Financial Aid and Scholarships
Financial aid is money awarded or loaned to students to help them pay for college. The largest source of financial aid is the federal government, followed by state governments, colleges, and then private organizations. The first step in getting financial aid is to get to know the financial aid administrators at the colleges where you would like to enroll.
Need-Based Financial Aid versus Non-Need-Based Financial Aid Some financial aid is based on the amount of financial need students and their families have. For example, need-based loans offer lower interest rates. Other types of loans are available regardless of the student's financial situation. This is considered non-need-based financial aid. Available financial aid can be separated into one of three categories:
1. Free Money - Grants and Scholarships Grants: Money awarded based on financial need. Grants are given out by the federal government, state governments, and colleges. The federal government funds two of the largest grant programs: the Federal Pell Grant and the Federal Supplemental Educational Opportunity Grant (FSEOG).
Scholarships: Money given for a variety of reasons-excellent grades, economic need, community involvement, parents' employers, membership in organizations, left-handedness, etc.
2. Earned Money - Work-study programs. Work part-time on campus. Work-study programs have flexible hours and expose students to offices and services offered at the college or university.
3. Borrowed Money - Borrowed money refers to loans which must be repaid, usually with interest. Most educational loans are government-sponsored.
Free Application for Federal Student Assistance (FAFSA) The largest program for financial aid is administered by the federal government and is open to all U.S. citizens and students studying in the U.S. with a green card. The federal scholarships are based on the financial situation of the student's family. To apply for federal scholarships, students must complete the
Free Application for Federal Student Assistance (FAFSA) form. It is important to file this form early (between January 1 and February 15) to maximize the likelihood that the federal government and the colleges where you are applying will give you a strong financial aid package. Aid is awarded in the form of grants which do not have to be repaid, college work-study positions (jobs on campus while the student is enrolled and loans which do have to be repaid after graduation). The FAFSA form is available in
Spanish and there is a hotline in both English and Spanish that families can use for questions. In addition, help is available in January and February in the Career Center during lunch and after school to help students complete their FAFSA forms electronically.
Please note: Colleges and universities have differing deadline dates for submission of the FAFSA. Generally, a good practice is to find out the earliest deadline among the schools to which a student is applying and be sure to submit the FAFSA by that deadline.
FAFSA PIN Students and their parents can begin exploring the 2007-2008 federal financial aid process by applying for an individual
FAFSA PIN NOW! Using the pin provides your electronic signature when filing over the internet and expedites the processing of your FAFSA. Parents are strongly encouraged to apply for a pin also so they can sign the FAFSA electronically as well. Without a PIN, students or parents will need to a sign a separate, hard copy signature page and mail it, which can delay the processing of the FAFSA.
Each year that you apply for federal financial aid you will use the same PIN number to access your FAFSA and use as your electronic signature for the form. Students and their parents do not need to apply for a new PIN from one year to the next. The PIN stays the same.
CSS Financial Aid PROFILE Some colleges and scholarship programs require that students complete the College Scholarship Service Financial Aid PROFILE to be considered for nonfederal student aid. Seniors should check their schools of interest to see if they require the CSS PROFLIE. You can start working on your PROFILE by
registering online. The fees for the PROFILE are a $5 non-refundable registration fee and $18 for each school or program to which the profile should be sent.
Academic Common Market The
Academic Common Market (ACM) is a program governed by the Southern Regional Education Board (SREB), an education consortium of sixteen southern states. ACM affords students an opportunity to enroll in certain out-of-state bachelor's and graduate programs that are not offered at a public in-state college or university, at reduced tuition rates.
The following states are partners in the ACM consortium and abide by the policies of the SREB: Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina (graduate programs with restrictions), Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia.
Other Forms
Most colleges require that students fill out institutional financial aid forms. Students should find out from the school's financial aid office which forms you need to fill out. Most states require students to fill out state aid forms for state grants and scholarships. Students should check with their academic counselor to see if your state requires this.
Upcoming Financial Aid Dates | Financial Aid Night at Montgomery Blair | November 28, 2007 | | FAFSA becomes available for 2008-09 school year | January 1, 2008 | | College Goal 2008 | February 10, 2008 | | Deadline to Submit FAFSA to be considered for Maryland state aid | March 1, 2008 | |
2007-2008 Financial Aid Workshop schedule: Students and parents are able to attend any Financial Aid Workshop offered throughout Montgomery County.
Military Scholarships Several branches of
the military offer scholarships for students who chose to participate in Reserve Officer Training programs:
Air Force Reserve Officer Training Corps (AFROTC) college scholarship program targets students pursuing technical degrees, such as certain engineering and science programs. AFROTC scholarships are awarded on the basis of individual merit, not financial need.
Naval Reserve Officer Training Corps (NROTC) program offers young men and women an opportunity to qualify for commissions in the Navy and Marine Corps while attending college. This four-year scholarship is available to recent high school graduates and is awarded annually on the basis of high school class standings, college entrance test scores, extracurricular activities, and leadership skills.
Additional Financial Aid Resources Available in the Career Center:
• FastWeb College Gold by Mark Kantrowitz with Doug Hardy
• Paying for College Without Going Broke by Kalman A. Chany with Geoff Martz
• College 411: A Student Guide to Higher Education & Financial Aid in Maryland by MHEC
• Athletic Scholarships by Andy Clark and Amy Clark
• Peterson's College Money Handbook by Peterson's
• Peterson's Scholarships Grants & Prizes by Peterson's
• 2006 College Cost & Financial Aid Handbook by the College Board
• Get a Jump! The Financial Aid Answer Book by Thomas Prometric
• College Financial Aid: A complete guide to grants, loans, and scholarships
• College Grants from Uncle Sam: Am I Eligible and for How Much?
• College Loans From Uncle Sam: The Borrower's Guide That Explains It All
• The College Financial Aid Emergency Kit
• College Check Mate by Deborah Klosky
• Financial Aid Officers: What They Do To You and For You by Donald Moore
• Earn & Learn Cooperative Education Opportunities by Joseph Re
• The As and Bs of Academic Scholarships by Deborah Klosky
• Don't Miss Out.The Ambitious Student's Guide to Financial Aid by Robert and Anna Leider
• Student Loan Matters by Sallie Mae
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