Things to Remember About Financial Aid

Students and parents assume the primary responsibility for college expenses. Most families use a combination of savings, current earnings, and financial aid to cover college costs. When planning for college costs, families should be aware of the following:

—Most financial aid is administered through college financial aid offices. When a student applies for aid at a Connecticut college, he or she will be considered for state, federal and institutional funds administered by the college. When a student applies for aid at an out-of-state college, he or she will be considered for federal and institutional funds.

—Commercial scholarship search services sometimes claim billions of dollars in private sector scholarships, which go unused each year. This is a myth. Most scholarship programs receive many more applications than they can accommodate. The Federal Trade Commission’s Bureau of Consumer Protection is making a major effort to educate high school and college students about financial aid scams.

—Time lines and accuracy are the watchwords when it comes to applying for financial aid.

—The CSS/Profile Financial Aid Form is available in the counselors’ offices. This form is required for some colleges.  It can also be found online at www.collegeboard.com. 

—The FAFSA (Free Application for Federal Student Aid) is available in early January in the counselors’ offices and will be online at www.fafsa.ed.gov in early January.

— Tuesday, January 25^th from 5:30 to 6:15 p.m. Port St. Joe High School hosts a Financial Aid Workshop where the following topics are covered:

Introduction:  Current issues in Financial Aid

Purpose of Financial Aid

Determining the Cost of Higher Education

Understanding Need Analysis

How to Apply for Financial Aid

Explanation of Financial Aid Programs

How Financial Aid Award Decisions are Made

Completing the Need Analysis Documents:

Free Application For Student Aid (FAFSA)
CSS/Financial Aid PROFILE

Alternative Options to Financing a College Education

Question and Answer Period

FINANCIAL AID INFORMATION FOR SENIORS

The federal government is the largest source of financial aid for college study.  You are generally eligible if you demonstrate financial need, are a student working toward a degree, and hold a high school diploma.  The process of applying for aid begins by completing the “Free Application for Federal Student Aid” (FAFSA).  Some schools require that students also complete the Profile form.  Both the FAFSA and Profile are available online.  The Profile can be accessed at www.collegeboard.com.  The FAFSA can be accessed at www.fafsa.ed.gov.  A limited number of paper copies are available in the guidance offices at PSJHS.

By completing the FAFSA, students will be considered for the following types of aid:

Federal Pell Grants: These are open to undergraduate students who demonstrate financial need.  Awards range from $400 to $4,050 a year.  These grants are made through cooperating colleges and universities and need not be repaid.

Federal Supplementary Educational Opportunity Grants: These are awarded to undergraduate students who have exceptional financial need.  They are administered through cooperating colleges and universities in amounts up to $4,000 a year.  They need not be repaid.

Federal Stafford Loans: These loans allow first-year students to borrow up to $2,625.  Second-year students can borrow $3,500 and third and fourth year students can borrow $5,500.  For eligible students, the government pays the interest while the borrower is in school.

Federal Perkins Loans: These may be borrowed in amounts up to $4,000 a year for undergraduate study.  Interest is at a low rate (recently 5%).  Loans are made by colleges or universities and must be repaid, including interest due.

Federal Work Study: This is a program administered by colleges and universities, which pays students for work done on or off the campus.  Work is part-time and during the school year.  Unlike other employment, federal work-study funds are pledged to help the student as part of a total package of financial support.

Informational Websites

College, Financial Aid and Scholarship Information

www.collegeboard.com—Career exploration, college and scholarship search, sample SAT, essay tips and much more.

www.collegiatechoice.com—Order videos produced by guidance counselors.  US News & World Report's ratings on colleges.

www.gocollege.com—Search for information on colleges and universities as well as scholarships and the applications for government subsidized student loans

www.embark.com—Princeton Review (SAT review company) sponsors college and university information, customized online applications for 950 undergraduate colleges and SAT preparation information.  A scholarship search is included as well as financial need calculators, and financial aid package tips.

www.nces.ed.gov/ipeds/cool—Interactive website established by the U.S. Department of Education that provides up-to-date information on the programs, costs, and financial aid available at over 10,000 colleges, universities, and other post-secondary institutions.

www.petersons.com—An excellent college search program with links to individual college Web sites, SAT preparation, and financial aid information.

www.collegenet.com—College and scholarship searches, financial aid information, 1,500 online college applications, occupational information

www.FindTuition.com—Nation's largest consolidated database of national, state, and college specific scholarships and grants.  "Quick Scholarship Search", and "Athletic Search" are available.

www.fastap.org/—FASTaid Scholarship Search:  Bills itself as "World's largest and oldest private sector online scholarship database".

www.petersons.com—College and scholarship search, SAT review, PSAT practice test, college essay writing, online courses, resume help, and summer programs.

www.finaid.org—A variety of grants, scholarships, and consumer loan information is listed.  This site is considered by many experts to be one of the best and most reliable sites.

www.collegeboard.com/profile/index.html—Information and online application for the Profile (financial aid form).

www.estudentloan.com—Get instant student loan comparisons and apply online.  Scholarship search included.

www.fastweb.com—A premier, extensive, customized financial aid and scholarship search site.

www.college-scholarships.com/100college.htm—One hundred top college and university Web page listings. Financial aid and scholarship search information available.

www.collegeexpress.com—Get advice about college admissions, financial aid, college sports, college applications, and a scholarship search.

www.savingforcollege.com—An excellent source of information about the 529 college savings plans, and Coverdell Education Savings Accounts. 

www.studentaid.ed.gov—Career information, school selection, college and scholarship searches, online college applications.

Online Applications for College

www.collegequest.com—Offers electronic versions of two standard types of applications accepted by more than 1,000 colleges. Approximately 100 can be submitted via the Web.

www.review.com—Download the software created by the Princeton Review.  This software enables students to download applications that automatically include basic information they provided upon registering. Custom applications for nearly 700 colleges are also accessible.

www.collegelink.com—Enter your basic information once and we will convert it to all of your printed applications.

www.embark.com—Customized online application for 950 colleges.

www.commonapp.org—Common application used by 255 colleges.

SAT/Test Prep/Registration

www.collegeboard.com

The College Board homepage contains information on financial aid, scholarships, SAT reviews, Profile registration, and an essay evaluation service for SAT II Writing Test and A.P. Essay.

www.kaplan.com—Private SAT review company.

www.princetonreview.com—Private SAT review company.

Campus Video/Interactive Tours

www.campustours.com—Interactive tours of colleges across the United States.

www.collegiatechoice.com—Order videos produced by guidance counselors.  US News & World Report's ratings on colleges.

Financial Aid Forms

www.fafsa.ed.gov—Students may use this Website to complete the FAFSA (Free Application for Federal Aid) form. Applications are automatically edited before transmitting, resulting in better information and fewer rejected applications. Eligibility for financial aid will be determined within 72 hours and students can mail their signed signature page.

www.collegeboard.com/profile/index.html—Information and online application for the Profile (financial aid form).

Vocational and Career Information

www.careervoyages.gov—Explore career options in many industries including automotive, construction, health care, financial services, the military, etc.

www.ncaaclearinghouse.net—NCAA Guide and Registration material for the college bound student athlete of Division I or II colleges.

www.militarycareers.com—Information about military careers and enlisting in the armed forces

www.students.gov—A government-wide Web portal that makes it easy for college students to find information about financial aid, career development, education planning, consumer protection, etc.