FINANCIAL AID 101

…WHERE COLLEGE DREAMS BECOME A REALITY

TYPES OF FINANCIAL AID

GRANTS

SCHOLARSHIPS

WORK STUDY

LOANS

GRANTSFREE MONEY

BASED ON FINANCIAL NEED

FEDERAL AND STATE GRANTS AVAILABLE

SOME GRANTS ARE FIRST COME, FIRST SERVE…APPLY EARLY

SCHOLARSHIPS

MERIT: SCHOLARSHIPS AWARDED TO A STUDENT BASED ON

INVOLVEMENT IN A COMMUNITY, OUTSIDE ORGANIZATION, AND/ OR ACADEMICS. THEY ARE PAID DIRECTLY TO THE SCHOOL BY AN EXTERNAL DONOR.

NEED BASED: ACADEMICS AND COMMUNITY INVOLVEMENT ARE

CONSIDERED; HOWEVER, THESE SCHOLARSHIPS ARE PRIMARILY OFFERED BASED ON A FAMILY’S FINANCIAL NEED TO ACCOMMODATE THE EXPENSES OF HIGHER EDUCATION.

WORK STUDY

AN OPPORTUNITY TO WORK CLOSE OR ON CAMPUS IN A PART TIME POSITION BASED ON FAMILY’S FINANCIAL NEED AND

ELIGIBILITY TO PARTICIPATE IN THE PROGRAM. THIS ALLOWS STUDENTS TO BE ABLE TO EARN FUNDS TO HELP COVER THE EXPENSES WHILE CURRENTLY ENROLLED IN AN INSTITUTION OF HIGHER LEARNING. OFTEN THE SUPERVISORS OF THESE

PROGRAMS ARE MORE FLEXIBLE TO THE SCHEDULES OF STUDENTS REGARDING CLASS AND STUDY HOURS.

LOANSA STUDENT HAS THE OPTION TO PARTICIPATE IN THE FEDERAL

STUDENT LENDING PROGRAM. STUDENTS USE LOANS TO COVER EDUCATIONAL EXPENSES THAT WERE NOT COVERED BY ANY

ELIGIBLE GRANT FUNDS. LOAN FUNDS ARE REQUIRED TO BE PAID BACK AT THE END OF YOUR COLLEGE ENROLLMENT. WHEN TAKING

OUT LOAN FUNDS, STUDENTS ARE ASKED TO BUDGET AND SHOULD SPEND RESPONSIBLY AS TO NOT HAVE LARGE BALANCES

TO HAVE TO BE PAID BACK UPON GRADUATION FROM COLLEGE AND ENTERING THE WORK FORCE.

HOW TO APPLY

STEP 1

CREATE A FSA ID

NOTE: YOU PARENT WILL ALSO NEED TO CREATE A FSA ID.

HTTPS://FSAID.ED.GOV/NPAS/INDEX.HTM

STEP 2

COMPLETE THE FEDERAL APPLICATION FOR FEDERAL STUDENT AID (FAFSA)

WWW.FAFSA.GOV

STEP 3

CONTACT YOUR CAMPUS FINANCIAL AID OFFICE FOR ADDITIONAL DOCS NEEDED AND SUBMISSION DEADLINES.

REQUEST INFORMATION REGARDING SCHOLARSHIP APPLICATION PROCESSES AND DEADLINES.

HELPFUL HINTS• MAKE SURE TO HAVE THE REQUIRED TAX RETURNS THAT ARE NEEDED TO COMPLETE THE FAFSA FOR BOTH THE PARENT

AND THE STUDENT (IF STUDENT WORKED).

• IT TAKES ABOUT 30-45 MINUTES TO COMPLETE THE FAFSA. YOU DO HAVE THE OPTION TO SAVE YOUR APPLICATION IF YOU NEED TO STOP AND COME BACK TO COMPLETE IT LATER.

• ASK QUESTIONS…IF YOU ARE UNCLEAR ON A QUESTION, CONTACT YOUR CAMPUS FINANCIAL AID OFFICE FOR CLARIFICATION.

• DO NOT BE INTIMIDATED BY THE APPLICATION. OFTEN STUDENTS/PARENTS LET THE NUMBER OF QUESTIONS OR THOUGHT OF TAX INFORMATION SCARE THEM. TAKE ONE QUESTION AT A TIME AND WORK YOUR WAY THROUGH.

• READ THE QUESTIONS IN THEIR ENTIRETY.

• USE THE HELPFUL HINTS BOX ON THE RIGHT SIDE OF THE SCREEN FOR ASSISTANCE WHILE COMPLETING THE TAX PORTION OF THE APPLICATION.

• MAKE SURE TO HIT THE SUBMIT BUTTON BEFORE EXITING YOUR COMPLETED FAFSA.

FAFSA COMPLETE…NOW WHAT???AFTER SUBMITTING FAFSA… YOU SHOULD RECEIVE A CONFIRMATION PAGE IMMEDIATELY.

• APPROXIMATELY 1 – 3 DAYS FROM SUBMITTING FAFSA, YOU WILL RECEIVE AN EMAIL AT THE ADDRESS YOU SUBMITTED ON FAFSA NOTIFYING YOU THAT YOUR FAFSA HAS BEEN PROCESSED.

• IT TAKES ABOUT 1 – 5 BUSINESS DAYS FOR YOUR CAMPUS OF INTEREST TO RECEIVE YOUR FAFSA INFORMATION ELECTRONICALLY.

• CONTINUE TO MONITOR ANY COMMUNICATION SOURCES FROM YOUR SCHOOL TO DETERMINE YOUR AWARDS OR ANY ADDITIONAL DOCUMENTATION NEEDED TO COMPLETE THE PROCESS OF YOUR AID.

MISCONCEPTIONS ABOUT FINANCIAL AID

• WAIT UNTIL YOU HAVE BEEN ACCEPTED TO THE COLLEGE OF YOUR CHOICE TO APPLY.

• FINANCIAL AID IS ONLY FOR THE MOST NEEDY STUDENTS.

• FINANCIAL AID ELIGIBILITY IS THE SAME FROM SCHOOL TO SCHOOL.

• ONLY US CITIZENS ARE ELIGIBLE FOR FINANCIAL AID.

QUESTIONS???