Paying for College Nicola Hildreth School Counselor
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Did you know? More than $185 billion in financial aid is
available. Financial aid comes from many sources: Federal
government grants, loans and other aid: 69% College grants/
scholarships: 21% Private and employer grants/scholarships: 6%
State government grants/scholarships: 5%
https://bigfuture.collegeboard.org/pay-for-
college/financial-aid
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What is Financial Aid? Financial aid is any type of monetary
assistance that helps a student pay for college expenses. There are
several ways to help pay for college.
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Free Application for Federal Student Aid (FAFSA) The Free
Application for Federal Student Aid (FAFSA) is the form used by the
U.S. Department of Education to determine your Expected Family
Contribution (EFC) by conducting a need analysis based on financial
information, such as income, assets and other household
information, which you (and your parents if you are a dependent
student) will be asked to provide. The form is submitted to, and
processed by, a federal processor contracted by the U.S. Department
of Education (ED), and the results are electronically transmitted
to the financial aid offices of the schools that you list on your
application.dependent student FAFSA is the application used by
nearly all colleges and universities to determine eligibility for
federal, state, and college-sponsored financial aid, including
grants, educational loans, and work-study programs.
http://www.fafsa.com/understanding- fafsa/what-is-fafsa
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FAFSA You can complete your FAFSA at:
https://fafsa.ed.gov/https://fafsa.ed.gov/ Never pay $$ to complete
your FAFSA The earliest you can submit is January of the year you
are graduating January 1, 2016. The earlier the better!!! I make to
much money submit anyways!!! Some schools may need your FAFSA to
consider you for merit scholarships.
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Types of Financial Aid Financial aid is awarded to
undergraduate students in the form of: -grants and scholarships,
-work-study, -and loans. Aid is provided by the federal government,
the state government, and colleges and universities.
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Grants & Scholarships Grants and scholarships are types of
gift aid or free money, which means they do not have to be repaid.
They are available through federal and state governments, colleges
and universities, and local and national private organizations, and
are awarded based on a variety of factors such as: Financial need
Academic merit Artistic, musical, or athletic talent Interest in a
particular field of study http://www.mefa.org/financial-aid-made-
simple/
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Where can I find scholarships? Start with Naviance! Click my
colleges Scroll down and click scholarship search
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Below is a screenshot of the scholarship list as of April 9,
2015. It is in alphabetical order and contains all necessary
details on who should apply & how.
Loans Loans are sums of money that help students pay their
college expenses and must be repaid. Federal student loans offer
guaranteed fixed interest rates, a deferred repayment option, and
other features.
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Loans Federal Direct Loan: Every eligible student who submits a
FAFSA is qualified to receive a Federal Direct Loan. This loan is
available as a subsidized or an unsubsidized loan: Subsidized:
Need-based aid, for which the federal government pays the interest
while the student is in school. Unsubsidized: Not need-based, and
available to anyone who files the FAFSA. The student may choose to
pay the interest while enrolled or defer the interest and add it to
the principal amount of the loan upon leaving school.
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Loans Federal Perkins Loan: This is a low-interest federal
student loan for undergraduate and graduate students with
exceptional financial need. The current interest rate is 5%. Not
all colleges participate in the Perkins Loan program, so check with
each colleges financial aid office for more information.
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Need-Based Aid Most federal, state, and college aid is based on
a students financial need. In addition, need-based aid: Requires
the student to file the FAFSA and possibly other financial aid
applications Is determined by a standardized formula that colleges
use to calculate how much each family can afford to contribute
Requires the student to fill out an application each year May be
awarded in the form of grants, work- study, and loans
http://www.mefa.org/financial-aid-made- simple/
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Merit-Based Aid Merit-based aid is generally awarded by a
college in recognition of a students achievement academic,
athletic, artistic, or extracurricular in the form of a
scholarship. Not all colleges award merit-based aid, and those that
do only select its most competitive applicants as recipient.
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What will be the actual cost? After financial aid is applied
toward the schools cost, you are responsible for the remaining
balance, also called the net price. Net Price Calculator is a tool
to help you estimate your net price to attend a particular college
or university.
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FAFSA4caster FAFSA4caster will help you understand your options
for paying for college. Provide some basic information and it will
estimate your eligibility for federal student aid. Your estimate
will be shown in the "College Cost Worksheet" where you can also
provide estimated amounts of other student aid and savings that can
go towards your college education.
https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1
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CSS/Financial Aid PROFILE By filling out one form, you can
apply online for nonfederal financial aid from almost 400 colleges
and scholarship programs.
https://student.collegeboard.org/css-financial- aid-profile A few
local schools that participate: GW Georgetown Goucher College Johns
Hopkins University Loyola University Maryland
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What to ask the Financial Aid Office Financial aid programs
vary from college to college. To help identify a college that your
family can afford, its important that you learn how each school on
your list makes its decisions when awarding aid to students. These
questions can help guide your research. 1. What is the total cost
of attendance? 2. What financial aid applications are required and
when are they due? 3. What is the colleges policy on need-based
aid? 4. Does the college offer merit-based scholarships? 5. How do
students apply? http://www.mefa.org/financial-aid-made-
simple/
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What to ask the Financial Aid Office 6. Assuming that cost and
family responsibility remain constant, how will grant and loan
amounts change from year to year? What if the familys situation
changes? 7. Are scholarships/grants renewable each year? If so, are
there conditions such as grade point average, enrollment status, or
major? 8. Are students required to apply for financial aid even if
they receive a scholarship? 9. How do outside scholarships affect
the financial aid package the school offers? 10. What are the
colleges application requirements for divorced or separated
parents? 11. What does the college estimate the average total
student debt to be upon graduation?
http://www.mefa.org/financial-aid-made- simple/
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Financial Aid 101 Collegeboard resource Collegeboard has many
useful components to its website. It is not only a website for
focused on the SAT or SAT II but it also a website with tremendous
information to help students prepare for college. Financial Aid 101
The page features information on many topics related to financial
aid and the information is presented in many different ways;
student videos, articles, webinars, Expert Q&A, etc.
https://bigfuture.collegeboard.org/pay-for-college/financial-aid
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Your School Counselor is here to help you. Please contact us if
you have any questions. Please know that in the past we have had a
financial aid specialist meet with students and parents late winter
of a students senior year. Appointments can be made by calling
Student Services. This is a tremendous resource!