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FINANCIAL AID INFORMATION
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FAFSA
Free Application for Federal Student Aid
The FAFSA needs to
be filled about by every student considering college as well as each year a student is enrolled in college. The FAFSA
is used to determine your elgibility for federal aid as well as many colleges also use the FAFSA to determine eligibility
for their own institutional financial-aid programs. It only takes about 20 minutes to complete but it is required to
receive any type of grants, student loans, scholarships offered through the college or to be eligible for jobs on campus.
You must fill out the FASA on-line beginning this year. To fill out the FAFSA online go to www.pin.ed.gov and register for a PIN- students and a parent will need a pin number - the PIN allows you to start, save, access and
"sign" your application online. Once you have your pin number log on to www.fafsa.ed.gov and fill out the form. You will need student and parent 2007 tax information.
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Before filling out your FAFSA you will need:
* Your PIN if filling it out online
* Your social
security number
* Your driver's license
* Your W-2 forms and other financial records
* Your 2007 income
tax return (if planning on attending college Fall 2008)
* Your parents 2007 income tax return, if you are a dependent
student
* Your 2007 untaxed income records
* Your current/average bank account balance
* Your family's
2007 business and investment mortgage information, business and farm records, stock, bond, and other investment
records
* Your alien registration card, if you are not a U.S. citizen
* The FAFSA codes of the schools you're
applying to (available from the colleges' financial aid offices or the FAFSA Web Site- you can list several possible colleges
that you may attend)
NOTE: On the FAFSA, "you" and "your" always means you the student.
Round to the nearest dollar, and do not use commas or decimal points when answering dollar-amount questions. Do not
include notes, tax forms or letters in the envelope if you mail your FAFSA.
After filling out the form it can take
anywhere from a few days to a few weeks to recieve a Student Aid Report - SAR to review. Please review this information
and follow directions to correct any errors that might need correcting. The SAR compiles your FAFSA information to determine
your estimated family contribution-EFC. The EFC is based on your family's investments, savings and other assets
that could be used to pay for college. Colleges use your EFC to determine your financial need by subtracting the cost
of attendance which varies from school to school, from your EFC which is a constant. The difference is your financial
need, which determines how much loan and grant help you'll need.
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Types of Federal Student Aid Available
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GRANTS
* Federal Pell Grants
* Federal Supplemental Educational Opportunity Grants (FSEOGs) Grants are awarded based solely on financial
need. Unlike loans, grants don't have to be repaid.
WORK-STUDY
* Federal Work-Study Federal work-study jobs can be on or off campus. You will earn at least the current
federal minimum wage. Your total Federal work-study award depends on when you apply, and your school's funding level.
The amount you earn can't exceed your total Federal Work-study award. Also your class schedule and academic progress
will be taken into account.
LOANS
* Perkins Loans
* Stafford Loans
- Subsidized Stafford Loans - based on need. U.S. Department of Education pays the interest while you're in school,
for the first six months after you leave school, and during a period of deferment.
- Unsbsidized Stafford Loans - this loan is not based on need, however, interest will accrue from the moment the
loan is accepted.
Stafford Loans also have fees up to 4% of the loan amount
* PLUS Loans
- Loans offered
to parents of college students, not based on financial need.
REMEMBER
THE FIRST STEP TO RECEIVING ANY TYPE OF FEDERAL AID IS FILLING OUT THE FAFSA - YOUR COLLEGE MAY THEN REQUIRE THAT YOU FILL
OUT A SUPPLEMENTAL APPLICATION FOR FINANCIAL AID AND SCHOLARSHIPS THROUGH THE COLLEGE FINANCIAL AID OFFICE BEFORE AWARDS CAN
BE DETERMINED. THE COLLEGE THAT YOU WILL BE ATTENDING IS YOUR BEST SOURCE FOR SCHOLARSHIPS!!! THE EARLIER YOU START
THE PROCESS THE GREATER YOUR CHANCES OF RECIEVING AWARDS.
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