Melissa Korn

speaker

822 appearances 14 recordings 1 series first heard Sep 2017 last heard Sep 2024

Melissa Korn’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Applying for College Financial Aid: How It Works and Mistakes to Avoid · 27 Apr 2022 podcast

Are you spending all your money on that fancy Beamer or are you setting aside money to pay for college? matched

And they want to know it all. matched

And for schools that give institutional aid, private schools that use the CSS, they really consider a lot more nuance with the CSS profile than you might get with the FAFSA. matched

If a school requires the CSS profile to be considered for institutional scholarships, fill it out. matched

Just doing the FAFSA is not enough. matched

Yes and no. matched

Families can fill out the FAFSA when a school year has already started and they will still have access to federal aid dollars and federal loans. matched

But a lot of state aid and a lot of institutional aid is limited and is doled out on a first-come, first-served basis. matched

So it is in a family's best interest to submit the FAFSA and the CSS profile where needed as soon as the process opens, which is October 1st, for kind of the year before you're going off to school. matched

Yeah, so there are formulas in place that look at income, assets, and that can include 529s, retirement assets, home equity, depending on which formula a school is using. matched

And they determine if you're eligible for federal need-based aid, things like Pell Grants and certain types of loans where the interest is covered while you're in school. matched

And even if you don't qualify for those, you can still take out other types of loans. matched

So there's this assumption that it's kind of arbitrary in a black box, and it's not. matched

But that doesn't mean that it's straightforward and matched

Now, let's say you submitted the FAFSA. matched

What do you do next? matched

The school will notify you of your financial aid package, usually around the time it notifies you of your acceptance. matched

So you'll find out that you got in, and the school is offering you $0 in aid, or the only money you're getting is the federal loans that you're eligible to take out, or hey, guess what? matched

We're really impressed with you. matched

We really want you. matched

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