What is financial aid



What is financial aid?

• Money to pay for college or career school

– Grants – Free money, does no have to be paid back

– Loans – Money borrowed, will have to be paid back with interest

– Work-study – Money earned from a job on campus

– Scholarships – Free money earned from merit

Who can get federal student aid?

• U.S. citizen or eligible non citizen

• High school graduate/GED

• Eligible degree/certificate program

• Valid Social Security number

• Males students who are over 18 years of age must be registered for Selective Service

How much federal student aid can I get?

In general, depends on your financial need.

• Financial need determined by Expected Family Contribution (EFC) and cost of attendance (COA)

• Expected Family Contribution comes from what you report on FAFSA

• Cost Of Attendance is tuition, fees, room and board, transportation, etc.

COA – EFC = financial need

How do I apply for aid?

• Federal student aid: fill out Free Application for Federal Student Aid (FAFSA) at fafsa.

• State aid:

• School aid: contact financial aid office at schools you are considering

• Scholarships: Read the monthly scholarship bulletin or go to scholarship Web sites

• Example:

How do I apply for federal student aid?

1. Get an FSA ID at WWW.fsaid.

• Your parent will need an FSA ID too

• Don’t tell anyone your FSA ID!

• You will use the FSA ID every year

2. Use FAFSA on the Web Worksheet to get ready.

• Get worksheet at FederalStudentAid.worksheet

• Use checklist to gather documents you need.

• Fill out worksheet to prepare your answers.

3. Fill out your FAFSA online at fafsa.

• Apply on or after October 1 of your senior year, but as early as possible to meet all deadlines. Fill out a FAFSA every January as long as you are in college.

• Need help? Use “Live Help” icon or call 1-800-4-FED-AID.

• Don’t forget to print confirmation page.

4. Watch for response by e-mail, from FederalStudentAidFAFSA@cpsemail., or by mail

• Double-check your information online at fafsa. (use your PIN to log in) or on the paper Student Aid Report mailed to you

• Correct any mistakes and update any information as necessary

5. Watch for e-mails or letters from the schools you are considering

• Give the schools any additional paperwork they ask for

• Meet all deadlines or you could miss out on aid!

What happens next?

• Each school will tell you how much aid you can get at that school (Award Letter)

• Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.

•

Helpful resource:

Mrs. Alina Grandal - College Assistance Program Advisor, Room 901

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