Financial Aid

Need-based Aid

Virtually all colleges offer need-based financial aid. A typical financial aid package might include grants (from either the government or the college) that you need not pay back, loans (often government-based and discounted in terms of interest charged and payment schedule), and campus work-study hours.

When in doubt as to whether you will qualify for some kind of need-based aid, you may use a web-based financial aid calculator to see how colleges might regard your situation. While individual schools perform this analysis in their own ways, this tool may indicate whether applying for aid would be worthwhile. If your financial situation is complex, if special circumstances adversely affect your economic situation, or if a web-based calculator indicates you’re close to qualifying for need-based aid, you may qualify for more aid than the calculator suggests. In general, if you think you might need financial aid, you should apply for it.  In any case, the calculator can help you shape your final list of colleges to ensure that it includes affordable options.  Financial aid calculators take little time to use.  Calculators are available at various sites, such as www.collegeboard.com and www.finaid.org.  Both of these sites may provide you with other useful information as well.

In order to qualify for need-based financial aid, you (student and parents together) must complete the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1 of your senior year.  You’ll find it at www.fafsa.ed.gov (always be sure you have the .gov site for FAFSA).  If you want a preliminary estimate of the government's calculation of your need, you can find a FAFSA estimator at the same site.

Depending on where you’re applying, you may also need to complete the CSS PROFILE required by many selective colleges.  

Finally, some colleges may require their own financial aid form as well.

Merit-based Aid

The most important thing for you to know: If you wish to compete for merit-based scholarships (scholarships based on academic success, test scores, special talents, ethnicity, etc.), you will need to "hustle" to find them. The process is highly individualized, and the sources of scholarships are many, so this will take some work. Of course, Prairie will do all it can to assist in your efforts. Here are some beginning tips:

The major sources of merit-based aid are:

• Colleges and universities. These are the richest sources of merit-based aid, although the more selective the college, the less likely it is to offer merit-based awards.
• Employers
• Local organizations (e.g., The Kiwanis Club, The Rotary Club, The Lions Club)
• Places of worship (at the national level)
• National organizations

Three good scholarship search engines are available at:
www.collegeboard.com, www.finaid.org, and www.fastweb.com, but these will focus mostly on nationwide scholarships. You should check directly with colleges that interest you to learn more about scholarship opportunities they offer (not all colleges—not even UW-Madison—notify students of scholarship opportunities), as well as with your employer and place of worship. Watching the newspaper for local scholarships is wise, as is checking scholarship announcements at the public library.

Amanda Pulda of our Math Department coordinates Prairie's support of the scholarship search process. Ms. Pulda will publicize selected scholarships in Naviance and at Morning Meeting.  Students may see Ms. Pulda at any time for news about scholarships or for other resources to obtain scholarship information.

The graduating class of 2010 was offered $3,426,267 in merit-based scholarships. Much of that total comprised awards by colleges or universities.

Need-blind and Need-aware Policies

(Click here to open the need-blind list.)

A word about need-blind vs. need-aware policies at colleges.  College costs have risen to such a degree that most private colleges have had to become need-aware, meaning that when they’re evaluating students’ applications they are aware of whether a student has applied for financial aid.  Fortunately, in most cases need does not affect admission decisions; colleges factor it in only in the final stages when they’re splitting hairs for the last few seats.  Colleges wish it weren’t so, but it is an unfortunate reality.  The good news is that most private colleges do their best to meet or almost meet students’ demonstrated need, especially for strong candidates.  Need-blind colleges, on the other hand, make all admissions decisions with no awareness of whether a student has applied for financial aid.  (This does not necessarily apply to international, transfer, and wait-listed students.)  A small number of colleges have managed to remain need-blind and meet full demonstrated need.  You can find a list of those schools here (updated May 2010).  As always, inquire directly at all colleges of interest to confirm their policies.  Note! We strongly advocate applying to a broad range of schools that interest you, regardless of their price tags or need-aware policies.  Need-based and merit-based financial aid can make all manner of schools affordable; wait and see what they offer you.