Apr 13, 2017

What Do High School Seniors Think About the Financial Aid Process?

It’s April so I thought I would do a temperature check for my AVID class just before we dove into an activity analyzing aid award packages. Here’s the word cloud that came from their individual responses (with some mentor comments sprinkled in which tended to be more on the positive side):

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Why did I do this?

I think this is the “elephant in the room” for many first gen students and by identifying it, I thought I had an opportunity to address it. We know the importance of storytelling, so I shared my feelings when I was their age. My family was smack in the middle class which in practical terms meant by father earned too much for me to be considered for financial aid but not enough to pay for me and my five siblings to attend college. He definitely helped along the way with a savings match program (which I maxed out on) and by making expectations clear at an early age so I had time to save (here’s my savings plan (The List) that I developed at the age of 16). Still, I recall the disappointment at not being able to apply to certain schools for financial reasons. Of course, I could have applied to see what financial aid they would provide but I wasn’t in the frame of mind to have to deal with the possibility that I would be accepted at a high cost school and then not be able to afford it.

After my story, several students opened up with issues of their own and we were able to have a frank and open discussion with comments that ranged from the hopeful to the less optimistic. The conversation allowed me to understand the sources of stress and in which I tried to emphasize items that they could control (understanding how the financial aid system works and comparing aid packages) and items what they couldn’t control (how much aid a specific school decided to give them in their award letter). Obviously a challenging conversation but one that I am glad we had!

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Want to help reduce anxiety and confusion for your students. Try this NGPF Fine Print: Financial Aid Package!

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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