Upward Bound: Financial Aid
Here's an outline of the Financial Aid Process:
(Done by a student in the Master Student Senior Seminar class)
Outline: Funding Your Education
I. Education After High School
Choosing the school to attend is one of the most important decisions
you will make. Another is how you will pay for your education.
- What questions should I ask a school?
- Does your school offer the courses and type of program I
want?
- Do I meet the admissions requirements?
- Does the school offer a quality education at a reasonable
price?
- Does the school offer services I need and activities I am
interested in?
- What are job placement rates for students who have recently
graduated (the percentage of students who attended the school,
took out federal student loans, and later failed to repay
their loans on time.)?
- You may not be able to get a loan to attend a college
that has a high default rate
- Get a copy of the school�s campus security report.
- Provides information on the school�s campus security
policies and campus crime statistics.
- You Have the Right to Receive the Following Information From
Your School
- The location, hours, counseling procedures of the school’s
financial office
- The financial assistance that is available, including information
on all federal, state, local, private, and institutional financial
aid and programs
- How the school selects financial aid recipients
- How the school determines your financial need
- How the school determines each type and amount of assistance
in your financial aid package
- How and when you will receive your financial aid
- How the school determines if you are making satisfactory
academic progress, and what happens if you are not (whether
you continue to receive federal financial aid depends, in
part, on whether you make satisfactory academic progress.)
II. Paying Tuition and Other Costs
Regardless of which college or career school you choose, you’ll
probably need help paying for your tuition, fees, books, and living
expenses.
- So, how can the U.S. Department of Education Help me to Pay
for School?
- Federal student aid includes grants, work-study, and loans.
- Grants- “free money” –
you will not have to pay this money back
- Work-study- allows you to earn money
towards your education
- Loans- allow you to borrow money to
pay for your college education. The money you receive
in loans will need to be paid back.
- You can learn in greater detail about these three forms of financial
aid from you high school counselor or the college or career school
you plan to attend.
- What about scholarship search services that contacts me?
- Private scholarship companies are available to use as a
source, but are not mandated for fraudulence. To find out
about a specific company you can contact the Better Business
Bureau.
III. Applying For Financial Aid
- Free Application for Federal Student Aid (FAFSA)
- The one form you must fill out to apply for student financial
aid
- Can be done electronically at www.fafsa.ed.gov or done
by hand and mailed to the address on the form.
- Available in both English and Spanish
- Do not sign, date, or send your FAFSA in before
January 1st.
- If planning to fill out the form online be sure
to print out and mail in the signature page within
14 days of completing the electronic application
- Applying for aid at the school you plan to attend
- Contact the school to see if you can apply online through
its financial aid office.
- Information You Should Know Before Applying
- Social Security number
- Income tax returns
- School codes
- Family’s basic financial situation
IV. Eligibility Criteria
Eligibility for federal student aid is determined on the basis
of financial need and on several other factors. The financial aid
administer at the school you plan on attending will determine your
eligibility.
- To receive money from federal aid programs you must:
- Qualify for financial need (except for certain loans)
- Have a high school diploma or GED certificate
- Be working towards a degree or certificate
- Be enrolled in an eligible program
- Be a U.S. citizen or eligible non citizen
- Have a valid social security number
- Register with the selective service if required
- Maintain satisfactory academic progress once in school
- How will you know what you are eligible for?
- Once your FAFSA is processed then a formula is applied
to the data submitted. You will receive your financial aid
package from your school and it will include information regarding
what type and how much financial aid you are eligible for
- What is a cost of attendance composed of?
- Your actual tuition and fees
- The cost of room and board
- The cost of books, supplies, and miscellaneous expenses
- An allowance for transportation
V. Taking the next step
- Before enrolling be sure to visit the schools you are interested
in.
- Bring a list of questions
- Familiarize yourself with the campus and the surrounding
community
Here Are Some Links That Might Help With Financial Aid:
Fastweb
Students may register for scholarship information at Fastweb, one
of the Internet's largest free scholarship search sites.
http://www.fastweb.com/
FAFSA Online
Students may register for Federal Financial Aid and fill out the
Federal Application for Student Aid.
http://www.fafsa.net/
College Scholarships and Financial Aid
Students can look up a number of items; scholarships, different
colleges and universities and their admissions and financial aid
offices.
www.College-scholarships.com/
Student Affairs
This site will aid students with certain aspects of the Financial
Aid process.
www.studentaffairs.com/web/financ.html
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