After parents and students submit all the necessary documents and forms for the Free Application for Federal Student Aid (FAFSA), they will start receiving aid. However, they might be surprised that financial aid offers for each university are different. Some might offer a higher amount while others might be lower. Here are several factors that affect these financial aids.
Some colleges have more money
As all men are not equal, so are colleges. Some colleges have very generous alumni so it makes sense why they have more money. Consequently, they have more flexibility in offering aid to their students.
They might have used some of the funds already
One of the risks when passing the FAFSA application late is that some financial aid offers are on a first come first serve basis. If you submit them late, you might miss the choicest part as it has been given to the students who applied first. Thus, it is advisable to submit your financial aid application as early as possible.
Find a college where your child's skills are needed
Some colleges offer higher financial aids if they see some potential in the student which the school can utilize. The most common of these are your child's academic or athletic skills. However, these are not the only areas some colleges are looking for.
Some colleges consider other income possibilities
Aside from the FAFSA, other colleges require applicants to submit an in-depth report of their financial profiles. This can greatly impact the financial aid offers your child will receive as the school will look at the income power of the parents. Thus, if you and your spouse have a big income potential, that might mean less financial aid.
The bottom line in order to get the best financial offer is to wait until you receive a response from all the applications you submitted. Then, you can make an informed decision about it.
