FINANCIAL AID AND SCHOLARHIPS What is Financial Aid? Financial Aid is monetary assistance for meeting two kinds of college costs that, when combined, represent the total cost of attendance (COA): a. Direct Educational Costs: tuition and fees; and b. Personal living expenses: room and board, transportation, etc. Financial Aid can be given through grants, loans, or work study programs.
How Does a Financial Aid Application Impact Possible Acceptance? Policies vary from school to school so it is important to know and understand the policies of each school to which you may apply. The following terms will be helpful: • NEED-BLIND: A process where the admissions office is “blind” to the financial need of its applicants. Admissions and financial aid are two separate offices and only accepted applications are sent to the financial aid office for review. • NEED-AWARE: A process where the admissions office is sensitive to the financial need of the applicant. Schools with limited financial resources must be aware of the university budget when accepting a freshman class. In most cases, this process affects a handful of students who are often placed on the waitlist until the budget can be further analyzed. • GAPPING: A process of admitting a student while providing a financial package that does not fully meet calculated financial need.
How Does a Family Qualify for Financial Aid? • •
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In order to receive aid, a family must establish financial need. FAFSA: All students, parents and financially responsible guardians applying for aid must complete the Free Application for Federal Student Aid (FAFSA). o The FAFSA can be filed using the online version (recommended and preferred) or the paper version and is available online at www.fafsa.ed.gov. o The annual FAFSA application becomes available on Oct. 1st. o Students and families are encouraged to complete and file the application as soon as possible. This is an annual application process and must be completed each year. CSS PROFILE: Many private colleges will also require that the CSS PROFILE be completed in addition to the FAFSA as part of their financial aid review. The CSS PROFILE is processed by the College Board and available on October 1st on their website (www.collegeboard.org). o In order to access the CSS PROFILE application, a student or parent must establish a username and password for the College Board’s website. After that step is accomplished, one must register by answering basic questions regarding the student’s situation.
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