges will eventually require a completed 2021 Income Tax return and W2 form.

Promissory Loan Application. Most colleges will recommend students to borrow some money as a contribution toward their tuition. The Promissory Loan Application is completed online and requires "Loan Counseling" by taking an online quiz about your knowledge of loans.

College Supplemental Application. Some colleges have their own financial aid application that is used in combination with the FAFSA to determine financial aid packages. Be certain to research your schools and their filing process to learn whether or not you need to complete any additional forms in order to complete your financial aid application.

What you need to complete Financial Aid Forms

Here is a list of all the financial documents and information that you and your parent/guardian will need to have in hand in order to complete the FAFSA, CSS Profile, and other various financial aid forms and applications.

The list of colleges to which you are applying (or considering applying)
Your student’s College Board login information
Your social security number or Alien Registration Number, date of birth, and email address
Your parents'/guardians' social security number, Alien Registration Number if they have one. (It is all right if they do not but please make sure you share that with your counselor.)
A form of online payment (to register for the CSSProfile in the event you do not qualify for a fee waiver)
You and your parents'/guardians' 2021 federal income tax returns if applicable
You and your parents'/guardians' W-2 forms and other records of money earned in 2021 if you have one
Records of untaxed income and benefits for 2021 if applicable
You and your parents'/guardians' most recent pay stub from 2022
You and your parents' guardians' current bank statements
Records of savings, stocks, bonds, trusts, and other investments – including home value – mortgage statements, real estate, businesses etc. if applicable
If your biological parents/guardians are divorced or separated, the email address of your non-custodial parent.

10 of the Biggest Financial-Aid Mistakes (WSJ article)

Skipping the financial-aid process - Don't opt out because you think you will not receive aid. Let the schools tell you that you do not qualify.
Not involving the student in the process - We think it is pivotal for students to have a basic understanding of the family financial situation and how the cost of college may affect everyone.
Being unprepared - Make sure you have the W2s, 1099s, investment information, child support information, current savings information, FSA IDs for parent and student etc.
Not using the IRS data-retrieval tool - If you can link the FAFSA to the IRS, the process of verifying your income information is MUCH easier.
Missing important deadlines - RCDS deadlines are often flexible. We are understanding of various situations that might get in the way of meeting deadlines. You should act as though college deadlines are NOT flexible.
Not filing the right documents or filling out the wrong year's FAFSA - simple mistakes that cause unnecessary headaches.
Not leaving enough time to do the forms.
Making careless mistakes or failing to follow instructions.
Not paying attention to financial-aid office communications.
Not seeking help when needed - WE ARE HERE TO HELP!!!

Scholarships

There are two types of scholarships:

Need-based scholarships/grants are based on your family income and assets. You will need to submit forms called FAFSA, CSS Profile, and TAP (NY residents only), as well as documentation of your parent's/guardian's income for need-based aid. These forms are usually submitted in October of your senior year when applying to college in the Early Round.
Merit-based scholarships are based on a talent you have. Merit scholarships could be given for excellence in athletics, art/music, leadership, SAT scores, grades, or community service.

The key to receiving scholarships is applying for them. It will take some grunt work to find appropriate scholarships and to complete the paperwork, but it is worth the effort.

Net Price Calculators

All colleges have a Net Price Calculator on their website. It estimates based on family income, family size, and assets how much you will actually have to pay at a given school. Clicking here will help you find all of your colleges calculators for financial aid estimates. Some of the most selective colleges in the country partner with a site named myintution.org. You can attempt to find your colleges on that site using this link. PLEASE ENSURE YOU DO THIS WITH YOUR FAMILY!

Scholarship Search Engines

There are a few good search engines that can help you find scholarships that are a match. Beware, you are likely to receive a lot of emails once you register.

Pro Tip: Our advice is to create a professional email just for the college process that will be used for this purpose.

Collegegreenlight.com is likely our favorite resource. It has scholarships, fly-in visitation program information, and much more. Make an account and look around!
Fastweb.com requires students to register for an account. Students receive weekly emails for the latest scholarship links.
Collegeboard has a comprehensive scholarship database. Most of these scholarships are "national" so the competition will be fierce.
Scholarships.com is the largest free and independent scholarship search and financial aid information resource on the Internet, with more than 2.7 million scholarships worth a total of $19 billion in their database.
New Visions provides links to more local scholarships that you may be qualified for.

Financial Aid Educational Resources

Introduction to the College Financial Aid Process Workshop: May 21, 2022

Questions?

Have questions you'd like to have answered on this page? Submit them to us and we will post the answers here for anyone else that might want to know.

SUBMIT QUESTION

Q&A

Can I get a rough idea of how much I am going to have to pay? 
All colleges have a Net Price Calculator on their website. It estimates based on family income, family size, and assets how much you will actually have to pay at a given school. Clicking here will help you find all of your colleges calculators for financial aid estimates. Some of the most selective colleges in the country partner with a site named myintution.org. You can attempt to find your colleges on that site using this link. PLEASE ENSURE YOU DO THIS WITH YOUR FAMILY!

How do I know which colleges will meet my financial need and which colleges will gap me?
 If you are concerned about affording college, talk to your college counselor. Much like you have reaches, targets, and likely schools on your list, you should also have schools that you are confident will be affordable for you in the end.

A good place to begin your search process is by looking at schools that will be affordable no matter how little need-based and merit-based aid you receive, like the public colleges in your city or state of residence (CUNY, SUNY, UConn)

You should also explore colleges that meet 100% of demonstrated financial need for applicants. A comprehensive list can be found here.

What if I have a complicated family and/or financial situation? 

The RCDS College Counseling Office and the Office of Diversity and Inclusion (Mr. Morgan) have a long history of working with VERY complicated situations regarding financial aid, and we are more than happy to provide whatever assistance we are able to help you and your family receive as much support as possible.

Pro Tip: Have questions you'd like to have answered in this section? Click here and submit them to us and we will post the answers here for anyone else that might want to know.

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