|
|
Paying
For College
The first step in obtaining financial aid for college is to complete the
Free Application for Federal Student Aid (FAFSA). You should be able to
obtain this form from any school guidance counselor, public library, the
Internet or the financial aid office of the college or school that you would
like to attend.
When you complete this form your are supplying information to help determine
your Expected Family Contribution (EFC). Your EFC is the amount of money
you will be expected to contribute toward the financing of your education.
This is based on number of dependents, family size, income, expenses and
the number of family members who are currently enrolled in trade schools
or college.
Completing The FASFA
Completing the FAFSA is the first step towards receiving the federal educational
aid for which you are eligible. The FAFSA must be filed after January 1
of the year in which you are requesting financial aid.
Do not procrastinate! Mail in the FAFSA as close to January as possible
for the year that you wish to attend. In order to complete the FAFSA you
will need the following information:
• Income tax return or as close an estimate
as possible.
• W-2 forms and other records of money
earned.
• Records of untaxed income.
• Current bank statements.
• Business and farm records.
• Records of investments.
• Driver’s license and social security
card.
When completing the FAFSA be sure to answer all of the questions, even if
you need to estimate. You will be given the chance to correct your answers
later.
You can list up to six colleges or universities that you are interested
in attending. The information from the FAFSA will be sent to these schools
automatically.
Once sent, the Federal Student Aid Programs will process your information
and mail a Student Aid Report to you and to the schools that you listed
on the FAFSA.
Student Aid Report
Approximately four weeks after mailing out your FAFSA, you will receive
a Student Aid Report (SAR). This will identify your Expected Family Contribution
(EFC) and reiterate information that you supplied on the FAFSA. At this
time, you will be able to make any necessary changes or corrections to the
information that you previously supplied.
Review the SAR very carefully. Sometimes you may need to supply additional
information before your Expected Family Contribution and need can be calculated.
Also, the school that you plan on attending may require additional information
from you. If you do not supply all of the required information, you might
miss out on the aid that you need. Check with the financial aid offices
at the schools that you have applied to, to find out if there are any other
forms that you need to complete in order to qualify for financial aid.
Financial Need and Expected Family Contribution (EFC)
The amount of financial aid that you will receive to pay for your education
is determined by individual schools based on the information that you have
supplied. For most schools, need is determined by subtracting your Expected
Family Contribution (EFC) from the cost of attending school. Cost of attendance
includes expenses such as:
• Tuition and Fees.
• Books and Supplies.
• Room and Board.
• Personal Expenses (clothing, laundry,
and recreation).
• Transportation.
The Financial Aid office at the schools that you have chosen will consider
your financial need along with any other aid that you expect to receive.
The office will then prepare a financial package for you in the form of
an award letter.
Receiving Your Award Letter
After you have completed the FAFSA and received the SAR, you will receive
an award letter from the schools that have accepted you. The award letter
outlines the financial aid package that the school is offering to you. Most
financial aid is awarded based on financial need or eligibility. Each school
will determine need based on the information that you have supplied in the
FAFSA.
The financial aid package that is presented to you in the award letter will
most likely be broken down according to the different types of financial
aid offered. Typical types of financial aid are: grants, scholarships, work/study
programs and loans. You are allowed to accept all or part of the financial
aid package that is offered to you.
If you have been accepted at several different schools, it may be to your
advantage to wait and compare each financial aid package that you are offered.
You may find that a school that seemed too expensive to attend has offered
you a financial aid package that makes attending more affordable than attending
a less expensive school. Once you accept a school’s offer, sign the
letter, keep a copy for your own records and return the original to the
school. |
|
