Apply for college financial aid Chinese parents meeting discussion

As the college application season approaches, the Chinese Parents Association hosted an informative session on October 13th at the Flushing branch of the Queens Public Library. The event featured financial advisor Yi De-Tai, who provided insight into college financial aid and scholarship applications.

With rising tuition costs in U.S. universities, many parents are increasingly concerned about how to maximize federal financial aid and secure various forms of scholarships. According to data from US News, tuition at private colleges has soared by 132% over the past two decades, while out-of-state and in-state tuition at public universities have risen by 127% and 158%, respectively. For example, Columbia University, an Ivy League institution in New York, raised its tuition by 5.88% for the 2023 academic year, and New York University has projected tuition to reach a staggering $93,184 for the 2024-2025 academic year. This means that obtaining an undergraduate degree can easily exceed $300,000, putting financial pressure on many families who are now looking into applying for the Free Application for Federal Student Aid (FAFSA) and New York State’s Tuition Assistance Program (TAP). However, the application processes can be complicated, adding to the anxiety already felt by both parents and students.

Yi De-Tai, who has provided community services for over a decade, emphasized the importance of early planning since college financial aid applications require families to submit their tax returns from the previous year. He explained that there are two main types of financial assistance: scholarships and grants. Scholarships are typically awarded by the schools and can be more plentiful at prestigious institutions with generous alumni donations. Grants, on the other hand, are funded by the government and are determined based on a family’s financial situation, with student loans being another financing option that is not free.

He noted that most private colleges, including several Ivy League schools, require applicants to submit the College Scholarship Service (CSS) Profile for financial aid. This form considers the total assets of the family, including property, stocks, and retirement accounts, to assess eligibility for scholarships. In contrast, the FAFSA evaluates financial aid based on tax returns without factoring in the value of the family’s primary residence. Students attending a State University of New York (SUNY) or City University of New York (CUNY), such as SUNY Stony Brook, may also qualify for TAP, receiving up to $5,665 annually.

Yi also pointed out that to minimize the cost of education, families should begin financial planning before their child’s 11th-grade year. He clarified two common misconceptions: first, private schools often provide more scholarships, which means that, in many cases, attending a private school may not be more expensive than attending a public school; second, scholarship awards and admissions decisions are not handled by the same department, so applying early through programs like Early Decision or Early Action does not typically affect financial aid application outcomes.