FINANCIAL AID
SENIORS--You will complete your Free Application for Federal Student Aid
after January 1, 2009. This form cannot be completed until that date since
information required will be based on the 2007 finances. However, you can
apply for two PIN numbers now--one for you and one for your parent. This
will allow you to sign your application if you apply on line. Please be
aware
that some private universities also require a PROFILE form which requires
more complete financial circumstances than the FAFSA. Pick up a brochure in
the CAP office. BE SURE TO CHECK FINANCIAL AID DEADINE DATES FOR YOUR
COLLEGE CHOICES
.
Click to research financial aid
College can be affordable--whatever your family's income; wherever you live;
whatever your background. Sources of financial support are available for
every student in every situation. The financial aid system works on the idea
that everyone should be able to afford college...that every family should
contribute as much as they can...and that financial aid should make up the
difference. How do financial aid programs decide how much money your family
should contribute? The answer is the EFC, or Expected Family COntribution.
Who determines the EFC? The figure is determined by the federal government
and use by individual colleges.
What's the EFC formula? The federal government and financial aid offices
use "need formulas" to analyze your family's financial circumstances
(including factors like income, assets, and family size). The 1040 income
tax form is used.
How much is your financial aid? The difference between your EFC and the
total cost of college equals your eligibility for need based financial aid.
How do you pay your EFC? Most families can't pay the EFC out of their
current income alone. But, not to worry--the formulas assume that families
will meet their contributions through a combination of savings, current
income and loans.
Click to research financial aid
Where's the Money?
There are three types of financial aid--grants (gift--do not have to pay
back), Student loans (low interest with no repayment or interest required
until after graduation)and Work Study (Students work to help defray college
expenses.
Click to research financial aid
Loan Information
Direct/FFel Stafford Loan
Interest rate is 6.8% for both in-school, grace and deferment periods and
repayment period
Subsidized--interest begins after school; awarded based on need
Unsubsidized--interest begins during school
REPAY--starts 6 months after leaving school or dropping below half-time
enrollment status.
Federal PLUS Loan (also known as Parent Loan)
Fixed interest rate is 8.5% (Direct PLUS Loan Interest rate is 7.9%) REPAY--
begins within60 days after last disbursement of loan.
Federal Perkins Loan
Combined funds from government and school for extreme need--interest rate is
5%. REPAY--begins 9 months after leaving school or dropping below half time
enrollment status.
Click to research financial aid
APPLYING FOR FINANCIAL AID--FILE ELECTRONICALLY FOR FASTER RESULTS
Major Benefits of the FAFSA
The FAFSA has been available on the Web for a couple of years now, but many
students are still hesitant to apply for financial aid online.
Major Benefits---
1. Electronic filing is faster than filing a paper form. The process may
be as many as seven to fourteen days faster if you sign your application as
soon as you complete it.
2. FAFSA on the web edits your application before you transmit it. This
ensures that the data you transmit to the US Department of Education (DOE)
is ready to be processed. By filing and signing electronically, you
decrease your chances of hearing back from the DOE that you forgot to
include one thing or another, whih can further delay your application.
3. You can check the status of your electronic application in three days.
After you submit your application, you don't have to wait for results. If
you mail it in, then it can take up to three weeks to find out where your
application is in the financial aid decision making process!
Click to research financial aid