Transcript

Welcome to Knowledge for College brought to you by Chase, and thanks for joining us. This series of videos provides valuable information on the many important steps of going to college and financing an education.*

Hi, I’m Chelsea Richardson. Your financial aid counselor may be one of the most important people you’ll meet on campus. Ken Butler will tell us why.

You may be tempted to do all of your research about financial aid online—especially because there’s so much information available on the topic. But, one of the most valuable resources available to you is actually off-line: it’s your financial aid counselor.

Every school has counselors to help you through the financial aid process from start to finish. They’re your guide to college funding sources. Let's look at the role of the financial aid counselor.

Counselors can take the mystery out of applying for federal student financial aid and help you learn more about additional sources to pay for college. They provide timely, accurate information to assist students and parents with their financial aid decisions.

One way to learn about financial aid is to schedule a one-on-one appointment with a counselor during a campus visit. Or, you can find out if the counselor hosts financial aid workshops at your high school or at the college campus. These workshops are very helpful and explain what student financial aid is, how to get it, and when to apply.

If you’ve filled out your FAFSA, The Free Application for Federal Student Aid, you can ask the counselor to look it over and make sure it’s ready to submit or if you need to make any changes first.

Financial aid counselors have thorough knowledge of the financial aid industry. Besides helping you navigate the federal aid application process, they may be able to help you identify scholarships, grants, work-study programs, loans and "Institutional Aid,” which are loans and grants that are specific to their school and funded by their endowment programs.

Financial aid counselors may also provide an estimate of the school's Cost of Attendance. These annual expenses include tuition, room and board, books, fees and more. The Cost of Attendance amount can help you determine how much you'll need to pay for college and if you need financial aid and loans.

Counselors will recommend that you consider private student loans only when other financial aid is not enough to cover the Cost of Attendance.

Counselors help determine your eligibility for aid. They're also required to monitor your academic progress for financial aid awards that are based on grades and degree completion. It's your responsibility to keep up your grades and credit hours so you can complete your degree and maintain the financial aid funds.

Finally, if your financial situation changes dramatically—like losing your family home, the death of a parent, or loss of a parent's job—the counselor may be able to calculate a new Expected Family Contribution, or EFC, and help you find financial resources to stay in school.

So take time to meet your financial aid counselor. Your counselor can guide you through the financial aid process and help you find resources to make your education a reality.

Knowledge for College is brought to you by Chase to help you better understand college financing. If you have any questions on your specific financial situation, consult your financial advisor or the financial aid office of your school.

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