Parents: Information
Welcome to the AXS Companion to Common App! In this resource, we have combined printed and video explanations to help your student understand how to apply to colleges and universities using Common App, an online application that is accepted by over 1,000 colleges and universities.
If you want to watch a video in your preferred language, the 3rd video (below) explains how to set up Closed Captioning in each AXS Companion video.
The AXS Companion is a guide to walk you through the Common App. This is a shareable, free, and open resource.
In this video, we explain how to use Closed Captioning, which offers translation in multiple languages.
Financial Aid
The AXS Companion also contains helpful links to additional resources and advice on topics such as finding colleges that offer generous financial aid and understanding a financial aid award letter.
Financial aid vocabulary and definitions are listed before the step-by-step videos to provide clarity.
Vocabulary
- Total Cost of Attendance (COA):. The total COA includes tuition, fees, room and board, books, transportation, and personal expenses. This is often referred to as the “sticker price” of a college.
- Net Price: The total cost of attendance minus all grants and scholarships. Grants and scholarships are free money that does not have to be paid back.
- Student Aid Index (SAI): The Student Aid Index (SAI) is a calculation used by college financial aid administrators to determine a student’s need-based financial aid. This is determined from the information the student provided on their FAFSA form.
- Expected Family Contribution (EFC): Expected Family Contribution (EFC) was a calculation used in past versions of FAFSA to determine financial need. EFC has been replaced with SAI, Student Aid Index.
- Need-based aid: Need-based aid includes scholarships and grants, work study, and subsidized loans that students may receive to help pay for college. Need-based aid is awarded based on a family’s financial need.
- FAFSA: The Free Application for Federal Student Aid (FAFSA) is an application that must be completed annually by students to receive need-based financial aid. Almost every college uses FAFSA information to calculate the student’s eligibility for need-based aid.
- CSS Profile: Approximately 175 colleges and universities require an additional application for financial aid for students seeking assistance. These institutions require both the FAFSA and the CSS Profile to determine the amount of financial aid a student is eligible to receive. There is a fee for the CSS Profile.
- Grants: A grant is a form of financial aid that doesn’t have to be repaid.
- Loans: A student loan is a type of financial aid that you borrow to help cover the costs of college. You must repay the loan as well as the accrued interest.
- Merit aid: Merit aid is non-need-based financial aid that is awarded based on achievements related to things like academics, athletics, music, or civic participation. Merit aid awards are not based on a family’s ability to pay.
- Work-Study: Work-Study is a type of financial aid that provides part-time jobs for students with financial need, allowing them to earn money to help pay for their educational expenses.
Videos
In this video, we provide an overview of Common App’s Financial Aid Resources.
In this video, we discuss why families should understand that the “sticker price” of a college (the full cost)is not what many students/families actually pay for college. It is typically less. What a student/family actually pays is determined by what the federal government and the college calculate, based on parent and student income and assets, as well as demographic factors. This video is approximately 10 minutes.
In this video, we discuss the parts of a financial aid award and why you should apply for need-based financial aid. This video is approximately 12 minutes.
In this video, we discuss who should apply for financial aid and how to apply. We will discuss the Free Application for Federal Student Aid (FAFSA), where to find what applications are required by each college, information needed to complete each application, and when to apply. This video is approximately 12 minutes.
In this video, we discuss using loans to help pay for college. Student loans are often part of financial aid awards. We also discuss how to distinguish between reasonable and excessive debt. This video should take approximately 12 minutes.
In this video, we help students and families understand merit aid. This video should take approximately 12 minutes.
In this video, we discuss how to create an application list of affordable colleges. There are three components of a smart college list: financial fit, social fit, and academic fit. We show students various resources they can use to identify colleges that will be affordable for them and their family. This video should take approximately 25 minutes.
Tips & Reminders
- If a student is applying for federal financial aid, they will need to enter their Social Security number. Parents do not need to have a Social Security number in order for their student to apply for financial aid.
- Fee waivers for Common App are available for students who have financial need. Students who need a fee waiver must indicate that need by checking the box in My Common Application. *Where in the application do they indicate this?
- Students should review their application carefully before submitting to find any errors or typos.
- Once they have submitted an application, they will receive a follow-up email from the college. They should read the email and all emails from that college because these often contain important information.
- After a student submits an application, the college might ask them to create a portal on the college website. Students should do this. The portal is used to track their application and make sure that the college receives all of the parts of the application, including the student’s transcript, test scores (if relevant), letters of recommendation, and other pieces. The portal is also where colleges often share admissions decisions.
- It is the student’s responsibility to ensure that all parts of the application are received.
- Approximately 85% of students in the US do not pay the full cost(“sticker price”) for college. There is a possibility that you may be eligible for financial assistance for college.
- Most students must complete the Free Application for Federal Student Aid (FAFSA) to be considered for financial aid. Approximately 175 colleges and universities also require the CSS Profile, a second application for financial aid.
- Applying for financial aid with FAFSA is free.
- Applying for financial aid with the CSS Profile requires a fee.
- Students with little or no demonstrated financial need should look for colleges that are generous with merit aid. Students with moderate to high financial need should look for colleges that are generous with need-based aid.
- To determine if you have high, moderate, or low financial need, you must calculate your Student Aid Index (SAI). You can also calculate your expected costs at a particular college by using a Net Price Calculator (NPC) for that college. You can find links to these resources below.
Resources
- FAFSA (Free Application for Federal Student Aid). For help with your financial aid application:
- FAFSA Help for resources, including articles, videos, and infographics
- Aidan, the financial aid virtual assistant, can be accessed by selecting the owl icon in the bottom right-hand corner of a page on the FAFSA site. You can use this tool to find answers to most questions
- FSA Information Center at 800-4-FED-AID (800-433-3243). The TDD number for hearing-impaired individuals is 800-730-8913
- CSS Profile – an additional financial aid application used by some colleges and universities
Find colleges that:
- Meet 90% of financial need or more
Are generous with merit aid or have lower sticker prices
Big J Educational Consulting’s Domestic Financial Aid Chart
Collegedata.com
Need-based aid includes scholarships and grants, work-study, and subsidized loans that students may receive to help pay for college. Need-based aid is awarded based on a family’s financial need.
Many colleges require applicants to submit one or two letters of recommendation from teachers as part of their application. The purpose of the letter is to provide a college or university the opportunity to learn more about you, the type of student you are, and how you contribute in the classroom, school, or community. Many colleges also request a letter of recommendation from your high school counselor. The counselor’s recommendation is used to understand your school and its curriculum and how you as a student fit into the school community. Many colleges also accept recommendations from “other” recommenders, which can include an employer, a coach, or another person who knows you well and can speak to your accomplishments or character. Each college where you will apply states how many letters of recommendation they require. Be sure to go through these requirements and identify the people who will provide the letters of recommendation. Some high schools use Common App to manage their recommendation process while other high schools use different platforms such as SCOIR, Parchment, or Naviance. Talk to your high school counselor to learn how your school handles the recommendation process and be sure to follow that process.
The Student Aid Index (SAI) is an eligibility index number that a college’s financial aid office uses to determine how much federal student aid students would receive if they attend the school. This number results from the information the student provided on their FAFSA form.
The total cost of attendance minus all grants and scholarships. Grants and scholarships are free money that does not have to be paid back.