FINANCIAL AID AND SCHOLARSHIPS

Financial Aid is based on need and is awarded in a package usually including grants, loans, and jobs. Some of this financial assistance may include federal funds. "Scholarship" usually refers to a merit-based award given to a student with a special talent-academic, athletic, or otherwise.

The admissions decision at most colleges is made independently of the decision to award financial assistance, so in general you do not need to worry about hurting your chances for admission by applying for aid. (However, there are some exceptions to this general rule.) After you are accepted, the financial aid office decides if, how much, and what kind of aid they can offer you.

Financial aid is awarded to families who could not otherwise afford the tuition and other costs of attending a particular institution.  Income is not the only factor in estimating a family's need for financial aid.  Expenses, debts, assets and any special financial circumstances are also considered.  In general, if you feel you will need financial assistance to attend college, apply.

Colleges use a need analysis service to determine awards.  Financial aid packages are awarded to make up the difference between the family's ability to pay and the costs of attending a particular school.  For example, if it is determined through need analysis that your family is able to contribute $2,000 per year for your college education, you would be eligible for $3,000 in aid at a school costing $5,000 a year.

Mrs. Birtel has a number of books and a computer program containing useful information on financial aid and scholarships.  Please let her know if you are interested.  You should also see her in late December or early January to obtain the proper forms. (September, if for the PROFILE.)

Financial Aid is based on need, and the need is the difference between what you and your
family can pay and what your college will cost.

                College Costs (tuition, room, board, travel, personal)
                           - Financial Contribution (amount family can pay)
                          = FINANCIAL NEED

*Family Contribution = Parent's Contribution + Student Contribution


Financial Aid Forms:

           FAFSA (Free Application for Federal Students Financial Aid) This form is required for              ALL Federal Student Aid Programs and allows information to be sent to a number of colleges              as well as your state financial aid agency.  This is the institutional money.

           Profile: An additional form that many private colleges require. These can be obtained              from the College Guidance Office in November.

After you have made final selections of colleges, it is best to call EACH individual college's financial aid office to determine exactly what they require. The colleges may also have their own forms that need to be filled out.


FAFSA Evaluation:

        Income:

            Includes Taxable and Non-taxable

        Assets:

           Real Estate other than home
            Stocks, bonds, and other investments
            Cash and Savings


        Allowances Made for the Following:
            Federal taxes and Social Security (FICA) paid
            State and Local taxes
            Number in family (food, clothing, and shelter)
            Both parents or single parent working (up to $25,000)
            Asset protection allowance (based on age of older parent)


Three Main Types of Aid:

      Colleges or Universities where Student is applying for admission:
           College Scholarships; need based, merit and activity awards
           Federal Carl Perkins Loan Program
          Federal College Work Study Program
           Federal Supplemental Grants

Eligibility=Accepted and Demonstrated Need (FAFSA)

        The Federal Government:
           Federal Pell Grant Program; need based, apply through FAFSA after January 1 of
           senior year

       TOPS Program (requirements of each award explained in TOPS Information):

           The Opportunity Award

           The Performance Award

             The Honors Award

          The Teacher Award

            The Tech Award
      Check for local scholarships that might be given by the Elks, Rotary or local organizations.


Alternatives to Financial Aid:

Unsubsidized Stafford Loans: The Unsubsidized Stafford Loan is designed for students who cannot demonstrate financial need. The terms are the same as Stafford except that the interest on the loan must be paid while the student is in college. Repayment of the principal will not begin until the student's graduation.

Parent's Loan for Undergraduate Students (PLUS): Limited to cost of education minus financial aid. Simple interest is currently charged on these loans.

Supplemental Loans for Students (SLS): Graduates, professional and independent undergraduates can
borrow $4,000 as freshmen and sophomores, $5,000 junior and senior years. Student's do not have to
demonstrate financial need for this loan.

QUESTIONS? Call the Federal Student Aid Information Center at: 1-800-4-FED-AID

Some of this information was taken from the Sacred Heart network Stoneridge web page.

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