1. Financial Aid

2. What is FAFSA and how does it work?
Free Application for Federal Student Aid (FAFSA)
FAFSA is used to apply for federal student aid, such as grants, loans and work study- IT IS FREE!!!!
How FAFSA works:
Go to their website:
You answer questions which are entered into a formula- creates Expected Family Contribution (EFC)
You will receive a Student Aid Report (SAR) which will list all the information you filled on the FAFSA and your EFC
This information is sent to colleges you list on the FAFSA
Colleges use this information to prepare a financial aid package
Cost of Attendance – Expected Family Contribution = Financial Need
You will need information for you and your family’s W-2 (annual wage and tax statement) to complete FAFSA

5. CSS Financial Aid Profile
The College Scholarship Service (CSS) of the College Board is used to award some college scholarships
College Board does charge a fee for processing the CSS
Only submit a profile if your college or scholarship program instructs you to do so.

6. Grants Federal does Pell grant does not have to be repaid
Eiligibility is based on EFC as determined by FAFSA
Determined by financial need, costs to attend school, status as full/part time, and plans to attend for full year
FAFSA is your application for this
Given on a first come, first served basis!!!
Incentive to submit your FAFSA application ASAP
Receiving Pell Grant
Max Award- $4,050
Average Award- $2,404
Only one awarded per year, per school attending
Pell Grant is provided from govt to college
Can either give $ to you apply directly to cost or both

7. Loan Types
Subsidized Stafford Loans- student pays amount borrowed (principal) and the federal government pays accrued interest
Unsubsidized Stafford Loans- student pays amount borrowed (principal) and the accrued interest
Plus Parent Loans- low interest parent loans
Perkins College Loans- loans given by the school to students with exceptional financial need

9. Stafford Loans Awarded through FAFSA Amount Receive Money
Subsidized loans max amounts for dependent undergraduates (limited because govt. is paying interest)-
1st year- $2,625
2nd year- $3,500
3-4 years- $5,500
Receive Money
Sign an agreement- says you are responsible for payback
Disbursed in two installments- first used to pay tuition, room and board, fees, etc
If extra will receive a check
Paying Back Loan
10 year plan- minimum $50 payment
Graduated plan- starts out low and increases gradually over time
Extended plan- allows you to repay your loan over longer period
Plan that bases monthly payment on how much $ you make

10. PLUS Parent Loans
Loans your parents can apply for to pay for your expenses
Complete a PLUS loan application
Need to pass a credit check
Amount
Cost of attendance minus any other financial aid you recieve
Receive Money
Sign an agreement- says you are responsible for payback
Disbursed in two installments
Paying Back Loan
Interest rate is variable (adjusted annually) but won’t exceed 9%)
Parents will be notified of any changes to interest rates
Begin paying back loan 60 days after full disbursement- no grace period
Parents begin paying while you’re in school

11. Federal Perkins Loans Loans low interest 5 percent loan for students
Amount
School is your lender- loan made with govt funds
Receive Money
School will pay you directly or apply your loan to charges
Two payments
Can receive up to $4,000 each year
Paying Back Loan
Repay loan to your school

12. Federal Work-Study
Provides part time jobs for students with financial need
Encourages community service work and work related to course of study
Paid by the hour- at least once a month
Paid at least current federal minimum wage
Amount paid can’t exceed your total FWS award

13. Scholarships
NHS website
Scholarship updates
College and career center