Admissions

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November 30, 2006

!!! 12 Steps to Financial Aid !!!

I recently read this article in Fall 2006 edition of College Outlook that can also be found in your Guidance Office. I thought that the information was really pertinent and I wanted to share it with you. Check out their website too at www.CollegeOutlook.net.

1. A grant or scholarship is free money that doesn’t have to be repaid. Loans provide resources that have to be repaid, usually with interest. Work study gives you the opportunity to work on campus for money that can be used to help with college costs or to provide you with a little spending $$.

2. Start looking for outside scholarships NOW. Visit scholarship search sites like www.fastweb.com to see which scholarships you might qualify for.

3. Be aware of scams that offer to find you scholarships and financial aid for a fee. You should NEVER pay for a scholarship or financial aid search. High school and college counselors (as well as the web) will help you do this easily and with no cost.

4. Get to know that FAFSA form (Free Application for Federal Student Aid). It’s the basis for virtually all need-based financial aid (federal, state and institutional). You can’t get any need based aid without it. You can find the form and other information about it at www.fafsa.ed.gov. (the FAFSA form is FREE!)

5. The EFC stands for Expected Family Contribution. This is your parents’ financial information in conjunction with yours in which institutions will determine what the federal government says you can afford for a year of college.

6. Things to remember about the FAFSA: You and your parents each need a Personal Identification Number (PIN) to apply online. You can apply for them now at www.pin.edu.gov. Parents can use the same PIN for multiple students. You must file early! Financial Aid tends to be awarded on a first come first serve basis. You can’t file earlier any earlier than January 1st of your senior year. File ASAP on or after that date. Don’t wait until your parents file for their tax return! Fill out the FAFSA with your best estimate and go back and update the information center. In order to be eligible for state grants and scholarships, many states have FAFSA filing deadlines. To find your state’s deadline, visit www.fafsa.ed.gov.

7. Once you have decided on where you’re applying for admissions, find out what financial aid forms and deadlines each college has.

8. If taking out loans is an option, the Federal Stafford Loan is likely to be part of your financial aid package. Other loans (the Federal Parent Loan for Undergraduate Students (FPLUS), the Federal Perkins Loan and alternative loans) may also be available to help you meet the cost of your college education. Visit www.studentaid.ed.gov for further information on other loans.

9. It is possible to borrow student loans and not have to repay them. Loan forgiveness programs are available in a number of states and in a number of different fields. Check your state’s Web site for a list of eligible professions or to find additional information.

10. When you have received financial aid packages from the colleges you have been admitted to, place them side by side and compare. Compare the cost of attending each institution and compare the types of awards that are being offered by each college.

11. Remember that May 1 of your senior year is the National Reply Date. Many institutions expect students to make their enrollment decision at that time. P.S. Seton Hill does not have a deadline decision date.

12. Last but not least, RELAX. Your Admissions Counselor is here to aid you in this process so please don’t hesitate to contact them to help.

Also, feel free to visit our Financial Aid website to see more specifics on SHU!

Posted by AshleyHoffman at November 30, 2006 9:25 AM

Comments

Comment by: Christopher Penn, Financial Aid Podcast at January 3, 2007 3:38 PM

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