Applying for FAFSA as a Saratoga Student

According to Student Loan Hero, American students owe nearly $1.3 trillion in student loan debt. And if it were not for financial aid services, that number would be even higher.

FAFSA, or Free Application for Federal Student Aid, is the largest distributor of student financial aid in the nation. This government-run organization calculates the “Expected Family Contribution” (EFC), which is based on income and assets, of each applicant to determine how much the family will need to pay; families can expect their need-based financial aid package from a university to be the total cost for the university minus the EFC.

Because of the generally high incomes and assets of Saratoga families, though, many students either do not qualify for financial aid or qualify for very little aid. Moreover, FAFSA does not take into consideration family expenses, retirement savings and more when calculating a family’s EFC.

For middle-class families here who struggle to completely cover college tuition, room and board and other personal expenses, qualifying for aid is difficult. They must turn to options like merit-based or department-based scholarships; however, these scholarships are not as well advertised as FASFA, and often students do not know very much about them.

“Getting scholarships from colleges is also pretty difficult, but it’s definitely more attainable than through FAFSA,” senior Siavash Yaghoobi said. “Chances are, you’ll get something if you apply for a lot of scholarships.”

While there are many different types of merit-based scholarships, the First Generation Scholarships and Leadership Scholarships, which both have applications that usually include a short essay but vary from college to college, are the kinds of scholarships more commonly sought by SHS students. Applicants who are the first in their family to attend college can either apply for First-Generation Scholarships while other students can apply for Leadership Scholarships which take into account GPA, standardized test scores and leadership roles in the community.

“There are millions of scholarships out there, but one needs to be vigilant in order to pursue them,” college counselor and former assistant principal Karen Hyde said. “There are also a lot of [specifically merit-based] scholarships given to kids who work academically and within the co-curricular environments.”

Other families have set aside money for many years, especially because they do not anticipate much financial support.

Senior Kylash Krishnamurthy said that FAFSA would not help and getting merit scholarships is hard. His parents saved enough for his sister [senior Sharanya Krishnamurthy] to get their undergraduate degree and graduate degree debt-free. However, many college advisers still recommend applying for FAFSA regardless of income. The government will still require students to complete an application for FAFSA if they choose to take advantage of any federal student loans.

In fact, universities such as Carnegie Mellon and University of California Los Angeles require applicants to submit their FAFSA to be considered for merit scholarships.

Senior Jonathan Yun filled out the FAFSA with the belief that it was worth trying; after all, filling out an application is free.

“Even though Saratoga students probably will not get financial aid, I applied to colleges that give merit scholarships,” Yun said. “Most merit scholarships require you to apply for FAFSA to get money regardless, so I just applied.”

Alumnus Anant Rajeev also recommends that families start a college fund, which seems to be the most typical method Saratoga families use to pay off college tuition. Because his parents opened a 529 plan, a college savings fund with eligibility for federal and state deductions, he never had “personal experience” with FAFSA.

“FAFSA is a form that students fill out to apply for financial aid that basically analyzes tax returns and all that,” Rajeev said. “You don't really see too many Saratoga kids doing it.”

According to assistant principal Brian Safine, there is money available to offset the cost of college tuition for students who spend the time to look for it. Safine recommends looking at Naviance, the primary guidance web portal for Saratoga students, in their scholarship section to find scholarship money. Nonetheless, Safine urges students to submit their FAFSA before the deadline on March 2.

“Students should absolutely complete the FAFSA,” Safine said. “It doesn’t hurt to ask. Many students are surprised by the fact that the FAFSA will suggest a college cost of attendance significantly less than the ‘sticker price.’”