The Financial Aid Process
What type of financial aid is available?
Scholarships come from private donors or from your college. Some are based on financial need, but many are based on academics, leadership, athletics, etc.
Grants are based on financial need and you don't repay them. The largest grant program is the Pell Grant. Other federal, state and college grant programs are also available for qualifying students.
Work-Study, also based on financial need, allows you to earn money while attending college. You get paid for hours worked, so don't expect money up-front to pay tuition. Work-Study earnings will not affect future financial aid eligibility.
Student loans are a type of financial aid you must repay. They are available for students and parents.
***In order to qualify for federal financial aid in January of their senior year students need to file to FAFSA (Free Application for Federal Student Aid)
What is the FAFSA?
The FAFSA (Free Application for Federal Student Aid) is the form you complete to apply for state, federal and college-specific financial aid. It calculates your cost of education and family’s need. Pick up the FAFSA at your high school, college, or at EducationQuest. You can also apply on-line at www.fafsa.ed.gov.
What information is needed?
Completing the FAFSA is easier than you think - if you're prepared. In January, start gathering the following items.
· student's and parent's most recent W-2(s) and tax return (when completed)
· current bank statements
· student's driver's license and Social Security number
· records of untaxed income
· value of business and farm (exclude family farm)
· value of investments (exclude retirement plans and home equity)
Complete the FAFSA and submit it to the Federal Processor by March 1 to get the best financial aid package. For help with your FAFSA, make an appointment at EducationQuest. They'll file your FAFSA electronically to save processing time.
What happens after I submit the FAFSA?
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Expect your Student Aid Report (SAR) 3-6 weeks after submitting your FAFSA. This acknowledges that your form was processed, and can be used to make corrections to your FAFSA.
Use your PIN to make on-line changes to your FAFSA, and as an electronic signature for future FAFSAs.
Your college may request federal tax returns or other documents to verify your FAFSA information. Send the documents to the college financial aid office.
Your college will send you a financial aid award letter detailing the assistance they're offering. Sign and return the award letter to the college.
How will my college determine how much financial aid I'll get?
All colleges use this formula to award financial aid:
Cost of Education
- Expected Family Contribution
Financial Need As determined by the FAFSA
The FAFSA will calculate your Expected Family Contribution, and the college will subtract this amount from the cost of attending their school (Cost of Education). This determines how much financial aid they can offer you. They will come as close as possible to meeting your Financial Need. EducationQuest has a “College Funding Estimator” at their website that will help to estimate financial aid eligibility.
Where do I start?
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In December of your senior year, request separate Personal Identification Numbers (PIN) for you and your parents at www.pin.ed.gov. The PIN acts as your electronic signature for the FAFSA. You'll receive your PIN 7-10 days later. Begin to gather all of the required paperwork and either make an appointment at EducationQuest or file that FAFSA by March 1st.