In the fall, many schools across the United States hold a “Financial Aid Night,” designed to help students and their parents better understand and navigate the complex financial aid process. With college costing tens of thousands each year, knowing what money is available to you, how it can help you pay for your degree, and how to access it can alleviate financial stress now and in the future. Here’s a look at what you can expect at your school’s Financial Aid Night.
What Is Financial Aid Night?
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Financial Aid Night is a single or multi-night event dedicated to helping students and their families better understand financial aid, including loans, grants, and scholarships, and how to understand the true cost of attending college. They’re often held by high schools in the fall, but some colleges and even middle schools participate as well.
The host may be the high school guidance counselor or academic advisor, a financial aid professional, or a representative from a local college or university. Your school may even invite several guests to speak at the event.
Financial aid nights can be in-person or online. If you miss your high school’s financial aid night, you might just be able to sign up for a virtual event elsewhere.
What Can You Expect At Financial Aid Night?
The exact information provided at a Financial Aid Night depends on the school and the host, but you can generally expect:
A Review of the FAFSA Process
The Free Application for Federal Student Aid (FAFSA) is one of the most important things you need to know about financial aid and affording college. All students, regardless of background or where they’re going to college within the United States, should complete it. It gives you access to federal student loans, but also puts you in the running for federal grants and college scholarships and grants.
The Financial Aid Night host will review the FAFSA with attendees, explain what it’s about, how to apply, myths, and how to read results, including the Student Aid Index (SAI). This information is key to getting the maximum financial aid you’re eligible for.
Information on Paying For and Affording College
Financial aid events offer a wealth of details on grants, scholarships, and private lender options. They’ll recommend resources you can use to apply for these grants and scholarships, review any state-specific grants students may qualify for, and provide direction for the next steps. Hosts will also review any must-know terms, such as the Cost of Attendance (COA) and what it means next to the college’s sticker price, and explain why you shouldn’t rule out a school just because it has a high sticker price.
Other topics covered at Financial Aid Night might include financial literacy, loan repayment options, and deadlines for applications.
Q&A Session
If you have any questions after they’ve reviewed the information, you’re more than welcome to ask at Financial Aid Night. They can give personalized advice, recommendations for additional resources, and more insight into a complex topic.
Take advantage of this time, especially if the event has financial aid professionals or college representatives. Guidance counselors and college advisors can provide assistance when it comes to financial aid, but they often don’t know quite as much as the professionals who work with the financial side of college every day.
Should You Attend Financial Aid Night?
Yes! If your school or local college is hosting a Financial Aid Night, try to attend if you can. The information you’ll glean here is valuable. Even if you feel you can afford college or know how it works, financial aid can be complex and confusing. And, It changes every year. Having an opportunity to review this information with professionals gives you the best chance of saving money on your college costs, potentially thousands. The event generally takes a few hours of your time at most and the payoff could be immense.
To make the most of the event, be prepared to take notes and come equipped with questions you want answered.
Navigating the world of college financial aid is no easy feat. Between the COA and FAFSA and state grants and private scholarships, it’s easy to get overwhelmed fast – especially during a year where you need to be giving your college applications your all. High school Financial Aid Nights give you the opportunity to get all the information you need in just a few hours, ask any questions you may have regarding your personal situation, and better understand complex topics that could equate to thousands of dollars, if not more.
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