At Bay Path, we’re guided by the belief that college should be affordable, and we’re dedicated to working with each student to ensure that they receive as much financial aid as they are entitled to. Last year, the FAFSA process was plagued by delays, which left many students and families unsure about where they would be attending college and how they would pay for it.
Our students were largely protected from that uncertainty because we were able to provide our applicants with their financial aid package as soon as we received their FAFSA information. We guided them throughout the admissions process to make sure they understood how their financial aid was determined and how it reduced their tuition and other costs.
Our goal is to demystify paying for college by providing clear, concise information; sticking to deadlines; and making sure there are no surprises for students and their families. In an effort to share that information more widely, we’ve put together a list of six concepts students and families should understand when evaluating college financial aid packages:
How much will we have to pay?
- The totals quoted on a college website for tuition and room and board are known as the 'sticker price.' However, many students actually pay far less than that price due to receiving scholarships and grants from universities, the federal government, and the state. Considering all those factors, the average cost for an undergraduate at Bay Path is around $12,000 a year. Many colleges offer a net price calculator, which will tell you how much it will cost your student to attend after taking into account the financial aid your family is likely to receive.
What is FAFSA?
- FAFSA (Free Application for Federal and State Aid) - is how you apply for State and Federal Student Aid. You and your student - if they are a dependent - will need the following documents to complete the FAFSA:
- Your student’s Federal tax return and all W-2 forms for the year prior to the upcoming school year
- Your Federal tax return and all W-2 forms (if your student is dependent)
- Bank statements for checking, savings, and investment accounts
If you are divorced, separated, or never married, and don’t live together, the parent who provided more financial support during the last 12 months is the contributor and must provide their information. If both parents provide an exact equal amount of financial support or if you don’t support your student financially, the parent with the greater income or assets is the contributor and must provide their information.
What does a college do with your FAFSA information?
- Once a college receives the information from your FAFSA filing, it puts together a financial aid package for your student based on how much your family can contribute, any scholarships your student receives, and grants from your state and the federal government. Bay Path offers generous merit scholarships for academic achievement, for example, as well as scholarships for transfer students. If your student has listed a college on their FAFSA application, and is an accepted student, they will receive a financial aid award letter from them. Bay Path provides every accepted student whose information we receive with their financial aid award package in less than a week.
How do I know how much aid my student is receiving?
- The award letter your family receives from the college should spell out how much overall aid your student will get and outline the amount you need to pay after receiving financial aid. Your student should check that scholarships are renewed each year - usually this is the case as long as they maintain a good academic standing. Bay Path's Student Financial Services advisers are always ready to talk to students about their award letters.
What is the difference between scholarships, grants and loans?
- Scholarships and grants are money your student won't have to repay. At Bay Path, every accepted student receives a generous Merit Scholarship, which helps to reduce the cost of college considerably for our students. Federal, state and Bay Path need-based grants are available to qualifying students based on the results of the FAFSA application. We also encourage students to apply for private scholarships through their local community. Student and parent loans are available through the federal government or private lenders.
When will I know how much money my student is going to get?
- This will vary from college to college. At Bay Path, if your student is accepted or has deposited, our Financial Services team can calculate your family’s award package within days of receiving your FAFSA information. Bay Path also offers rolling admissions, which means your student can decide to accept their place until about a month before the semester they plan to enroll, unlike other colleges which may want your student to make a commitment on May 1 or June 1.
Whether you are filing for the first time or have gone through this process before, you are not alone. Reach out to our Student Financial Services office anytime with questions. We are here to help!
Student Financial Services
sfs@baypath.edu
413-565-1256
