Financial Aid Night
Wednesday, October 5, 2016
What is Federal Student Aid?
Federal student aid comes from the federal government— specifically, the U.S. Department of Education. It’s money that helps a student pay for education expenses at a postsecondary school (e.g., college, vocational school, graduate school). Federal student aid covers such expenses as tuition and fees, room and board, books and supplies, and transportation. Aid also can help pay for a computer and for dependent care.
The four categories of federal student aid are:
• Grant—Grant money usually doesn’t have to be repaid. Most U.S. Department of Education grants are based on the student’s financial need.
• Scholarship—U.S. Department of Education scholarship money is awarded based on a student’s academic achievement and does not have to be repaid.
• Work-study—Work-study money is earned by a student through a job on or near campus while attending school and does not have to be repaid.
• Loan—Loan money must be repaid with interest.
The Free Application for Federal Student Aid (known as the FAFSA) is a form that can be prepared annually by current and prospective college students (both undergraduate and graduate) in the United States to determine their eligibility for student financial aid (including the Pell grants, and work-study programs).
The CSS/Financial Aid PROFILE, short for the College Scholarship Service Profile, is an application distributed by the College Board in the United States allowing college students to apply for financial aid. It is primarily designed to give private member institutions of the College Board a closer look into the finances of a student and family. It is much more detailed than the FAFSA.
FAFSA4caster will help you get an early start on the financial aid process by:
- Providing you with an early estimate of your eligibility for federal student aid.
- Giving you an experience similar to FAFSA on the Web
- Allowing you to transfer all of your FAFSA4caster data to FAFSA on the Web once you are ready to apply for aid.
- Providing you the option to apply for your Federal Student Aid PIN.
- Increasing your knowledge of the financial aid process, and providing information about other sources of aid.
NEBHE’s Tuition Break program the New England Regional Student Program (RSP), enables thousands of New England residents to enroll at out-of-state New England public colleges and universities at a discount. Students are eligible for the RSP Tuition Break when they enroll in an approved major that is not offered by the public colleges and universities in their home-state.
CHESLA’s website includes information on paying for college, financial aid, and the lending process. Learn about Connecticut’s alternative source of low interest fixed rate loan funding and link to the application. CHESLA was created by the State of Connecticut in 1982 to help students and families afford the costs of a college education by reducing the financial burdens of borrowing.
College Board's Fund Finder
Understand all of your options when it comes to paying for college. We can help you get the latest information about college costs, scholarships, financial aid applications, education loans, and college financing.
Financial Aid Information Guide
Several guides to financial aid.
Scholarship Scam Page
Federal Trade Commission info about scholarship scams.
Financial Aid Guide
U.S. Dept. of Education resources on financial aid.
IRS 529 College Savings Plans
A great source for objective information about Section 529 college savings plans and other ways to save and pay for college.
A national, nonprofit membership organization with a primary focus on student aid legislation, regulatory analysis, and training for financial aid administrators.
eStudentLoan Provides resources to help you understand everything you need to know about student loans for college. Explore our site, and when you are ready, use the 'Find Private Student Loans' search below to be directed to a student loan search and comparison website.
Simple Tuition Private student loan tool compares rates, monthly payments, and total cost of student loans from many lenders.
College Financing Calculators: presented by College Board Use our calculators to help you figure out what college really costs and how to pay for it. If you need loans, you can also estimate the amount of debt you are going to have to pay back. Any information you enter is secure and completely confidential.
- College Costs
- Expected Family Contribution (EFC) Calculator- Estimate how much your family is expected to pay.
- College Cost Calculator- Figure out how much college will cost you.
- College Savings Calculator- Determine if you’re on track to save enough for college.
- Student Loan Comparison Calculator- Compare Stafford, PLUS and alternative loan offerings.
- Student Loan Calculator- Calculate your monthly payments and compare them to your expected starting salary.
5 Easy Steps to Reading Your College Award Letters (click link)
College Prep Checklist- Dept of Education (click link)
**Beware of companies that charge fees or guarantee scholarships.
Offers that guarantee scholarships or ask for money to "hold" the scholarship may be a scam.***