Navigating the World of Fast Tuition Assistance Options

The rising cost of education can be a significant concern for students and their families. The refrain "My daughter loves your school…but how am I going to afford it?” is a common one, highlighting the need to explore fast tuition assistance options. Fortunately, various avenues exist to make education more accessible. This article explores scholarships, financial aid, and other strategies to help you navigate the financial landscape of education.

Understanding the Landscape of Tuition Assistance

Affording private education, or any education for that matter, can feel overwhelming, but there are steps you can take to make the process easier so that you feel more prepared to make this important decision for your child’s future. The ways to receive tuition assistance are pretty straightforward - they are typically broken down into academic awards or need-based financial aid. The worst part of applying for tuition assistance is not understanding the types of aid available, but rather keeping track of the timelines and criteria associated with aid at each individual school. A Tuition Assistance Tracker Google sheet can help you organize this information as you go through your school search.

Academic Awards and Scholarships

Scholarships, also referred to as merit awards, are typically offered based on the applicant’s academic achievement. Academic achievement is most commonly measured by an applicant’s entrance exam scores as well as their report cards. If applying to high school, the school will usually review the applicant’s middle school transcript. Every school is going to have their own criteria to determine who qualifies for scholarship, and the awards offered to your child will differ accordingly.

Some key questions to consider include:

Does the school require applicants to take a separate scholarship exam? Sometimes, schools will have one exam for admissions and another for scholarship consideration.
Does the school require applicants to complete a scholarship application?
Are there deadlines for scholarship consideration? You absolutely must be mindful of when scholarship consideration begins and ends at each individual school.

Need-Based Financial Aid

The second type of tuition assistance is financial aid, which are need-based grants. In order to qualify for financial aid, the family needs to submit an application separate from the admissions application. This application is almost always submitted to a third-party financial assessment company, meaning your personal financial information is reviewed by an outside company, not by the school itself. Schools use a third-party company to do the “deep dive” into your financial situation, and then the company alerts the school’s financial aid committee of that family’s estimated financial need for the upcoming school year.

The financial aid assessment process will include the application, which you complete on behalf of your household using information found on your tax return. Then, you will be asked to submit specific financial documents (such as W-2, paystubs, etc.) to verify the information you included on your application.

Key questions to consider include:

What financial aid assessment company does the school use? If two or more schools use the same platform, then you can submit one financial aid application for those schools. There is a step within the initial application process where you can select the schools to which you would like to apply. Be sure to select all schools that use that particular platform. If your schools use different platforms, then you will need to submit to each platform separately. This can be tedious, as many of the financial aid applications ask similar questions.
What is the school’s deadline for financial aid applications? I cannot stress this enough - please, please, please find out when your intended schools ask their applicants to file for financial aid. These application windows can vary greatly from school to school.

Exploring Additional Avenues for Tuition Assistance

Beyond scholarships and financial aid offered directly by educational institutions, several other options can help ease the financial burden of education.

External Scholarships and Grants

Outside Scholarships - There are many nonprofit organizations that offer scholarship opportunities for students looking to attend private K-12 schools. It’s time to do some math! Pace University offers students as much financial assistance as possible. Financial Aid can come in many forms, including scholarships and grants, work study, and student loans. Scholarships and grants are considered gift aid. Always accept scholarships and grants offered to you first since they do not need to be paid back. Scholarships and grants are offered by Pace University, the Federal Government, New York State and private organizations.

CUNY ASAP: An Accelerated Study in Associate Programs

CUNY's Accelerated Study in Associate Programs (ASAP) offers comprehensive support to students pursuing associate degrees. ASAP is offered at 14 colleges across CUNY. ASAP is offered at nine CUNY community and comprehensive colleges. Completing all the steps in the CUNY enrollment process as early as possible can enhance your chances of joining ASAP.

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Benefits of CUNY ASAP

The program provides a range of benefits, including:

Tuition and Fee Gap Award: Eligible CUNY ASAP students receive a tuition and fee gap award that covers any remaining tuition costs not covered by TAP or Pell. The tuition and fee gap award that eligible CUNY ASAP students receive is NOT a loan and does NOT require repayment.
Financial Incentives: CUNY ASAP does not require students to pay back any financial incentives received.
Comprehensive Support: As students approach graduation, they receive customized support to transfer to their bachelor’s degree or transition into the workforce, depending on their goals.

Eligibility and How to Join

I am a New York State resident. No worries! You can still join CUNY ASAP and enjoy all program benefits except for the tuition and fee gap award. The New York State Dream Act provides students with opportunities to receive state aid, including TAP, Excelsior, and other state-administered scholarships.

Can I be in CUNY ASAP if I don’t receive financial aid? Yes. If you are not eligible to file for financial aid, or if you file but do not receive an award, you can still join CUNY ASAP as long as you meet the other program requirements. In that case, enrolled students receive all program benefits except the tuition and fee gap award.

To learn more about CUNY colleges that offer ASAP, general eligibility, steps to join, and local program contact information, direct your students to cuny.edu/joinasap.

Success of CUNY ASAP

Yes. CUNY ASAP has undergone rigorous evaluation by independent researchers and internal analyses, consistently demonstrating improved student outcomes. Our students hail from all areas of New York City and represent a broad range of ages, backgrounds, and academic aspirations. Nolvia Delgado, a proud alumna of BMCC and the first CUNY ASAP cohort, is executive director of the Kaplan Educational Foundation. Megan McNamee, CUNY ASAP alumna and CUNY 50 Under 50 honoree, is a UX designer at Epic Games on Fortnite Battle Royale.

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Federal Student Aid: FAFSA and Federal Loans

The FAFSA® is the most important thing you can do to get money for college. Just as it sounds, it’s a free online application for financial aid. To get started, create an FSA ID at studentaid.gov-this will be your personal code and will serve as your legal signature. You’ll need to gather essential documentation, which includes: your driver’s license and Social Security number, potentially your parents’ Social Security numbers and birthdates, your family’s latest federal income tax returns, W-2 forms, bank statements, and any information on your family’s investments (e.g., real estate, stocks, money market funds, etc.).

Federal Student Loans offered by the Federal Government allow students to borrow additional funds to finance their education.

Types of Federal Loans

Direct Subsidized Loans: These are federal student loans available to students with financial need. Interest doesn’t accrue (grow) while you’re in school, for the first six months after you graduate, or if your loans ever enter deferment (the postponement of payments) after college. Interest rates for these loans are fixed.
Direct Unsubsidized Loans: These loans don’t require financial need. You’re responsible for paying all of the accrued interest on the loan until it is paid off in full. And, in times of deferment or forbearance, interest will continue to accrue on the loan and be capitalized (the interest will be added to the principal of the loan).

Private Student Loans

Private student loans are offered by banks and financial institutions, so you’ll need to apply directly with them and get approved for a loan.

Work-Study Programs

Federal Work Study is a Federally subsidized work program for students who meet the general eligibility criteria and exhibit financial need as determined by their Free Application for Federal Student Aid (FAFSA).

If you have the time and are looking to keep a steady source of income while in school, consider getting a part-time job.

Strategies for Minimizing College Costs

In addition to seeking financial assistance, students can take proactive steps to reduce the overall cost of their education.

Maximize High School Opportunities

AP® classes: Start by maximizing your high school classes. Does your school offer Advanced Placement® (AP®) courses? These programs can turn into college credits, and if you don’t have to take a class or two in college, you can save on tuition. Talk to your counselor about how to enroll.
Dual enrollment: Check out opportunities with local community colleges or universities to earn college credits while still in high school.

Saving and Financial Planning

Start saving: Use the time you have in high school to save as much money as you can for college. Consider finding a part-time job so you can put money aside to finance your future college expenses. Take advantage of temporary and seasonal job opportunities to build your college savings.
Make your savings work harder: Consider putting your college savings (including birthday gifts and money you earn throughout the year) in a high-yield or goal-based savings account. Look around and see which banks are offering the highest interest rates and open an account. One goal-based savings account is no-fee SmartyPig® by Sallie Mae.
Savings: Take the money you’ve been saving (see above) and figure out the amount you feel comfortable with-and can afford. (And make it a habit to save as much money as possible from birthday and holiday gifts!) Although you may plan to use as much of your own money as you can, don’t deplete your personal savings and hurt your financial security.

Utilize Scholarship Search Platforms

Fastweb isn't just for scholarships. Skip sifting through hundreds of scholarships, only to find a few you qualify for. Our seasoned editorial team has worked in the higher education industry.

Find the next scholarship you should apply for with personalized scholarship recommendations. Find internship opportunities on Fastweb! Find student-only bargains on popular products you use daily. Don't stop applying for scholarships just because you aren't winning initially. Apply to a lot of scholarships. You never know what a certain scholarship is looking for as the scholarship process is a whole different ballgame than college admissions.

To get started on your scholarship search, turn to a scholarship database like Scholly Scholarships. It's free, easy-to-use, and can help you quickly find free money opportunities that were tailor-made just for you. And the best part? If you feel you might not qualify for some scholarships, don’t let that get you down! Fortunately, there are many easy scholarships that make qualifying and applying for aid a breeze.

Tuition Payment Plans

If you still need additional funding to help pay for your education, there are additional options you can take advantage of such as Pace University's tuition payment plans

Tuition Insurance

Schools may suggest, or at times require, you to purchase tuition insurance, which is intended to protect you should your child need to unexpectedly withdraw from school.

Evaluating Financial Aid Offers and Return on Investment

Fast-forward to springtime when you should start to receive financial aid offers from your schools. Before you immediately pick the largest financial aid offer, take a step back and review them to determine which is actually best for you. As you evaluate your financial aid offer, deduct your total financial aid received from the total cost of attendance (COA) for your college of choice.

There are a few reasons why comparing your tuition assistance packages is important. Of course, you need to know how much you are expected to pay so that you can effectively plan ahead. However, using a tracker can help illustrate what is included in the cost of attendance and ultimately what you will need to pay for moving forward. Also, every school has a different flat rate tuition, so it’s important to see not just the actual dollar amount worth of tuition assistance, but what percentage of total cost the assistance will cover.

After you have calculated the total cost to attend a particular school, the next thing you should consider is your Return on Investment (ROI) - what is your child going to receive from your investment in this school? How will your coursework enrich my child’s life? Who are your graduates? What characteristics do they share? What colleges do they attend and what majors do they pursue? What career fields do they enter? When you visit the school for an open house or a building tour, ask if you can speak to an upperclassman. Ask them questions about why they chose this school, what their classes are like, what extracurriculars they enjoy, and anything else that is important to you and your child. This upperclassman is the “finished product” - they represent who your child will become by the time they graduate from this school. After you collect your data on outcomes, you can make a more educated decision on which school is the best fit for your child. You may even determine that paying more out of pocket is worth it for a greater return.

Compare your offers - calculate what the actual cost to attend each school will be after you factor in scholarships/financial aid offered, additional costs such as fees and insurance.

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