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Ms. Skinner |
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College & Finances
How do I get financial aid for college? The U.S. Department of education runs a variety of student financial assistance programs which provide over $60 billion of financial aid annually in the form of grants, loans, and work-study assistance. In order to qualify for this, you have to apply by submitting the Free Application for Federal Student Aid (FAFSA). Submitting the FAFSA qualifies you for a variety of federal and state financial aid programs. Many colleges and universities also require that you submit the FAFSA in order to be eligible for any of the financial aid programs (scholarship, awards, etc.). The fastest and easiest way to submit the FAFSA is by doing so online! The deadline to submit the FAFSA to apply for the 2001-02 school year is July 1, 2002. However, several colleges require that the FAFSA be submitted much earlier in order to be eligible for campus-based aid programs. To be on the safe side, it is recommended that you submit your FAFSA as soon as possible after January 1st. Important Web Addresses: http://www.fafsa.ed.gov http://www.nslds.ed.gov http://www.loanconsolidation.ed.gov What are some of the common financial aid programs linked to FAFSA? Here is a short description of the different types of support available once you have submitted your FAFSA: Pell Grant A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded to undergraduate students who have not earned a bachelor's or a professional degree. Federal Supplemental Educational Opportunity Grants (FSEOG) FSEOG are gift aid for undergraduates with exceptional financial need. You can get between $100 and $4,000 a year, depending on when you apply, your financial need, and the funding at the school you're attending. Federal Work-Study (FWS) FWS provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. Gaining useful work experience is a plus! Federal Perkins Loan A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need. Federal Perkins Loans are made through a school's financial aid office. Federal Family Education Loans (FFEL) and Direct Loans Schools generally participate in either the FFEL or the William D. Ford Federal Direct Loan Program. Under the Direct Loan Program, the funds for your loan come directly from the federal government. Funds for your FFEL will come from a bank, credit union, or other lender that participates in the program. PLUS Loans (Parent Loans) Parents who have an acceptable credit history can borrow a PLUS Loan to pay the education expenses of a child who is a dependent student enrolled at least half time in an eligible program at an eligible school The FSEOG, FWS and Federal Perkins Loan programs are also collectively known as campus-based aid programs. These programs are administered directly by the financial aid office at each participating school. Where can I get personalized help through an internet source? The following website has several features to help you apply for college and get funding. http://www.financialaid.com/?id=sprinks You will find the following topics: *Explore and educate yourself on the financial aid process. Chat live with your personal FinancialAid Concierge. A great place to start for first time students and family! *Comparison shop among the 10,000 schools in our database! Find out how much it really costs to go to the school of your dreams... *There are thousands of scholarships available to all type of students! You dont have to finish first in your class to qualify for a scholarship... *Are you wondering what the difference is between a Stafford and PLUS loan? In the LoanZone you will get a student loan education and the ability to apply online! |
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