2009-10
Compendium

General Information About Financial Aid

The following programs are supported by the Federal Government and are available at almost any accredited college or university. THEY ARE ADMINISTERED BY THE OFFICE OF FINANCIAL AID at the college, and you should apply directly to that office. Eligibility for Federal Student Aid Programs is based on financial need (except for unsubsidized Stafford and PLUS loans).

NOTE: As of the date of this printing, these programs have been updated. However, we anticipate changes for the 2011-2012 academic year.

There is Federal Financial Aid available - but you need to apply to be eligible. Begin by completing the Free Application for Federal Student Aid (FAFSA) form online at www.fafsa.ed.gov or by contacting your school counselor.

There are three types of Federal Student Aid.

• GRANTS are financial aid that students don't have to repay.
• LOANS are borrowed money that students must repay with interest.
• WORK-STUDY lets students work and earn money to help pay for school.

Undergraduates may receive all three types of financial aid. Not all schools participate in the Federal Student Aid Programs. Also, not all schools take part in all the programs. To find out which programs (if any) are available, contact the financial aid office at the school you plan to attend.

Application Process

You cannot receive Federal Student Aid unless all your information is complete and accurate.

1. Go to www.pin.ed.gov to apply for your PIN (Personal Identification Number). A PIN is required before you can complete the Free Application for Federal Student Aid online. By providing an e-mail address, you will receive an e-mail response in 1-3 days that contains a link to your PIN. If you are a dependent student, your parents should request a PIN also, so you and your parent can electronically sign your FAFSA online before it is submitted. Safeguard and remember your PIN!

2. The fastest way to complete your FAFSA (Free Application for Federal Student Aid) is online at www.fafsa.ed.gov. A paper FAFSA is available from the Federal Student Aid Information Center (1-800-433-3243) or from your:

   • local library
   • high school
   • college or career school

3. One to four weeks after you submit your FAFSA, you will receive your SAR (Student Aid Report). The SAR confirms the information reported on your FAFSA and will tell you your EFC (Expected Family Contribution). The EFC is an index of need that your financial aid administrator will use to determine the amount of federal student aid for which you qualify.

   Whether you apply online or by paper, your data will be sent electronically to the schools you listed on your FAFSA. Review your SAR carefully to make sure it is correct and complete.

4. Contact the financial aid administrator at the schools you are interested in attending. They will review your SAR and prepare a letter outlining the amount of aid (from all sources) that their school will offer you.

If you are eligible for federal student financial aid, each school will send you an award letter. The award letter tells you the types of financial aid they will offer and how much you will receive. This combination of aid is your financial aid package.