The basic philosophy behind financial aid is this: families are ultimately responsible for the post-secondary education of their children. In other words, the financial burden lies with the family first. Government programs and private programs are there to help you make ends meet, but it is your responsibility to seek out ways to pay for higher education.
The prospect of paying for college may seem daunting, but try to keep in mind that education is an investment. This investment pays dividends through increased lifetime earnings as well as increases in overall health and well being. For more information about the many benefits of an education read this.
The process of finding money for college can be complex. The Pennsylvania Higher Education Assistance Agency breaks the financial aid process down into these five steps:
1. Think "free money" first.
2. Identify your specific deadlines.
3. Fill out the FAFSA (Free Application for Federal Student Aid)
4. Compare schools' financial aid offers carefully.
5. Be sure you have the money you need.
Frequently Asked Questions
(adapted from the FAQ section at www.finaid.org)
1. I probably don't qualify for aid. Should I apply for aid anyway?
Yes. Many families mistakenly think they don't qualify for aid and prevent themselves from receiving financial aid by failing to apply for it. There are a few sources of aid such as unsubsidized Stafford and PLUS loans that are available regardless of need. The FAFSA form is free. There is no good excuse for not applying.
2. Do I need to be admitted before I can apply for financial aid at a particular university?
No. You can apply for financial aid any time after January 1. To actually receive funds, however, you must be admitted and enrolled at the university.
3. Why can't I submit my financial aid application before January 1?
The need analysis process for financial aid uses the family's income and tax information from the most recent tax year to judge your eligibility for need-based financial aid during the upcoming academic year. The tax year doesn’t end until December 31. Parents might earn a year-end bonus or realize capital gains from selling stocks on December 31. If you submit the financial aid application before January 1, it will be rejected.
4. Do I have to reapply for financial aid every year?
Yes. Most financial aid offices require that you apply for financial aid every year. If your financial circumstances change, you may get more or less aid. After your first year you will receive a "Renewal Application" which contains preprinted information from the previous year's FAFSA. Note that your eligibility for financial aid may change significantly, especially if you have a different number of family members in college. Renewal of your financial aid package also depends on your making satisfactory academic progress toward a degree, such as earning a minimum number of credits and achieving a minimum GPA.
5. How do I apply for a Pell Grant and other types of need-based aid?
Submit a FAFSA. To indicate interest in student employment, student loans and parent loans, you should check the appropriate boxes. Checking these boxes does not commit you to accepting these types of aid. You will have the opportunity to accept or decline each part of your aid package later. Leaving these boxes unchecked will not increase the amount of grants you receive.
6. Are my parents responsible for my educational loans?
No. You and you alone are responsible for repaying your educational loans.
Your parents (or grandparents) may want to help pay off your loan, and you can have your billing statements sent to their address. However, the financial obligation is still in the student's name. If parents forget to pay the bill on time the student will be held responsible for the missed payments.
7. I got an outside scholarship. Should I report it to the financial aid office?
Yes. If you are receiving any kind of financial aid from university or government sources, you must report the scholarship to the financial aid office.
8. How soon after January 1 should the FAFSA form be sent in? Is it better to wait until the income tax forms have been completed?
It is best to submit your FAFSA as soon as possible after January 1.
9. Which colleges have committed to providing free tuition or no loans in the aid package for low income students?
A handful of schools have instituted policies that ensure that low income students have no loans in their financial aid packages. See No Loans for Low Income Students for additional information.
Another source of information is the Federal Student Aid Information Center (FSAIC) at 1-800-4-FED-AID (1-800-433-3243) or 1-800-730-8913 (if hearing impaired). This toll free hotline is run by the US Department of Education and can answer questions about federal and state student aid programs and applications. You can also call this number to request a free copy of The Student Guide: Financial Aid from the US Department of Education.
[ home] [scheduling] [college planning] [financial aid] [scholarships] [ SAT/PSAT]
[graduation project] [for students] [ for parents] [ about Mrs. B]
Questions or Comments? Email Rachel Berkebile
Site Updated 8.18.10
The prospect of paying for college may seem daunting, but try to keep in mind that education is an investment. This investment pays dividends through increased lifetime earnings as well as increases in overall health and well being. For more information about the many benefits of an education read this.
The process of finding money for college can be complex. The Pennsylvania Higher Education Assistance Agency breaks the financial aid process down into these five steps:
1. Think "free money" first.
- Consider scholarships, grants, personal savings, and other sources of college money that you don't have to pay back.
- The South Western Scholarship Connection lists all the scholarships advertised through the Guidance Office. You can browse the scholarships we've already posted and subscribe to receive emails any time the site is updated.
- Browse for thousands of national scholarships at: Fast Web or Scholarships.com or Education Planner Scholarship Search
2. Identify your specific deadlines.
- There are deadlines to apply for Federal aid, deadlines for State aid, and each individual school you apply to may have their own deadline.
- Deadlines are especially important in Financial Aid because money is often given out on a first come-first served basis. If you apply late, funds may be scarce or non-existent.
3. Fill out the FAFSA (Free Application for Federal Student Aid)
- Completing the FAFSA is one of the most important steps in the financial aid process. You must complete the FAFSA to qualify for:
- Federal and most state grants, scholarships, low-cost student loans, and work-study programs.
- Pennsylvania State Grant Program.
- Many school-based student aid programs.
- The best way to complete the FAFSA is online at: FAFSA.ed.gov. The FAFSA cannot be completed until after January 1. Before then, you can obtain more information (including FAFSA worksheets to help you prepare) on their website.
4. Compare schools' financial aid offers carefully.
- Each school you are accepted to will use the FAFSA (as well as any applications specific to their school) to put together a "financial aid package" for you. This package might include: grants, scholarships, work-study, loans, etc.
- Look closely to see how much "free" money you're receiving versus loans that must be paid back.
5. Be sure you have the money you need.
- Once you have received your financial aid award, you need to make sure you have enough money to cover all of your education costs (including things like books, transportation, and miscellaneous living expenses)
- If you've exhausted your scholarship possibilities, applied for grants, received work-study or other aid from your school, taken out a student Stafford loan and/or Parent PLUS loan and you are still in need of more funding, then you may want to consider alternative sources of loans.
Frequently Asked Questions
(adapted from the FAQ section at www.finaid.org)
1. I probably don't qualify for aid. Should I apply for aid anyway?
Yes. Many families mistakenly think they don't qualify for aid and prevent themselves from receiving financial aid by failing to apply for it. There are a few sources of aid such as unsubsidized Stafford and PLUS loans that are available regardless of need. The FAFSA form is free. There is no good excuse for not applying.
2. Do I need to be admitted before I can apply for financial aid at a particular university?
No. You can apply for financial aid any time after January 1. To actually receive funds, however, you must be admitted and enrolled at the university.
3. Why can't I submit my financial aid application before January 1?
The need analysis process for financial aid uses the family's income and tax information from the most recent tax year to judge your eligibility for need-based financial aid during the upcoming academic year. The tax year doesn’t end until December 31. Parents might earn a year-end bonus or realize capital gains from selling stocks on December 31. If you submit the financial aid application before January 1, it will be rejected.
4. Do I have to reapply for financial aid every year?
Yes. Most financial aid offices require that you apply for financial aid every year. If your financial circumstances change, you may get more or less aid. After your first year you will receive a "Renewal Application" which contains preprinted information from the previous year's FAFSA. Note that your eligibility for financial aid may change significantly, especially if you have a different number of family members in college. Renewal of your financial aid package also depends on your making satisfactory academic progress toward a degree, such as earning a minimum number of credits and achieving a minimum GPA.
5. How do I apply for a Pell Grant and other types of need-based aid?
Submit a FAFSA. To indicate interest in student employment, student loans and parent loans, you should check the appropriate boxes. Checking these boxes does not commit you to accepting these types of aid. You will have the opportunity to accept or decline each part of your aid package later. Leaving these boxes unchecked will not increase the amount of grants you receive.
6. Are my parents responsible for my educational loans?
No. You and you alone are responsible for repaying your educational loans.
Your parents (or grandparents) may want to help pay off your loan, and you can have your billing statements sent to their address. However, the financial obligation is still in the student's name. If parents forget to pay the bill on time the student will be held responsible for the missed payments.
7. I got an outside scholarship. Should I report it to the financial aid office?
Yes. If you are receiving any kind of financial aid from university or government sources, you must report the scholarship to the financial aid office.
8. How soon after January 1 should the FAFSA form be sent in? Is it better to wait until the income tax forms have been completed?
It is best to submit your FAFSA as soon as possible after January 1.
9. Which colleges have committed to providing free tuition or no loans in the aid package for low income students?
A handful of schools have instituted policies that ensure that low income students have no loans in their financial aid packages. See No Loans for Low Income Students for additional information.
Another source of information is the Federal Student Aid Information Center (FSAIC) at 1-800-4-FED-AID (1-800-433-3243) or 1-800-730-8913 (if hearing impaired). This toll free hotline is run by the US Department of Education and can answer questions about federal and state student aid programs and applications. You can also call this number to request a free copy of The Student Guide: Financial Aid from the US Department of Education.
[ home] [scheduling] [college planning] [financial aid] [scholarships] [ SAT/PSAT]
[graduation project] [for students] [ for parents] [ about Mrs. B]
Questions or Comments? Email Rachel Berkebile
Site Updated 8.18.10