Financial Aid
Financial Aid Overview
Students, and especially
parents, should understand all aspects of
financial aid process.
Applying for Financial Aid
Detailed discussion of
scholarship, grant, and loan application
processes, common pitfalls to avoid, and
all-around practical advice are provided.
Minimize Bank Savings
Students, beware of how much money you have in
your savings and checking accounts.
Scholarships
Begin researching scholarships
(if you haven’t already).
Grants
Scholarships and grants
are basically free money that is almost always
tax-free and never has to be repaid.
Student Loans
These include government funded, government guaranteed,
and private institution loans that must be repaid.
Federal Work Study
Federal Work Study is a part-time job with an hourly
wage. The job may be located on- or off-campus.
These jobs are designed to help students earn
wages to pay for books and other materials. No
money from any Federal Work Study has to be repaid.
FAFSA
The FAFSA (Free Application for Federal Student
Aid) is required by virtually all colleges for
students to receive need-based financial aid.
FAFSA PIN
FAFSA PINs (Personal Identification Numbers) are
required for both you (the student) and one of
your parents.
FAFSA Assistance
The Federal Student Aid Information Center can
answer questions about the FAFSA process.
CSS/PROFILE Financial Aid Application
The CSS/PROFILE is a lengthy financial aid application
very similar to the FAFSA. While
the FAFSA is used to award federal government
student aid, the CSS/PROFILE is used by many
private schools and scholarship programs to determine
financial need to award non-federal government
student aid.
Letter of Special Circumstance
If you have a family financial situation that is
not fully addressed by the financial aid process,
consider writing a letter of special circumstance. Include
this letter in your application packet to each
college and explain how the situation negatively
affects your family’s finances.
Calculating the Cost of College
A good starting point for discussion is the evaluation
of your Expected
Family Contribution (EFC). Your EFC the amount
of money you and your family are expected to contribute
toward the cost of college as calculated by the U.S.
Department of Education.
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