Types of Financial Aid
Financial Aid is designed to help individuals meet their educational expenses when their own resources are not sufficient. A student who believes that his/her own family resources are not sufficient to pay for all costs of attendance (tuition, room and board, books, transportation, etc.) should apply for financial aid through the Financial Aid Office of the college he/she plans to attend. There are three types of aid available:
What is Free Application for Federal Student Aid (FAFSA)?
All students who apply for Federal financial assistance are required to complete the FAFSA. There is no charge to the student of student's family for the processing of this form. You can receive the FAFSA form by calling 1-800-433-3242, by visiting your high school guidance counselor, or online at www.fafsa.ed.gov. The FAFSA is also required by all state and many school students assistance programs and is used to apply for federal student and financial aid, including grants, loans, and work-study. You should apply for aid every year, even if you think you do not qualify.
If you submit your FAFSA application by mail, it will be processed in approximately four to six weeks (two to three weeks for FAFSA on the Web). You will then receive a Student Aid Report (SAR) in the mail. The SAR will reflect the information from your application and your Expected Family Contribution (EFC). Each college you listed on the application may also receive results from your application.
Before you begin the process of completing the FAFSA form, make sure you have all of the necessary materials:
What is Expected Family Contribution (EFC)?
Family contribution is the amount of money the family of a student is expected to contribute toward college expense. The family includes the student and the student's parents. The amount of money that is expected to be contributed by the family is calculated by a standardized formula that takes into account the following:
The calculation of family contribution is based on information provided by the student's family on the FAFSA form. Expected Family Contribution (EFC) is the amount of money your family can be expected to contribute toward the cost of your education.
If your EFC is below a certain amount, you will be eligible for a Federal Pell Grant and the amount of this grant depends on your EFC, the cost of attendance at the college and your enrollment status.