FINANCIAL AID
There
are a few different types of Financial Aid forms that colleges require students
to complete. The list below serves as a
summary of such forms. Parents and
students should speak with the financial aid offices at the colleges they are
interested in applying to in order to have the most up-to-date information that
would affect their own financial circumstance.
Visiting college campuses, attending college open houses and searching
the colleges in Naviance are all avenues to investigate when it comes to
financial aid opportunities.
Some
of the date noted below was taken from the various web sites.
FAFSA
http://www.fafsa.ed.gov/
All students are expected to contribute
towards the cost of their college education. How much you and your family will
be expected to contribute depends on your financial situation—and is what is
referred to as your Expected Family Contribution or EFC.
The Free Application for Federal Student Aid (FAFSA) is the form
used by the U.S. Department of Education to determine your Expected Family
Contribution (EFC) by conducting a “need analysis” based on financial
information, such as income, assets and other household information, which you
(and your parents if you are a dependent student) will be
asked to provide. The form is submitted to, and processed by, a federal
processor contracted by the U.S. Department of Education (ED), and the results
are electronically transmitted to the financial aid offices of the schools that
you list on your application.
FAFSA is the application used by
nearly all colleges and universities to determine eligibility for federal,
state, and college-sponsored financial aid, including grants, educational
loans, and work-study programs. Nearly every student is eligible for some form
of financial aid, including low-interest Federal Stafford and/or parent PLUS
loans, regardless of income or circumstances, provided that you.
You can file your FAFSA starting October 1. Federal aid is limited and much of it is offered on a first-come,
first-served basis, so the earlier you file the better your chances of
accessing the most financial aid possible.
Many
states, colleges, and universities have filing deadlines as early as the first
weeks in January. Pay close attention to
how colleges word their deadline instructions. Some refer to the date by which
your FAFSA must be submitted – the Transaction Receipt Date – while others
refer to the date your completed aid application must be sent by the federal
processor to a college’s financial aid office. Missing deadlines can ruin your
opportunity for financial aid. You should check with your colleges’ financial
aid administrators to learn each college’s exact FAFSA deadline. Filing as
close to January 1 as possible is highly recommended.
CSS/Financial Aid PROFILE®
https://profileonline.collegeboard.com
WHAT is the PROFILE?
The PROFILE
is an online application that collects
information used by certain colleges and scholarship programs to award
institutional aid funds. (All federal
funds are awarded based on the FAFSA, available
after Jan. 1 at www.fafsa.ed.gov.) Some colleges may require additional
information, such as tax returns or an institutional application. If your
parents are divorced, some colleges will also require your noncustodial parent
to complete the Noncustodial PROFILE.
WHEN do I file the PROFILE?
You may file the PROFILE as early as
Oct. 1. However, you should file no later than two weeks before the EARLIEST
priority filing date specified by your colleges or programs.
WHO must file the PROFILE?
Check
your colleges’/programs’ information to determine whether they require the
PROFILE.
State Grants and Pell Grants (This is Free money – you do not pay back)
PELL GRANTS
By completing the FAFSA you are automatically applying for a
Pell Grant. The Pell Grant is a federally funded program that provides billions
of dollars to lower income families to assist with college costs.
STATE GRANTS
All States have financial aid programs. By completing the FAFSA you are automatically
applying for a State Grant as well.
PRESENTATIONS AT THE HIGH
SCHOOL - FINANCIAL AID / FAFSA FORMS
In
December or January, we have a presentation for parents in understanding the
FAFSA Form and the Financial Aid process.
It is held at Waldwick High School during the evening and runs around
two hours. It is a great presentation,
which includes a question and answer forum as well. Letters go out in mid-December to all senior
parents.
