Financial Aid Infomation

Financial Aid FAQs
Applying for Financial Aid through the Federal Government
The College Scholarship Service (CSS)/Financial Aid PROFILE
Financial Aid Timeline
Financial Aid Applications

Financial Aid FAQs

1. What is Financial Aid?
2. How do I know if I am eligible for financial aid?
3. What is the Expected Family Contribution?
4. How is Financial Need Determined?
5. What is a Financial Aid Package?

1. What is Financial Aid?
Student financial aid emerged as a vital force in financing American higher education during the 1970s, when the Education Amendments Act of 1972 authorized a massive expansion of funding. It also established a program to encourage states to become more involved or to do more in assisting their students with educational costs. Today, over half of all students in higher education rely on one or more forms of financial aid during their academic careers.

Financial aid is designed to help individuals meet their educational expenses when their own resources are not enough. A student who believes that his/her own family resources are not sufficient to pay for all costs of attendance (tuition, room and board, books, transportation, etc.) should apply for financial aid through the college’s financial aid office.

Forms of Financial Aid
Three general types of financial aid are available:

1. Grants - gifts or scholarships which do not have to be repaid.
2. Loans - money borrowed to cover school costs, which must be repaid, usually with interest, over a specified period of time, usually after the student graduates.
3. Work-study - employment that enables a student to earn a portion of school costs.

2. How do I know if I am eligible for financial aid?
Different forms and types of financial aid come with different requirements, so research your options carefully. In general, you may be a prime candidate to receive a scholarship if any or all of these apply to you:

• You are diligently applying yourself at your present high school or college
• You have participated in community service, extracurricular activities and sports
• You have a demonstrated financial need
• There are extenuating personal circumstances.

3. What is the Expected Family Contribution?
The Expected Family Contribution (EFC) is the amount of money a student’s family is expected to contribute toward college expenses. The family contribution includes funds from the student and parents or guardians. The amount of money that is expected to be contributed by the family is calculated by a standard formula. Although other factors are included, the following is taken into account:

• The family’s financial resources (income and assets)
• Size of the family
• Basic living expenses of the family

The EFC calculation is based on information provided by the student’s family on a standardized need-analysis form. All students who apply for federal financial assistance are required to complete the Free Application for Federal Student Aid (FAFSA). There is no charge to the student or the student’s family to process the form, determine the student’s eligibility or receive federal financial assistance. You can request a FAFSA form by calling 800-433-3243, by downloading a copy of the form from the FAFSA website, or requesting a copy from your high school guidance counselor.

4. How is Financial Need Determined?
A student’s financial need is the difference between the student’s educational expenses and the amount of money the family is expected to contribute (EFC). In general terms, the formula to determine financial need is:

School costs - Expected Family Contribution (EFC) - Financial Aid = Financial Need

5. What is a Financial Aid Package?
A financial aid package is a combination of financial aid resources (i.e., grants, loans, and work-study) put together by the college financial aid administrator and designed to meet, as closely as possible, the student’s individual financial need. The amount of awards and types of assistance in a package depend upon the total cost to attend a particular college, the student’s need, the availability of funding, and outside funds available to the student. For example, a student who applies to and is accepted by two different colleges may be offered two different financial aid packages.

Applying for Financial Aid through the Federal Government

If you seek financial aid from the federal government you should apply every year, even if you think you do not qualify. There are many factors affecting eligibility. To apply you will need to submit the Free Application for Federal Student Aid (FAFSA). The FAFSA is also required by all state and many school student assistance programs. There is no charge to submit this form.

For more information on the FAFSA and on applying for financial aid from the federal government, visit our Other Scholarships and Financial Aid Resources.

The College Scholarship Service (CSS)/Financial Aid PROFILE

PROFILE is a financial aid application service of the College Scholarship Services (CSS), the financial division of the College Board, a national nonprofit association of colleges, universities and educational organizations. Many public and private colleges use the information collected on the PROFILE to determine eligibility for institutional aid and to help them award non-federal student aid funds.

The differences between the CSS PROFILE and the FAFSA are as follows:

• The PROFILE can be submitted in the fall, whereas the FAFSA cannot be submitted prior to January 1.
• The PROFILE asks questions specific to the school or program you will be applying to, whereas the FAFSA asks the same questions of every applicant.
• The PROFILE determines your financial need differently than the FAFSA, by taking into account such factors as whether your family owns a home.
• In general, the PROFILE asks for more detailed financial information than the FAFSA.
• The PROFILE requires a minimum student contribution, whereas the FAFSA does not.
• The PROFILE gives the financial aid counselors greater freedom to grant aid based on a student’s particular circumstances.
• The PROFILE has a cost for submission, where the FAFSA is free.

You may or visit the College Board’s website for more information, or register for the PROFILE online When you register, you will need the PROFILE code for the school or program to which you are applying.

You can also ask your guidance counselor for the PROFILE registration guide to get the process started, or call 800-239-5888 for more information.

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Financial Aid Timeline

Knowing the financial aid timeline is key to your success. Each year, valuable time is wasted pursuing scholarships whose deadlines have passed. Keep on track by conducting your search 12 months ahead of time.

It is critically important to be early and be prepared. To assist with financial aid planning, we offer the following suggested timeline:

• Think about fields you may want to major in.
• Contact colleges or universities you are interested in applying to and request a catalog. Ask for a listing of scholarships that may be available to you if you attend.
• Meet with your high school counselor to begin your scholarship search.

• Keep a master file of all of your college and scholarship information. Make copies of all correspondence you send.
• If possible, visit the colleges you’re interested in and consider sitting in on a class.
• Take the SAT or ACT tests. If the college asks for the Achievement tests, take those as well. For more information on tests, visit the Tests are Important section of our website.
• Develop a resume of extracurricular activities, community service, job experiences, sports and awards, and keep the list updated.
• Request admissions and financial aid forms from colleges.

• Check with your guidance counselor about scholarships available to graduating seniors; new scholarships may be available.
• Look for financial aid for your freshman year at college.
• Think about what you want to say in your college essay. Prepare an outline or rough draft and ask a teacher or parent to give feedback.
• Ask teachers, coaches, clergy or others who know you but are not related to you to write letters of recommendation. The number of recommendations required by each college is different and will be included in the admission materials.
• Send applications to the colleges to which you’re applying.
• Attend financial aid and scholarship workshops.

• File the FAFSA or other required forms. Be sure to include both student and parent signatures and list all colleges you are interested in attending.
• Submit financial applications from the federal government as soon as possible after January 1. Financial aid is generally awarded on a first-come, first-served basis.
• Once you receive acceptance letters and financial aid information in writing, decide which college you want to attend.
• Sign the financial aid award letter and return it by the deadline.
• Notify the college’s financial aid office of any scholarships you will be receiving.

• Check with your college counselor to see if you are eligible to test out of some basic general education courses. This can save you time and money.
• Pay for your classes and begin your new educational adventure!

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