Financial Aid

Wen Juan Huang

Financial Aid Night - Reminders

Thank you, Jennifer for getting such a large crowd!  I was happy to see so many students participating.  Jennifer was the one person who helped me navigate the mysterious college applications and financial aid process.  She’s an excellent resource!

FAFSA
File the FAFSA as soon as you can.  First week of February is the best bet since many companies send out the W-2(s) at the end of January.  However, students need to check with each individual college for the financial aid deadlines.  Make sure the student and parent's SSN, name and date of birth are correct.  The student will need to request a PIN number, which is their electronic signature.  Parents can also request one if they want to sign the FAFSA electronically.  The other option for the parent is that the student can print out the signature page, have parent sign it and mail it in.

Federal Tax Return
File your taxes early this year so you can request your tax transcript.  If you are selected for verification, colleges are required to ask for a copy of your 2011 tax transcript.  You can request this directly from the IRS at www.irs.gov - the person who filed the tax return is the only one who can request the tax transcript.

Cost of Attendance (COA)
Available from each college, usually on their website.  You can use the current year as an estimate for next year.  The COA will include: (direct costs) tuition + fees, room +board, (indirect costs) books + supplies.

Working while in school
Federal workstudy and non-federal workstudy positions are available on most campuses.  Remember, working helps students with time management, provides work experience and the student benefits from having a mentor.  Many jobs require experience, not just a college degree.  Keep in mind that the student must pursue this option, not the parent. 

First Generation College Students
Last night, I didn’t mention anything regarding first-generation college students.  These students are often the first ones in their families to attend college.  Remember that Jennifer and the Financial Aid Offices are here to help you!  If you are unsure of anything, let Jennifer know and she can get you in contact with me.

Student Loan Debt
As I said last night, student loan debt surpasses credit card debt in this country.  Students are guaranteed student loans at the age of 17-18, when most don’t have credit cards and the student loan debt begins.  I have seen students who borrowed more than $120,000 in loans in order to pursue a bachelor’s degree.  I also had a student who defaulted on her loans and was unable to rent an apartment due to a failed credit check.  This is serious business that affects the student’s future opportunities to be able to rent an apartment, purchase a house or even a car!  I can write on and on about student loan debt, but it really begins with the family and choosing the college.  Engage the student in the financial discussions so s/he understands how much it REALLY cost to attend college. 

Financial Aid Office
Don’t be afraid to pick up the phone and call Financial Aid.  Each college has a Financial Aid Office to answer all your questions or concerns.  I, personally do not enjoy parents or students who yell at me so be very nice and you will get all your questions answered.  It is highly recommended that your student call and ask any questions they have . . .it is always great to see students being actively involved in learning more about paying for college. 

And finally, the biggest hurdle will be deciding where to go to school.  The decision that the student and family make of where to attend college affects the whole family’s future.  Keep in mind that a college experience is what the student makes of it.  It can be a very rewarding or not so rewarding experience – all depending upon the student’s outlook!  Students . . . it will not be the end of the world if you cannot attend your dream school.  Make the most of your college experience and you will have lifelong friendships (no matter where you go).  This is the best time of your life so be sure to meet new people, but more importantly, study and work hard! 

Wen


A big Thank You Wen, from the ICE Community for your informative Financial Aid Presentation!