While Co-Founder, Matt Carpenter, was digging out from the Blizzard of ’26 in the Northeast and Peg Keough, Director of Education, was bracing for 80-degree February weather in Arizona, they sat down for one of our favorite episodes of the month: the Open Grab Bag Q&A.
If you’re a parent of a high school senior (or underclassman planning ahead), these are the exact questions your peers are asking right now about financial aid offers, student loans, waitlists, and enrollment deposits.
Let’s break them down—clearly and practically—so you can make smart, confident college decisions.
Why Is My Financial Aid Offer Taking So Long?
If your student has already been accepted to college but you’re still waiting on the financial aid package, take a breath. This is incredibly common.
Here’s what affects timing:
How your student applied (Early Action, Early Decision, Regular Decision, Rolling Admission)
The school’s internal packaging timeline
Whether all financial aid documents were submitted and received
For example, many Regular Decision schools don’t release financial aid packages until mid-to-late March. Some highly selective schools release decisions at the end of March—and aid packages come after that.
What You Should Do
Call the financial aid office and ask:
Do you have everything you need from us?
When should we expect our financial aid offer?
It’s not pushy. It’s proactive.
What Is the Student Aid Index (SAI)—And Why Does It Matter?
The Student Aid Index (SAI) is the number calculated from your FAFSA (and sometimes the CSS Profile) that determines your eligibility for need-based financial aid.
Think of it as your “financial starting point.”
Colleges take:
Cost of Attendance – Your SAI = Your Demonstrated Financial Need
But here’s the catch: just because you have need does not mean the college will meet 100% of it.
Important to Know
There are actually two potential SAIs:
Federal SAI (from the FAFSA)
Institutional SAI (from CSS Profile schools, using their own formula)
For example, schools like:
Stanford University
Yale University
may calculate your institutional aid eligibility differently.
If you don’t know your SAI, you’re shopping for college blind. Period.
Subsidized vs. Unsubsidized Student Loans: What’s the Difference?
Every student who files the FAFSA is eligible for Federal Direct Student Loans:
Total: $27,000 over four years.
Here’s the difference:
Subsidized Loans
Government pays interest while student is in school.
No interest accrues during the 6-month grace period after graduation.
Best option if borrowing is necessary.
Unsubsidized Loans
These are the only loans truly in the student’s name with no co-signer required.
Admissions decisions can feel confusing. Here’s how to think about it:
Deferred
Your student applied Early Action or Early Decision.
The school says: “Not now. We’ll review you again with the regular pool.”
It’s not a rejection. It’s a second review.
Waitlisted
The school says: “We’re not offering admission now, but if spots open up, we may come back to you.”
Waitlist movement often happens after May 1—and sometimes as late as summer.
Schools like:
Boston College
University of Virginia
frequently manage yield this way.
Critical Advice
If your student is waitlisted:
You must commit to another school by May 1.
Ask if waitlisted students are still eligible for financial aid.
Emotionally commit to the school you deposit at.
Waitlists are unpredictable. Plan accordingly.
Will My Financial Aid Change If My Income Changes?
Short answer: It depends.
If your package includes:
Merit scholarships → Likely fixed for four years (if GPA is maintained).
Need-based grants → Likely recalculated annually.
If your income increases or decreases significantly, your aid could change proportionally.
Lost a job? Major bonus? Big financial shift? You may qualify for an appeal.
Always review whether your award is merit-based or need-based—that distinction matters.
Why Are Colleges Asking for My Enrollment Deposit Before Sending Financial Aid?
Because colleges are businesses.
Once your student is admitted, the admissions team’s goal is to secure the enrollment deposit. You may receive emails about:
But here’s the truth:
You do not have to send an enrollment deposit before May 1.
Even if the marketing pressure feels urgent.
The college’s job is yield management. Your job is financial prudence.
Can We Pay Off Student Loans Early? Are There Penalties?
Great news: There are no prepayment penalties on federal student loans.
That means you can:
Pay lump sum at graduation
Make payments while your student is in school
Pay off just the unsubsidized portion first
If you want to give loan payoff as a graduation gift—you absolutely can. It’s flexible.
Can Students Take Out Private Loans Without a Co-Signer?
Almost never.
Beyond Federal Direct Student Loans, students typically need:
The only true “student-only” loan is the federal direct student loan.
Even Parent PLUS loans—often called “Parent PLUS”—are solely the parent’s responsibility, regardless of family agreements.
Students rarely qualify independently due to:
Limited credit history
Limited income
Plan accordingly.
Final Thoughts: Control What You Can
College financial aid can feel overwhelming—but most confusion comes from a lack of clarity around:
Timing
Loan structure
Aid formulas
Business realities
The more you understand these moving parts, the more power you have.
If you have questions, you’re not alone. These are the same questions families across the country are asking right now.
Keep asking them. Keep learning. And most importantly—make decisions based on data, not pressure.
