Learning Objectives
1. I will know the types and sources of financial aid
2. I will know how to apply for financial aid
3. I will know where to find scholarships

FINANCIAL AID 101

What is Financial Aid?
Money given , paid or lent to help students pay for their education.

TYPES OF FINANCIAL AID

• Grants - no repayment
• Scholarships
• College Work Study
• Loans - repay

Sources of Financial Aid

• The federal government
• State Government
• Colleges and Universities
• Private organizations

Financial Aid Acronyms

• FAFSA - Free app for fin aid
• CSS/PROFILE - Supplemental Doc
• EFC - Expected family contribution
• SAR - Student Aid Report
• COA - Cost of Attendance

HOW DO I APPLY FOR FINANCIAL AID?

• Apply for a FASID (electronic signature)
• Fill out the FAFSA
• Fill out the CSS Profile if required by the colleges you are applying

Seems Simple

What happens after I Apply?

After you submit the Free Application for Federal Student Aid (FAFSA), your Student Aid Report will be emailed to you


The SAR (Student Aid Report)contains a summary of your application information and the processing results or your Expected Family Contribution (EFC)

Financial Aid Award Notice


E-mailed after FAFSA information has been sent to the colleges you have applied to.

It will state the amount of financial aid the student is eligible to receive at that college based upon the COA of the college and your EFC which = your financial need

COA-EFC= Financial Need
$24,000 - $10,000 = $14,000


Cost of attendance-Expected family contribution=FinancialNeed

Financial need varies based upon COA at each college

The financial aid package is usually a combination of grants, scholarships, work study and loans.

3 things to remember about Financial Aid

• Compare financial aid packages
• Get Advice - contact the College Financial Aid Offices
• Remember to fill out the FAFSA every year you attend college

Take a breath

Scholarship Sources
Where to find this $$

Sources of Scholarships

• National organizations/businesses (Fastweb.com,niche.com)
• COLLEGES/UNIVERSITIES
• State/local organizations/businesses - list out now
• MOHAWK TRAIL - List out in January

MOHAWK TRAIL SCHOLARSHIPS over $150000 available based upon various criteria:

where you live, went to elementary school, college major, community service
JANUARY - MARCH

Deadliines Vary

A Scholarship Calculator


Some schools post scholarship calculators on their websites that you can use to see what kind of money a student might earn. Public universities, in particular, are more likely to use strictly numbers (GPA, test scores and class rank) to award scholarships because of the sheer volume of applications.

New England Board of Higher Education
Tuition Break for MA residents

Other questions?

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