Types of Financial Aid
- Scholarships and Grants
- Money that does NOT have to be repaid
- Some are given as a "one time gift" and others are renewable based on meeting criteria
- Find a list of Scholarships and Grants awarded to previous BA graduates through the "Scholarship" tab on Naviance!
- BEWARE OF SCAMS! Some statements to tip you off on scam scholarships are:
- Our scholarship service will do all of the work for you
- This scholarship is guaranteed or you’ll receive your money back
- For help in identifying a scholarship scam, refer to the FinAid Page.
- Loans
- Money that is BORROWED by students and/or guardians/parents
- Subsidized loans
- Interest is paid by the Education Department when you are enrolled at least half time in college
- Unsubsidized loans
- Interest begins accruing as soon as the loan is taken out, including while you are enrolled in school
- Before you take out a loan, compare the total costs of each type, including how interest is paid.
- Work-Study
- Schools may offer work on campus as a type of financial aid like:
- Working at the library
- Working in the dining halls
- Lab assistantships, and more
- Other
- Participation in the military, ROTC, AmeriCorps, and other programs can provide funds or forgiveness of educational loans
- Most of these other sources will provide assistance, but you also are signing up for an obligation! Make sure you read the fine print on all of these types of funding.
Financial Aid Process
FAFSA opens to seniors for the 2021-2022 academic year on October 1st, and remains open through June 20, 2022, but filling it out sooner rather than later so you don't miss out on qualifying for the aid you are eligible for. Getting financial aid directly from colleges have different deadlines, so contact the school to find out their exact deadline dates.
Free Application for Federal Student Aid
The federal government awards around $125 billion in student aid every year in the form of grants, loans and work study. All colleges and universities across the United States require that you file the FAFSA if you are applying for a financial aid package. The FAFSA application asks for information about your family’s financial status and considers several other factors in determining your eligibility to receive aid.
After you have completed and submitted your FAFSA, you will receive a Student Aid Report (SAR) that will inform you of your EFC (Estimated Family Contribution). Your family will be expected to pay this estimated amount for a specific academic year. If the college tuition/cost is more than your EFC, you will have a financial need and should be eligible to receive some type of financial aid. Your information will be given to colleges that you are applying to and after that data has been reviewed, each college will determine the financial aid package that they can offer to you.
Here is a link to more information about FAFSA
FAQs:
https://www.salliemae.com/college-planning/financial-aid/fafsa/fafsa-guide/
Video Tutorials:
https://www.youtube.com/watch?v=Zkw463ke8ho
New FAFSA, what is the difference compared to years past?
https://www.collegedata.com/resources/pay-your-way/the-new-fafsa-9-big-changes-you-need-to-understand
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