The best information about financial aid or scholarship at a particular university is available through that university. Many universities require a separate application for financial aid to be completed in conjunction with an application for admission. The deadline dates may not coincide with the admissions deadlines so be careful to pay attention! In addition, many universities may require additional information be submitted from the FAFSA before determining need.
Financial Aid Can Be Need-Based or Merit-Based
Merit based is awarded to students based on academic excellence, talents or achievements. Merit based is usually given in the form of scholarships. Need based financial aid is awarded to students who have shown that his/her family does not have sufficient funds to cover the cost of education. Students prove eligibility through submitting documents to show assets and income which could be used to pay for college tuition and costs. Need based aid is often given in the form of loans, work student and grants.
Need Determination:
When all is said and done, everyone needs help with college financing. The reality is that parents and students alike are the mercy of the university and governmental agencies when it comes to determining need. A standard formula is used to determine what you and the your family can contribute to your college education.
College Costs include:
- Tuition
- Fees
- Room and board
- Transportation to and from college
- Books & Supplies
- Personal expenses
These costs will vary from school to school. You can usually find a budget listing costs in the catalog, admission publications, or from financial aid information from the college of your choice.
Just as the costs may vary from institution to institution, the amount that you are expected to contribute toward college may vary slightly from school to school. The colleges and universities consider things like family income and assets, the number of family members in your household, the number of family members who will attend college at the same time and a number of other important factors about your family. A few families will not be expected to pay anything for college. Others will be expected to pay more depending upon their income, assets, and other available resources. The Free Application for Federal Student Aid (FAFSA) is used to collect this information for students. While the FAFSA is a financial aid application made available by the US Government to determine federal aid availability, many colleges and universities will also use the FAFSA to determine how much financial aid you will receive from your institution as well.
In order to be considered for financial aid from all sources, you must apply each year for financial aid & complete your FAFSA. If you do not apply, no financial aid will be awarded even if you qualify. In addition, the second year at most colleges opens up many more opportunities for scholarships from the school that you attend. Do not forget to look into and apply for those early in the first year.
The FASFA is available January 1st of every year. The CHS Counselor's advice is to complete it by Feb. 1st in order to qualify for the most possible aid available. And remember, the FASFA is FREE- never pay for a service to complete the form! See below for the correct link to the FASFA form.
See future sub-categories for further information on Types of Aid.
No comments:
Post a Comment