Financial Aid

You should apply for aid every year, even if you think you don't qualify. There are many factors affecting eligibility for financial aid. A change in family financial circumstances might affect your eligibility for student aid.

To apply for student financial aid from the federal government, including the Pell Grant, Perkins Loan, Stafford Loan and work-study, you will need to submit the Free Application for Federal Student Aid (FAFSA). Some private colleges and universities will require one or more supplemental forms to obtain information not included on the FAFSA. They may have their own forms or they may ask you to complete the College Board's CSS/PROFILE form.

FAFSA (Free Application for Federal Student Aid) - www.fafsa.ed.gov

To request a Personal Identification Number (PIN), which families must have before filing the FAFSA electronically- www.pin.ed.gov

Some colleges require the CSS/PROFILE in addition to the FAFSA- www.profileonline.collegeboard.com/index.jsp. Please check with colleges to determine if they require the PROFILE.

Instructions for completing FAFSA:
http://studentaid.ed.gov/students/publications/completing_fafsa/index.html

Funding Education Beyond High School: The Guide to Federal Student Aid
www.studentaid.ed.gov/students/publications/student_guide/index.html

Helpful websites: College Aid Calculators- Definitions:
Stafford Loans
Stafford loans are the most common source of college loan funds. There are two types of Stafford loans:

Subsidized loans
Subsidized loans are need-based and interest will not accrue on the loan while you are in school at least half-time and during grace and authorized deferment periods. You become responsible for the interest when you leave school and start paying back your loan.

Unsubsidized loans
Unsubsidized loans are not need-based, and you are responsible for all of the interest that accrues on the loan, including while you are in school.

Eligibility
  • You must have submitted a Free Application for Federal Student Aid (FAFSA).
  • For subsidized Stafford loans, you must have financial need as determined by your school.
  • You must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen.
  • You must be enrolled or plan to enroll at least half time.
  • You must be accepted for enrollment or attend a school that participates in the Federal Family Education Loan Program.
  • You must not be in default on any education loan or owe a refund on an education grant.
  • No credit check is required.
Federal Perkins Loans
A Federal Perkins Loan is a low-interest (5%) loan for both undergraduate and graduate students with "exceptional" financial need. Federal criteria include:
  • Enrollment in an eligible school at least half-time in a degree program
  • U.S. citizenship, permanent residency, or eligible noncitizen status
  • Maintain satisfactory academic progress
  • No unresolved defaults or overpayments owed on Title IV educational loans and grants
  • Satisfaction of all Selective Service requirements
The U.S. Department of Education provides a programmed amount of funding to the school. In turn, the school determines which students have the greatest need. The school combines federal funds with some of its own funds for loans to qualifying students. To apply for this loan program, the student must complete the FAFSA.

You can find more information about types of loans at: www.wiredscholar.com and www.mefa.org