In a FOX25 special report on paying for college, Lynne Myers, director of financial aid at the College of the Holy Cross, and Ann McDermott, director of admissions, share insight and advice on applying for financial aid.
There are several factors that go into coming up with your financial aid package, says Myers. “It’s not just savings. We look at it as a significant purchase, we use the resources of income, we use our past income in the form of savings, we use our current income, what comes right out of our budget, what have I not committed already to another purchase. In my future income, how much am I able to finance? You have to consider all three of those sources,” she told FOX25.
McDermott reminds families that getting the financial forms into the college at same time as the application gives more of a chance of getting the best package possible.
“They shouldn’t be waiting until they are accepted no matter how much good work the financial aid office is doing," she said. "It’s shocking and amazing how many families think that’s the time the conversation starts is once they get the acceptance letters. It’s not then, it’s now."
Holy Cross is one of a select group of colleges and universities that accept students regardless of their ability to pay (“need-blind admissions”) and then meet 100% of their need, as calculated according to nationally recognized financial aid criteria. Read more about financial aid at Holy Cross.
This "Holy Cross in the News" item by Kristine Maloney.
