<p>A lot of parents think that their excellent student and the fact that they are not well to do by their definition, means that the student will get financial aid/ merit money. They still the believe the “full scholarship” to Harvard myth. They also don’t have any idea that they have to fill out forms like FAFSA and PROFILE detailing what they consider their private situations. Even fewer are aware of how FAFSA and PROFILE/college’s own fin aid apps work and that they are two separate processes with different criterion. What is especially surprising to many folks is how low your income and how little your financial have to be to get that PELL grant which is really all your FAFSA EFC guarantees if low enough. A zero EFC really only guarantees you the PELL grant and subsidies on the STAFFORD loans up to COA at the chosen college. Some states and colleges do have automatic grants and loan subsidies and/or deals that are also available at certain EFC threshholds, and there are some automatic merit awards out there, but that may not be pertain to the college on your child’s list. </p>
<p>The whole trick is to make sure that you have covered as many of the bases as possible if you need financial aid. You need to check out the merit route, the 100% need met route, and the inexpensive schools. It is wise to cast a wide net, because you don’t know where the catch will be. I’ve known many different outcomes over the years. I know kids who got their best offer from expensive private schools, some for whom the state flagship was the best bet and for some commuting was the most inexpensive way to go.</p>