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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