Financial Aid Summary: Get Money for College

Transcription

1 Financial Aid Summary: Get Mney fr Cllege Whether yu're enrlling in cllege fr the first time r returning t schl after a perid f time ff, yu shuld apply fr federal student aid. Federal student aid frm the U.S. Department f Educatin is the largest surce f aid in America, prviding ver $150 billin in grants, wrk-study, and federal lans fr students attending fur-year clleges r universities, cmmunity clleges, and career schls. On this page, we discuss wh gets aid, the types f aid available, hw t apply, and mre! Wh Gets Aid Student Aid Eligibility Eligibility fr mst federal student aid is based n financial need and n several ther factrs. The mst basic eligibility requirements t receive federal student aid are that yu must be a U.S. citizen r an eligible nncitizen, have a valid Scial Security number, register (if yu haven't already) with the Selective Service, if yu're a male between the ages f 18 and 25, maintain satisfactry academic prgress in cllege r career schl, and shw yu're qualified t btain a pstsecndary educatin by having a high schl diplma r General Educatinal Develpment (GED) certificate; passing an apprved ability-t-benefit test (if yu dn't have a diplma r GED certificate, a schl can administer a test t determine whether yu can benefit frm the educatin ffered at that schl); cmpleting six credit hurs r equivalent curse wrk tward a degree r certificate; meeting ther federally apprved standards yur state establishes; r cmpleting a high schl educatin in a hmeschl setting apprved under state law. Federal Student Aid Prgrams We ffer the fllwing types f aid t help yu pay fr yur educatin after high schl. Grants student aid funds that d nt have t be repaid (ther cnditins apply). Wrk-Study a part-time wrk prgram t earn mney while yu are in schl.

2 Federal Lans student aid funds that yu must repay with interest. Types f federal student lans: Perkins Direct Staffrd Direct PLUS (graduate and prfessinal degree student brrwers) Direct PLUS (parent brrwers) Direct Lan Cnslidatin Explre Other Surces f Aid Mre federal aid surces Yur cllege, university, r career schl State higher educatin agencies Schlarships Schlarships fr military families Reduce Educatin Csts Check fr Tax Breaks Read IRS Publicatin 970, Tax Benefits fr Educatin t see hw yu might benefit frm federal incme tax credits fr educatin expenses. Saving Mney Yu and yur family can set up a tax-free Cverdell Educatin Savings Accunt mney frm this accunt can be withdrawn withut penalty. Learn abut the tax advantages f state cllege savings plans and prepaid tuitin plans at Apply fr Aid Applying fr federal student aid is quicker and easier than ever. Yu can cmplete the Free Applicatin fr Federal Student Aid (FAFSA sm ) at Fllw these easy steps t simplify the prcess f applying fr federal student aid. 1. Gather the dcuments needed t apply. Fr example, yu'll need incme tax returns (yurs and mst likely yur parents), W-2 frms, and ther recrds f incme, and identificatin dcuments (scial security cards, drivers license etc.)

3 Apply nline at FAFSA n the Web SM. Submit a FAFSA. The FAFSA is used t apply fr federal financial aid (grants, wrk-study, and lans). Als, many clleges, universities, and career schls use yur FAFSA infrmatin t award state and cllege aid. The prcess is free. Never pay t apply fr federal financial aid. Yu'll need a PIN t "sign" yur nline FAFSA, make crrectins t the applicatin, and mre. If yu are a dependent student, yur parent will need ne t. Yu can get yur PIN befre yu begin r as yu cmplete the FAFSA it's up t yu. Get a PIN nw! Nte: Cmplete the FAFSA each year, starting n January 1. Be sure yu meet applicatin deadlines. Fr deadlines, visit Get free infrmatin and help frm yur schl cunselr, the financial aid ffice at the cllege, university, r career schl yu plan t attend, r the U.S. Department f Educatin at (nline chat is als available), r call FED-AID ( ). Mre See FAFSA Filing Optins fr mre ways t file. Use FAFSA4Caster sm t estimate yur federal aid eligibility. Create a MyFSA accunt t keep track f yur cllege searches and applicatins, yur career interests and searches, and mre. Transfer infrmatin frm yur MyFSA prfile t the FAFSA. What's Next? After Yu Submit the FAFSA We prcess yur FAFSA and the results are sent electrnically t the schls yu listed n yur applicatin, and we send yu a Student Aid Reprt (SAR). The Student Aid Reprt (SAR) Yur SAR summarizes all the infrmatin yu prvided n yur FAFSA. It must be crrect befre yu can receive federal aid. Read the infrmatin belw t find ut hw and when yu will receive yur SAR, and what t d with it nce yu receive it. Hw and when yu will receive yur SAR Generally, it takes less time t prcess and send the SAR t yu when yu submit the FAFSA nline and prvide a valid address. If we have yur valid address, yu'll get yur SAR in three t five days. This cntains a secure link t yur SAR nline. If yu dn't prvide a valid address, it takes abut seven t 10 days befre yu'll receive yur SAR by pstal mail.

4 If yu submit a paper FAFSA, yu'll receive yur SAR by within 2 weeks, r 3 weeks if yu d nt prvide an address. Nte: If yu have a PIN and yur FAFSA has been prcessed, yu can lgin at t view SAR infrmatin regardless f whether yu filed the nline r paper FAFSA r prvided an address r nt. What t d with yur SAR When yu get yur SAR, review it fr accuracy. A cmplete, crrect SAR will cntain yur Expected Family Cntributin (EFC), the index number used t determine yur federal student aid eligibility, and Data Release Number (DRN), a fur-digit number assigned t yur applicatin by the U.S. Department f Educatin. If yu need t make crrectins t yur SAR, yu can make them nline using yur PIN at check with yur schl; the schl might be able t make them fr yu electrnically. If yu received a paper SAR, make any necessary crrectins n that SAR and mail it t the address n the frm fr prcessing. See Crrecting Yur FAFSA. Yur Financial Aid Make sure the financial aid ffice at each schl yu're interested in has all the infrmatin needed t determine yur eligibility. Fllw all directins n any cmmunicatins frm the schl r frm the U.S. Department f Educatin, and respnd by any deadlines. If yu dn't, yu might nt receive federal student aid. The Financial Aid Award If yu listed a schl n yur FAFSA and have been ffered admissin by that schl, the financial aid ffice at the schl will send yu an award letter (mst likely electrnically). The award letter includes the types and amunts f financial aid yu may receive frm federal, state, and schl surces. This cmbinatin f aid is yur financial aid package.

5 Review each award letter carefully and cmpare hw much aid yu can receive at each schl. Pay attentin t letters r frm schls, fllw all directins, and cntact the financial aid ffice if yu d nt understand what the schl is ffering yu. Again, if yu dn't, yu might nt receive federal student aid. Brrwing Respnsibly Yur financial aid package may include federal student lans. In the case f lans, keep in mind that whatever amunt yu brrw must be paid back with interest. While lans can be a gd investment in yur future, taking ut a federal student lan is a serius bligatin. Receiving the Mney Schls must pay yu at least nce per term (semester, trimester, r quarter). If yur schl desn't use frmally defined, traditinal terms, then they must pay yu at least twice per academic year. Yur schl will credit yur grant funds t yur schl accunt, pay yu directly (usually by check), cmbine these methds, r with yur permissin, credit yur bank accunt. TOP Get Mney fr Cllege Wh Gets Aid Types f Aid Explre Other Surces f Aid Reduce Educatin Csts Apply fr Aid FAFSA Filing Optins FAFSA4Caster Create a MyFSA accunt Transfer yur MyFSA prfile t FAFSA n the Web SM After Yu Submit the FAFSA The Student Aid Reprt (SAR) Expected Family Cntributin Data Release Number (DRN) Crrecting Yur FAFSA Yur Financial Aid The Financial Aid Award Sample Financial Aid Package Brrwing Respnsibly Receiving the Mney Last updated/reviewed August 25, 2011