WHAT YOU SHOULD KNOW ABOUT FINANCIAL AID

As you consider the cost of attending college these days, it's easy to let tuition prices frighten you. More students than ever are searching for financial assistance to help pay for college. First you need to realize that a college education is an investment in your future ... and important investment. In your initial college search, do not eliminate schools based on cost alone. The price of a college is often very different than the actual cost you will pay. The difference is FINANCIAL AID!!

There are basically two types of financial aid:

1. Gift Assistance (Free Money) - Includes local/community scholarships, specific college scholarships, grants from the federal or state government or colleges. Gift Assistance does not require repayment. Students should begin to research local/community scholarships during their junior year. Specific college scholarships may be based on academics, leadership, athletics, financial need, service, religious affiliation, etc. It is never too early to begin searching for scholarship opportunities.

2. Self-Help Assistance (Loaned/Earned Money) - Includes work-study, student and parent loans, regular employment and military service time. This type of aid is usually based on financial need. Work-study is a federal program which enables you to work on campus part-time to help pay for college. Many colleges also offer regular employment for students who do not qualify for work-study. Loans can come from the federal government, local banks and even from colleges themselves. For most student loans repayment isn't required until after graduation. Branches of the military also have many college benefits available to students (ROTC, etc.).

How to Get Need Based Financial Aid:

First, if you are a high school senior you should get a FAFSA (Free Application for Financial Aid) worksheet from the Northmont High School Counseling Center. The worksheet helps you gather the information you will need to file the FAFSA online. Nearly every college requires the FAFSA as its main financial aid application. The FAFSA requires much information from your family.

Second, secure a PIN from the federal government to enable you to file, sign, and access your FAFSA online. You may apply for a PIN at www.pin.ed.gov.

Third, it is important that you and your parents fill out the FAFSA online as soon after January 1 as possible and before February 15 for consideration for need based financial aid. Be sure to list all colleges (up to six) that you are considering. Print the confirmation page after submitting your FAFSA. This page will show your Expected Family Contribution (EFC). The EFC will be used by colleges and scholarship agencies to determine the amount of your financial aid. The EFC will be electronically submitted to the colleges you list on your FAFSA.

If you do not have access to a computer at home, you may use a computer at school to file your FAFSA. As an alternative, the counseling center receives paper copies of the FAFSA between Thanksgiving and winter break.

Fourth, a few weeks after you have submitted your completed FAFSA you should:
*  Check with all colleges you are considering to see if any additional forms/information is required. 
*  Receive a Student Aid Report (SAR) which is a computerized printout of your FAFSA information. This is also available online. Watch for an e-mail with a link to your report.
*  Read the SAR and verify that the information reported is correct and if not, be sure to make corrections and return the form to be updated.

In late March or April you should begin to receive offers of financial aid from the colleges to which you have applied.
*  After you receive all financial aid awards you can compare actual costs. Use this method to calculate your expenses: (Tuition + Room & Board + Fees) - (Financial Aid Award) = Your Out-of-Pocket Expense
*  Call the schools you are considering with questions about any unclear part of your financial aid package.
*  You have until May 1 to make a final decision on which college you will attend and to submit an enrollment deposit to that college. Be sure to notify the other schools you were considering of your final decision.

Male students can register with the Selective Service System when completing the FAFSA or can register online.

Searching for additional financial aid and scholarship information? Try these links!