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Catchin’ Doubloons

Catchin’ Doubloons. Scholarships, Grants & Loans. Institutional Aid. Each institution has its own merit-based scholarship programs Many schools have their own need-based aid programs Investigate aid opportunities early Each institution has its own aid application process and deadline

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Catchin’ Doubloons

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  1. Catchin’ Doubloons Scholarships, Grants & Loans

  2. Institutional Aid • Each institution has its own merit-based scholarship programs • Many schools have their own need-based aid programs • Investigate aid opportunities early • Each institution has its own aid application process and deadline • Upperclassmen should also check with their department for aid opportunities for students in a specific major

  3. Campus-Based Federal Aid Programs • FSEOG • LEAP • Academic Competitiveness Grant • National SMART Grant • Federal Work Study • Perkins Loans • Stafford Loans

  4. Institution Financial Aid Deadlines

  5. Forms • FAFSA • Required for all federal need-based aid programs • Institutional Data Form • Many institutions require this form to gather information on student preferences including choice of lender and guarantor, semesters the student is applying for, student status, and interest in specific programs • Verification Forms • Approximately 30% of applicants for federal student aid are randomly selected for verification of income

  6. Special Situations • You should make an appointment with a Financial Aid Counselor for assistance with the FAFSA if any of the following situations apply: • You have no contact with your parents • Your family has had a significant change in income due to the death of a family member or the loss of a job • Your family has unusually large medical expenses

  7. Packaging • Packages are usually prepared for students who have been accepted for admission and have sent their FAFSA to the school • The institution will create a financial aid package to fill the student’s financial need with aid types that are most advantageous to the student • Aid is typically packaged in the following order: • Scholarships & Grants • Work Study • Perkins Loans • Stafford Loans (Subsidized & Unsubsidized) • Plus Loans • Stafford Unsubsidized Loans – for independent students and dependent students whose parents have an adverse credit history

  8. Institutional Award Letter • The award letter will list all aid that the financial aid office has approved for the student • Institutions will typically include an estimate of a TOPS award in the financial aid package to prevent an over-award of other forms of financial aid • The sum of all aid received cannot exceed the cost of attendance (COA) • Official notification of a TOPS award is made by LOSFA

  9. Papers in the Mail • You may receive the following types of correspondence in the mail: • Student Aid Report • Award letter from LOSFA (TOPS) • Request for documents for verification – from the institution to verify data submitted on the FAFSA for federal aid programs • Data Form – some institutions require this form to determine the student’s interest in aid types prior to packaging

  10. Papers in the Mail • Notification of aid from private sources • Notify the institution you are attending of any aid you receive for inclusion in your financial aid package • Financial aid package award letter from the institution • Master Promissory Note – if accepting a loan • Must be returned to the lender

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