201033162422441 Financial Aid and Scholarships Guide

8/8/2019 201033162422441 Financial Aid and Scholarships Guide

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CHCIGuIdetoapplyInGforfInanCIalaIdandSCHolarSHIpS |1

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Additional Helpful Websites:

www.studentjobs.gov/e-scholar.asp —ais

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www.fafsa.ed.gov —thfaicifS

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www.eCampusTours.com/payingforcollege/default.htm —

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www.act.org/fane—aciisim.

www.studentaidalliance.org—Ssccsssis

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2|CHCIGuIdetoapplyInGforfInanCIalaIdandSCHolarSHIpS

Applying or fnancial aid is easier than you think. Your frst stop: the Free

Application or Federal Student Aid (FAFSA). For many schools, this is the only

orm you need. Read on to learn more about the FAFSA.

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COA – EFC = $$$

COA Cost o Attendance Tuition, ees, roomand board, books andsupplies, travel andincidental expenses

EFC Expected Family Amount o moneyContribution your parents can be

expected to contribute

$$$ Financial Need Amount you will needto go to school




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The Student Aid Report (SAR), is generatedby the U.S. Department of Education.a

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The award letter is generated once theŮ

college receives your FAFSA results.

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Remember that the award letter is anŮ

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Source: 2007–2008 College Planning Guide or

Juniors and Seniors.Iowa Student Loan- College

Access Network



|5Federal Student Aid Summary Chart

The ollowing is a summary o the U.S. Department o Education’s Federal Student Aid (FSA) programs that

will help you pay or school. Check with your school to fnd out which programs your school participates in.

Federal Student Type of Aid Program Details Annual AmountProgram

Federal Pell Grant Grant: does not Available almost exclusively to undergraduates $5,350 or 2009–2010; Amounthave to be repaid will depend on program unding

Federal Supplemental Grant: does not For undergraduates with exceptional fnancial need; $100–$4,000Educational Opportunity have to be repaid priority is given to ederal Pell Grant recipients; unds Grant (FSEOG) depend on availability at school

Academic Grant: does not For Pell-eligible students enrolled at least hal-time inCompetitiveness have to be repaid their frst or second year o study or in a certifcate program Grant (ACG) o at least one year at a degree-granting school

First year: must have completed a rigorous high school 1st year: Up to $750program o study; graduated rom high school ater Jan. 1, 2006;not have been enrolled in an ACG-eligible program whileat or below age o compulsory school attendance

Second year: must have completed a rigorous high schol 2nd year: Up to $1,300school program o study; graduated rom high schoolater Jan. 1, 2005; have at least 3.0 cumulative GPA atthe end o frst year o postsecondary study

National Science and Grant: does not For Pell-eligible students enrolled at least hal-time in third Up to $4,000 a year Mathematics Access have to be repaid or ourth year (or fth year o a fve-year program) majoring to Retain Talent Grant in science and mathematics areas with at least a 3.0 (National SMART Grant) cumulative GPA

Federal Work-Study Money is earned For undergraduate and graduate students; jobs can be on Award amount varies depending onwhile attending campus or o campus; students are paid at least ederal institutionschool; does not minimum wagehave to be repaid

Federal Perkins Loan Loan: must be repaid For undergraduate and graduate students; must be repaid Undergraduate students: up toto school that made the loan; interest 5 percent $5,500; graduate and proessional

students: up to $8,000

Subsidized Direct* Loan: must be repaid Subsidized: The U.S. Department o Education pays interest $3,500– $8,500, on year in college Or while the borrower is in school during grace deermentFFEL** Stafford Loan periods; student must be attending at least hal-time and have

fnancial need; fxed rate is set annually or new borrowers

Unsubsidized Direct* Loan: must be repaid Unsubsidized: Borrower is responsible or all interest; must $5,500–$20,500 (less any Or be enrolled at least hal-time; fnancial need not required; subsidized amounts received FFEL** Stafford Loan fxed rate is set annually or new borrowers or same period), depending on

grade level and dependency

statusDirect* of FFEL** Loan: must be repaid For parents o dependent undergraduate students and or Maximum amount is cost o PLUS Loan graduate and proessional students; students must be attendance minus any other

enrolled at least hal-time; fnancial need not required fnancial aid studentreceives;no minimum amount

Borrower must not have adverse credit history

PLUS Loans are unsubsidized, the borrower is responsibleor all interest

*This type o loan is rom the William D. Ford Federal Direct Loan Program. The loan is known as a Federal Direct Staord (or PLUS) Loan.**This type o loan is rom the Federal Family Education Loan (FFEL) Program. The loan is known as a FFEL (or Federal) Staord (or PLUS) Loan.

Source: Funding Education Beyond High School: The Guide to Federal Student Aid: 2009–2010, U.S. Department o Education




1. Start earlyijihigh

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lite and courteous. Iisimjc

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9. Do not pay for scholarship searches.

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Source: 2007–2008 College Planning Guide or Juniors and Seniors.Iowa Student Loan- College Access Network.











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201033162422441 Financial Aid and Scholarships Guide