Financing Your Education

Financial Aid is monetary assistance for students who are attending an after high school institution. All students interested in receiving financial assistance will be required to complete the financial aid process each year. The following steps should be considered when applying for financial assistance. However, you should always contact the institution you plan to attend to determine their expectations.

• First year students should complete the Free Application for Federal Student Aid (FAFSA). Continuing students should receive a Renewal FAFSA in the mail for completion. This application should be completed and submitted by February 14th or the preferred deadline set by your college’s financial aid office.
• Upon submission of the FAFSA, you will receive a Student Aid Report (SAR) through the mail. Review the SAR for accuracy.
• If the SAR is accurate, sign and forward it to the financial aid office of the institution you plan to attend. The institution will contact you if they need further information.
• If the SAR is incorrect, indicate the corrections, sign, and then forward it to the financial aid office of the institution you plan to attend. The institution will contact you if they need further information.
• Once the institution has processed your information, they will send you an award letter. This letter outlines what financial aid programs you are eligible for and the amount of each program.
• You may be required to sign and return the award letter after you have accepted or declined each award. Follow the instructions provided by the institution.

Types Of Financial Assistance Available

Grants: These are a form of financial aid given to qualified students to help pay for their education. No repayment of funds is required, if academic obligations are met. Maximum and minimum amounts vary.

1. Federal Pell Grant:
• Must have financial need
• Must be an undergraduate student
• The lower the “expected family contribution”, the greater the Pell amount the student may receive
2. Federal Supplemental Education Opportunity Grant (FSEOG):
• Must be an undergraduate student
• Must have financial need
• Priority given to Pell eligible students
• Limited availability
• Awarded on a first-come, first-served basis
3. State Grants Programs:
• State grants may be available to you
• Check with the financial aid office at the institution you plan to attend for more information

Work-Study: This is a form of financial aid that offers part-time employment to students. Employment is available on or off campus and in community service programs. Check with the institution you plan to attend for more information. Wages start at the current federal minimum wage.

Scholarships: This form of financial aid is awarded to qualified students based academic performance, competition, particular skills or a combination of unique circumstances. These awards may come in the form of cash or tuition reduction/waiver. Usually, no repayment is required if academic obligations are met. Scholarships are awarded through private agencies, institutions, and local communities.

To find out about available scholarship opportunities check with:
• The financial aid office at the institution you currently attend or plan to attend
• Your local library has books on scholarships
• The following Internet sites:

Federal Student Loans: These are borrowed funds that must be repaid with interest. Students may apply for these loans through the institution you will be attending, the Federal Family Education Loan Program (FFELP) or the Federal Direct Loan Program (FDLP).

1. Federal Perkins Loans – Institutional Loan
• Must demonstrate financial need to be eligible
• Limited funding available, awarded on a first come, first served basis
• Repayment begins nine months after student graduates, withdraws, or drops below half-time
2. Federal Subsidized Stafford Loans – FFELP or FDLP
• Must demonstrate financial need to be eligible
• Government pays the interest on the loan until six months after student graduates, withdraws, or drops below half time or in times of approved deferment
• Repayment begins six months after the student graduates, withdraws, or drops below half time
3. Federal Unsubsidized Stafford Loans – FFELP or FDLP
• This loan is not need-based, but cannot exceed the student’s cost of attendance (COA) less the total estimated financial aid
• Accrued interest is capitalized depending on the lender’s policy
• Repayment begins six months after the student graduates, withdraws, or drops below half time
4. Federal PLUS Loans – FFELP or FDLP
• This loan is not need-based, but cannot exceed the student’s COA less the total estimated financial aid
• Interest begins accruing immediately upon disbursement of funds
• Repayment begins on the date the last disbursement is made and the first payment is due within 60 days after the loan is fully disbursed
5. Federal Consolidation Loans – FFELP
• Interest begins accruing immediately upon consolidation of loans
• Repayment begins 45 days after consolidation and the length of the repayment term varies according to the consolidation loan balance.