What is Financial Aid?
The term financial aid must have been thrown around
over a million times this year but do you really know
what it
is? Financial aid can be defined as, monetary assistance
for students attending eligible post secondary educational
institutions. Huh? Come again? Okay, financial aid
is the process you need to be a part of to find out if
you will
be qualified to borrow or get gift monies (the stuff
you don’t have to pay back) to help pay for college.
Financial Aid Includes:
Grants & Scholarships - This is the good stuff!
It’s
money from federal, state, private or college sources
that doesn’t have to be paid back. Some will refer
to this as “gift money”. Everyone loves gifts!
Student Loans - This is money that is borrowed to cover
the cost of attending college. Payments on most loans
begin after you leave school. With some loans you may
be required
to pay interest while you’re still in school. These
loans will be in your name. You need to keep yourself ‘in
the know’. Know how much you’re expected
to payback. Know what the interest rates are. Know when
you
must start payments. Know how you’re going to make
this work!
· Below are the annual limits for independent
undergraduate and graduate students. Students who require
more than the
federal limit can apply for private loans. For more
information about financing and the federal student loan
program call
NHHEAF at 1-800-525-2577 x119.
Work Study - It is part-time employment for which a
student receives payment for their work. If you are offered
to
participate in your college’s work-study program,
go for it! This is a great way to get involved on campus,
meet new people and pay for school at the same time.
Typically, work-study students average 10-15 hours per
week. Now you
must understand that there are some pretty cool jobs
offered with work-study. You won’t necessarily
be doing janitorial work! The most desirable jobs will
fill up
quickly so be
proactive and find out how to sign up ASAP!
When Should I Apply?
The number one thought that you should be considering
when it comes to financial aid is deadlines. You can
make deadlines. You’ve already worked with some serious
deadlines in your life. You’ve had to get school
papers in by a certain date and your parents have stressed
that your thank you note to your Great Aunt Erma needs
to be sent to her before your next birthday! Every college
has a different program with various deadlines and requirements.
Be sure to know just what is due for each school you’re
applying to and WHEN! With that said, remember that the
best time to apply for financial aid is soon after January
1 of the year you intend to enroll.
How Do I Apply?
In order to determine the aid for which you qualify,
you must first file the Free Application for Federal
Student
Aid.
You may hear people refer to this as the FAFSA. There
are several ways to get you hands on one of these forms.
You
can find them in your high school guidance office, public
libraries or from us here at The Center for College Planning.
DO IT ON-LINE! A great resource for obtaining the FAFSA
is online at www.fafsa.ed.gov. Many of your questions can
also be answered on this site.
FAFSA PIN Number Information
* You will need a pin number to file the FAFSA form.
* You can obtain a pin at www.fafsa.ed.gov or www.pin.ed.gov
* If you choose to file the form online this pin will be
your signature and will help you to access your form whenever
you please.
* Both the student and the parent will need a pin number.
* We suggest that you attain a pin in the fall of your
senior year in high school.
*You will fill out the FAFSA form every year that you attend
college.
*Your pin will remain the same, so try not to loose it!
The Student Aid Report
After you have filled out the FAFSA and sent it in to
the Department of Education, the results will be mailed
to you in the form of a Student Aid Report (SAR). Carefully
review the SAR. Make sure that all of your reported
information is correct. The school’s financial
aid office will receive a document similar to the SAR,
which summarizes
the information you reported on the FAFSA.
* Some colleges require additional financial paperwork.
File this paperwork directly with those schools. Special
circumstances should be addressed with individual financial
aid counselors at the school where you intend to enroll.
Still Have Questions About Financial Aid?
That’s all right. Feel free to contact us here at
The Center for College Planning. We’d be more than
happy to explain this process to you over the phone or
in person. 1-800-525-2577 x 119.
We’re here to help.
