Financial Aid
The first smart step in the college application process is to apply to a college where the tuition fees and housing costs make the most sense for your financial situation. For middle-income families, the two-year community colleges might be the best choices available.
Who is most likely to get financial aid?
· Eligibility for most federal student aid programs is based on financial need rather than on academic achievement. To have financial need determined, a student must file a Free Application for Federal Student Aid (FAFSA).
· To be eligible for federal student aid, a student must have a high school diploma or its equivalent; enroll as a regular student in a degree or certificate program; be a U.S. citizen or eligible noncitizen; have a valid Social Security number, and make satisfactory academic progress.
· College-sponsored financial aid and scholarships can be based on need or need plus additional criteria, such as academic achievement, special achievements, community activities, talents, leadership potential, ethnic or racial heritage, athletic ability, field of student, career plans, etc.
Next, apply for financial aid. You should apply for financial aid even if you think you don’t qualify. Aid is intended to make a college education available for students of families in many financial situations. Aid is awarded to many families with incomes they thought would disqualify them. Several types of federal and state based aid, such as grants, loans, and work study, are only available to students who submit the FAFSA. College financial aid administrators often take into account not only income, but also other family members in college, home mortgage costs, and other factors to determine how aid is allotted. Many colleges will be sensitive to a family’s specific financial situation, especially if certain special circumstances arise, such as unusually high medical bills, or a layoff. If the FAFSA has been filed, it ensures the student will be considered for financial aid if special circumstances do occur.
The first step to getting money for college is to complete the FAFSA. Apply early and meet the deadline because financial aid funds are often limited. Also, explore private scholarships, tax credits, private loans and other options for paying for college. Your school counselor is a good place to start. Be sure to meet each college’s financial aid deadlines. Check with each college. For early decision and early action, deadlines can be as early as October of the senior year.
There are three main financial aid forms. The most important one is the Free Application for Federal Student Aid (FAFSA). It is best to fill out this form as soon as possible after January 1 st of your senior year. The deadline is March 2nd. If your parents’ tax returns are not finalized by that date, they must use estimates rather than miss the deadline. There is time to file an amendment if the estimates are way off – just don’t miss that deadline. The FAFSA form is available online at http://www.fafsa.ed.gov.
The FAFSA is automatically reviewed for:
· Federal Pell Grants: Unlike a loan, a Federal Pell Grant does not have to be repaid. Generally, Pell Grants are awarded only to undergraduate students who have not earned a BA or professional degree.
· Federal Supplemental Educational Opportunity Grants (FSEOG): A FSEOG is for undergraduates with exceptional financial need and gives priority to students who receive Federal Pell Grants. The FSEOG does not have to be paid back.
· Federal Work-Study: The Federal Work Study Program provides jobs for undergraduate and graduate students with financial need, allowing them to earn money at a campus job to help pay education expenses. The total Federal Work Study award depends on when you apply, your level of need, and the funding level of your school.
· Federal Perkins Loan: A Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students with financial need. Your school is your lender, with government funds, with a share contributed by the school. You must repay this loan to your school.
· Federal Stafford Student Loan: These loans may be subsidized or un-subsidized. Subsidized loans are awarded based on need, and interest does not accrue until after you have completed your studies. Unsubsidized loans are not based on need and start accruing interest during your studies.
· Federal PLUS Loan: These are loans available to parents of dependent students.
Be sure to attend RHCS’s FINANCIAL AID WORKSHOP in the fall. A professional college financial aid specialist will assist you with questions and updated information regarding financial aid changes.
Scholarships: Most students who receive large scholarships earn them from the institution they end up attending. There are, however, thousands of outside scholarships that range from very small amounts ($25) to very substantial amounts ($10,000). Most of these scholarship applications will ask for an essay.
Here are some ideas for researching scholarships:
· If your parents work for a large company, be sure they check with their Human
Resources office to see if scholarships are offered to children of their employees.
· The most reliable website for scholarships out there is www.fastweb.com. It is really difficult to get through the thousands of entries, but there is a search engine that can help you sift through some of it. It is not always realistic in its search results, but at least it will narrow the list of those you have to read.
· If you belong to an ethnic group with an active club, they will likely offer scholarships. Call and find out.
· Local chapters of civic organizations such as the Optimists, Rotarians, Elks, etc. all offer some type of scholarship. See your counselor.
· Watch for announcements and advertisements in the local newspaper. It is amazing how many organizations decide to offer a scholarship and simply tell the local press.
Note: Whatever you do, stay away from the scholarship scam artists. You will receive very official looking envelopes that offer to do the scholarship search for you. If you have to spend money, then it is a scam. If they promise to find money for you that no one else can find, then it is a scam. There is no scholarship out there that a scam artist can find for you that you cannot find for yourself. Do not fall for their promises. Let your counselor know about these organizations if you are not sure about something you receive in the mail. It is imperative that they are reported to the Federal Trade Commission, who attempts to prosecute the worst of them.
The first smart step in the college application process is to apply to a college where the tuition fees and housing costs make the most sense for your financial situation. For middle-income families, the two-year community colleges might be the best choices available.
Who is most likely to get financial aid?
· Eligibility for most federal student aid programs is based on financial need rather than on academic achievement. To have financial need determined, a student must file a Free Application for Federal Student Aid (FAFSA).
· To be eligible for federal student aid, a student must have a high school diploma or its equivalent; enroll as a regular student in a degree or certificate program; be a U.S. citizen or eligible noncitizen; have a valid Social Security number, and make satisfactory academic progress.
· College-sponsored financial aid and scholarships can be based on need or need plus additional criteria, such as academic achievement, special achievements, community activities, talents, leadership potential, ethnic or racial heritage, athletic ability, field of student, career plans, etc.
Next, apply for financial aid. You should apply for financial aid even if you think you don’t qualify. Aid is intended to make a college education available for students of families in many financial situations. Aid is awarded to many families with incomes they thought would disqualify them. Several types of federal and state based aid, such as grants, loans, and work study, are only available to students who submit the FAFSA. College financial aid administrators often take into account not only income, but also other family members in college, home mortgage costs, and other factors to determine how aid is allotted. Many colleges will be sensitive to a family’s specific financial situation, especially if certain special circumstances arise, such as unusually high medical bills, or a layoff. If the FAFSA has been filed, it ensures the student will be considered for financial aid if special circumstances do occur.
The first step to getting money for college is to complete the FAFSA. Apply early and meet the deadline because financial aid funds are often limited. Also, explore private scholarships, tax credits, private loans and other options for paying for college. Your school counselor is a good place to start. Be sure to meet each college’s financial aid deadlines. Check with each college. For early decision and early action, deadlines can be as early as October of the senior year.
There are three main financial aid forms. The most important one is the Free Application for Federal Student Aid (FAFSA). It is best to fill out this form as soon as possible after January 1 st of your senior year. The deadline is March 2nd. If your parents’ tax returns are not finalized by that date, they must use estimates rather than miss the deadline. There is time to file an amendment if the estimates are way off – just don’t miss that deadline. The FAFSA form is available online at http://www.fafsa.ed.gov.
The FAFSA is automatically reviewed for:
· Federal Pell Grants: Unlike a loan, a Federal Pell Grant does not have to be repaid. Generally, Pell Grants are awarded only to undergraduate students who have not earned a BA or professional degree.
· Federal Supplemental Educational Opportunity Grants (FSEOG): A FSEOG is for undergraduates with exceptional financial need and gives priority to students who receive Federal Pell Grants. The FSEOG does not have to be paid back.
· Federal Work-Study: The Federal Work Study Program provides jobs for undergraduate and graduate students with financial need, allowing them to earn money at a campus job to help pay education expenses. The total Federal Work Study award depends on when you apply, your level of need, and the funding level of your school.
· Federal Perkins Loan: A Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students with financial need. Your school is your lender, with government funds, with a share contributed by the school. You must repay this loan to your school.
· Federal Stafford Student Loan: These loans may be subsidized or un-subsidized. Subsidized loans are awarded based on need, and interest does not accrue until after you have completed your studies. Unsubsidized loans are not based on need and start accruing interest during your studies.
· Federal PLUS Loan: These are loans available to parents of dependent students.
Be sure to attend RHCS’s FINANCIAL AID WORKSHOP in the fall. A professional college financial aid specialist will assist you with questions and updated information regarding financial aid changes.
Scholarships: Most students who receive large scholarships earn them from the institution they end up attending. There are, however, thousands of outside scholarships that range from very small amounts ($25) to very substantial amounts ($10,000). Most of these scholarship applications will ask for an essay.
Here are some ideas for researching scholarships:
· If your parents work for a large company, be sure they check with their Human
Resources office to see if scholarships are offered to children of their employees.
· The most reliable website for scholarships out there is www.fastweb.com. It is really difficult to get through the thousands of entries, but there is a search engine that can help you sift through some of it. It is not always realistic in its search results, but at least it will narrow the list of those you have to read.
· If you belong to an ethnic group with an active club, they will likely offer scholarships. Call and find out.
· Local chapters of civic organizations such as the Optimists, Rotarians, Elks, etc. all offer some type of scholarship. See your counselor.
· Watch for announcements and advertisements in the local newspaper. It is amazing how many organizations decide to offer a scholarship and simply tell the local press.
Note: Whatever you do, stay away from the scholarship scam artists. You will receive very official looking envelopes that offer to do the scholarship search for you. If you have to spend money, then it is a scam. If they promise to find money for you that no one else can find, then it is a scam. There is no scholarship out there that a scam artist can find for you that you cannot find for yourself. Do not fall for their promises. Let your counselor know about these organizations if you are not sure about something you receive in the mail. It is imperative that they are reported to the Federal Trade Commission, who attempts to prosecute the worst of them.