Money Matters - From Marshall to College

As increasing college costs put more stress on family resources, the topic of financial aid can be a decisive factor in the college search for many families. The College Guidance Office strongly encourages students to honestly and openly discuss with their family the role of financial assistance in the college selection process. While we believe that the total cost of college should not be the primary factor which shapes the college search, availability of financial aid frequently plays a critical role in the final decision about which college a student attends.

There are two basic types of financial aid. One is merit based (academic or other talents) and the other is need-based, requiring a family to submit financial documentation which establishes their eligibility for aid. A third party, the College Scholarship Service (CSS), serves as an impartial agent in assessing eligibility.

The Timetable For Applying For Aid

Families should begin to explore financial aid and scholarship opportunities as early as the summer before senior year. CSS profile forms should be completed in the winter of senior year; the federal applications are also due in the winter. To stay on top of your financial aid efforts, we suggest families use the National Association of Student Financial Aid Administrators' (NASFAA) financial aid application checklist - found at http://www.nasfaa.org/redesign/ApplicationChecklist011007.doc. Families may find this checklist helpful during the college years as well. The following link is also useful: http://www.nasfaa.org/redesign/ParentsStudents.html.

Once students receive their decision letters and financial aid packages in March and April of their senior year, we recommend that students, parents and guardians use the following NASFAA worksheets to make informed decisions.

http://nasfaa.org/subhomes/financialaidnight/coacomparison102606.doc.

The College Guidance Office encourages parents and guardians to discuss financing higher education with their children in order to assure that college planning will reflect family circumstances and will promote the search for any and all means of supporting our students' aspirations. Please contact the College Guidance Office if you have any questions regarding financing your child's college education.

Need-based Financial Aid

This is the most common form of financial assistance. Need-based financial aid packages include combinations of federal, state and/or institution-based loans, grants and work-study programs.

Free Application for Federal Student Aid (FAFSA)

The FAFSA website offers you information on: (1) getting organized to complete the FAFSA, (2) completing the FAFSA, and (3) checking on your status or updating your FAFSA information.

FAFSA Pin Website

The PIN is needed only if you plan to submit the FAFSA electronically. To apply for your PIN online, go to the Department of Education's PIN Site. Both students and parents can apply for PINs. If you are a dependent student, you and your parent will need to sign your application. Therefore, we recommend that you and your parents apply for a PIN now.

Instructions for Completing the FAFSA

This website contains detailed instructions for every question on the FAFSA.

CSS Profile

The online first step of the financial aid form that is required by many colleges (especially private colleges). This profile is used to determined your family's financial need and from there determine the amount of aid awarded by a college. The profile is used by colleges to determine non-federal assistance.

FinAid
This is probably the best site for information on all aspects of financial aid. Loans, grants, estimators; if it has to do with financial aid, it is probably here. Every family considering need-based aid should determine their approximate eligibility by completing the means test offered by the College Board. We also encourage families to use this link for a Need Analysis, Financial Aid Estimation Form. This will provide you with an Estimated Family Contribution (EFC) for college. Knowing what your EFC is, you can then begin to look at grant and/or loan options for paying college costs.

Sallie Mae
Lots of information on student loans and financing a college education. This agency administers the Federal Parent Plus Loan program.

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Merit Aid - Scholarships

Merit aid – for academic and/or other special talents – can come from a variety of sources. These include college-sponsored scholarship programs, corporate or non-profit scholarships, government sponsored scholarships (military academies, state scholarships), and/or multicultural scholarships. For more information, please review the scholarship section on our web site for further details.

Families should not overlook the variety of scholarships (both merit and need-based) available through almost every college and university in the country. In addition, be aware that thousands of foundations and organizations earmark money for college-bound students each year and in some cases the funds go unused.

To help Marshall's seniors, we compile the scholarship information we receive each year from colleges, universities, organizations, and foundations eager to award money to deserving students. As we receive this information, we compile the list along with the criteria and application procedures for each. We then distribute these to every senior. Parents often receive e-mail updates regarding scholarships and deadline information throughout the school year.

Local Scholarships:

Duluth-Superior Community Area Foundation Currently the Community Foundation administers more than 35 scholarship funds. These scholarships have been established by individuals, businesses, and organizations wanting to help residents of northeastern Minnesota and northwestern Wisconsin achieve their educational goals. The Community Foundation also provides services for three affiliated trust scholarships.

Each scholarship fund has specific eligibility criteria that are defined by the donor when the fund is established. Some of these criteria are geographical area, financial need, academic record, recommendations, seriousness of purpose and school and community involvement. Community involvement opportunities may be found at the True North Volunteer Center Inc..

Marshall H. and Nellie Alworth Memorial Fund In 1949, as a memorial to his parents, Marshall W. Alworth established the Marshall H. and Nellie Alworth Memorial Fund to provide scholarships in certain designated basic sciences for students with outstanding scholastic ability. It was the hope of the founder thus to help young people prepare for careers that may be of benefit to humanity.

 

Other Scholarships:

 

FastWeb
This is possibly the biggest and best scholarship search site on the web. You do have to register, but it is free.  It's best to create a separte e-mail account for FastWeb, as students will receive an average of 20 e-mails a week from FastWeb.

SchoolSoup

This is another national scholarship search site. You need to register, and it's free, but there are no guarantees that you won't receive spam occasionally.

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FAQ About Financial Aid

Q: How can I tell if my child is eligible for financial assistance for college?
A: Take a means test and see if the child qualifies for need based aid.

Q: How do I find out about merit scholarships?
A: The College Office has a list of colleges and organizations that sponsor merit scholarships. There are many others that may be accessed through various local and national organizations. (ex: Rotary Club, DSACF, Alworth, etc.) Please review the scholarship section on our web site.

Q: If my child receives need-based aid, won't a merit award just get subtracted from the need-based aid offer?
A: In some cases colleges subtract the outside award from the whole package, thus reducing loans and self help as well as grants, while others subtract outside awards from loans and self help only.

Q: What if our family doesn't qualify for need-based aid but isn't prepared to pay the full cost of a private college?
A: Perhaps merit scholarships could help. Also state colleges with a lower price tag should be considered.

Q: If Marshall grants X dollars of financial aid, should we expect the same amount of aid from colleges?
A: Probably not. College is more expensive, and institutional and federal methodologies are different than the formula the private schools use.

Q: Does it hurt my chances of admission to apply for aid on my application to college?
A: It depends. The means test will determine first if you qualify for need-based aid. From there, it's a question of whether the college is need-blind, meaning that it will consider students for admission regardless of whether they need financial aid or not. If a college is need-aware (and many colleges are), a student's financial need may indeed affect the admission decision.

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List of Scholarship Opportunities

Please refer to the monthly e-newsletters.

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Marshall School College Counseling
1215 Rice Lake Road, Duluth, MN 55811
Phone: (218) 727-7266
E-Mail: CollegeCounseling