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Financial Aid - Defined

Financial Aid - Defined. Financial Aid can be any of the following: Loans – Money you must pay back Scholarship s – Money you receive because you are good at something, SAT/ACT, Extra Curricular, Community Service etc, is not paid back

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Financial Aid - Defined

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  1. Financial Aid - Defined Financial Aid can be any of the following: Loans – Money you must pay back Scholarships – Money you receive because you are good at something, SAT/ACT, Extra Curricular, Community Service etc, is not paid back Grants – Money you receive because of having low family income, is not paid back

  2. Loans for College There are two basic types of loans Subsidized Loan – Once you complete the Free Application for Federal Student Aid (FAFSA) by March 10 each year students may qualify for a loan coordinated by the college you plan to attend that charges no interest as long as the student is attending college as at least a ½ time student (6 hours or more each semester). You only qualify for this loan by completing the FAFSA. Unsubsidized Loan – This is a “regular” loan coordinated by the college you plan to attend that charges interest immediately, just like any other loan for a car or house.

  3. Loans – continued There are Student Loans and Parent Loans, (parent loans are sometimes called PLUS (Parent Loans for Undergraduate Students) These loans are arranged through the financial aid office of the college the student attends.

  4. Scholarships – Local & State/National Local Scholarships are available through the Kosciusko County Community Foundation website @ https://kcfoundationscholarships.communityforce.com. Application deadline will be April 1, 2015. State or National Scholarships may be found @ collegenet.com or fastweb.com

  5. Grants Students must meet eligibility requirements from the Free Application for Federal Student Aid (FAFSA) to qualify, this type of aid can come from multiple sources Federal government State government College you attend

  6. What is Financial Need, how is it determined? Federal and State Financial Aid The federal and state government's definition of financial need compares your income and savings to the cost of the college you plan to attend. Therefore, if you choose to attend a local community college, your financial need may be small, while if you choose to attend a higher priced college, your financial need may be large.

  7. Expected Family Contribution (EFC) It’s the number that the federal government expects you to contribute toward the cost of college and it helps determine how much financial aid you may qualify for. The number is based on the information in your Free Application for Federal Student Aid (FAFSA).

  8. What is Work Study? Work Study is a part time job provided by the college the student will attend that pays the student a wage for work completed on the university campus.

  9. Financial Aid Summary Financial Aid is a complex term that includes any money, or opportunity to earn money, provided either by the school the student attends or by other groups or organizations. The purpose of this money is to help the student to attend college.

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