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Financial Aid
Don’t delay your dream for college. Even if money is tight, there are many
resources to ease the financial burden. Failing to apply for aid because
you think you won’t qualify is a mistake.
FAFSA is important first step
The first and most important step in obtaining financial aid, including
loans and scholarships, is to complete the
Free Application for
Federal Student Aid (FAFSA) form and submit it to the US Department of
Education.
The FAFSA form It can be submitted as early
as January 1 of the year in which you will enter college.
Many colleges make financial aid and
scholarship decisions by a Feb. 15 priority deadline, using
information from this form.
The FAFSA
application requires figures from the current year’s tax return.
Don’t wait until your family files taxes. Tax information can be estimated
and corrected later.
You can obtain the FAFSA form from your
high school counselor. It can also be obtained and completed online.
Categories of financial aid
- Merit-based aid
Your award is based on specific talent or ability. Usually, your
financial circumstances do not affect your ability to qualify for this
type of aid.
- Need-based aid
Aid is based on your family's financial situation, using standards set
by the federal government.
- Non-need based aid
Assistance is available regardless of financial circumstances. Grants,
loans, scholarships and awards are linked to specific organizations,
programs of study or unique circumstances.
Common types of aid
- Grants and scholarships
These funds don't require repayment. However, some special grant
programs require a commitment to work in an assigned location for a
specified number of years.
- Loans
You must pay back these funds with interest over a period of time.
- Work programs
These programs include assistantships, cooperative education programs
and work-study. They are essentially jobs arranged by schools to allow
you to work while you are in school to earn your aid.
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