1. What kind of options for Financial Aid do I have?
   
   
2. We all need financial aid to help afford college- who decides how much I need, and how do they determine the amount
   
   
3. How do I apply for financial aid?
   
   
4. What Happens When I File my FAFSA?
   
   
5. Can you explain what a Stafford Loan is?
   
   
6. Are there any good web-sites providing quality information about financial aid?
   
   
7. What should I expect from a meeting with Sue? What can Sue help me with?
   
   
8. What should I bring to a meeting with Sue?

1. What kind of options for Financial Aid do I have?

Generally, four types of financial aid are available. These types of aid can be combined to produce "financial aid packages." The financial aid office at the school you plan to attend will assist you by developing a package to pay for part or all of your costs depending on your financial need.

Scholarships
Money awarded that does not have to be paid back. Given to students who demonstrate or show promise of high achievement in areas such as academics, athletics, music, art or other fields.

Grants
Money awarded that does not have to be paid back. Normally given to students based on financial need.

Loans
Money borrowed that must be paid back at specific interest rates.

Work-Study Awards
Payments earned by students who work on campus or off campus to help pay for school costs. PHEAA coordinates several work-study programs.

If you apply, you have a good chance of receiving financial aid since about two-thirds of all full-time students enrolled in colleges and other higher education institutions have received help in recent years. There are also aid programs for part-time students.

You should apply for aid every year, even if you think you don't qualify. There are many factors affecting eligibility for financial aid. For example, a student who didn't qualify one year might become eligible during the next year when a brother or sister enrolls in college. A change in family financial circumstances might affect your eligibility for student aid.

2. We all need financial aid to help afford college- who decides how much I need, and how do they determine the amount?

You and your parents are expected to pay a certain amount of your educational costs based on your family's financial circumstances. The difference between your total student budget (e.g. tuition, room and board, fees, books, supplies, transportation, and personal expenses) and the amount you and your parents are expected to pay determines your financial need.

Federal Expected Family Contribution (EFC)
For all federal student aid programs and many others, the EFC is calculated using guidelines set by federal law. Your EFC is determined by adding the "Expected Parental Contribution" and your "Expected Student Contribution," which are explained below.

Federal Expected Parental Contribution

• Total taxed and untaxed income.
• Assets such as savings, investments and business or farm investments, but not home equity.
• Number of children or other financial dependents and the number who will be enrolled at some type of higher education institution at the same time.

Federal Expected Student Contribution
The student portion of the EFC comes from your earnings, savings and any untaxed benefits you may receive. In general, the following factors are used in determining a student's contribution: You are not required to contribute the first $2,200 you earn the year before you enter school. This is known as the income protection allowance.

You will be expected to contribute 50 percent of the money you earn after taxes, and the income protection allowance is subtracted.

You will be expected to contribute 35 percent of your net savings and investments.

Untaxed benefits such as veterans' non-educational benefits or welfare payments will also be considered part of your expected student contribution.

3. How do I apply for financial aid?

The most important form you must complete is the Free Application for Federal Student Aid (FAFSA). You may apply by paper, FAFSA Express or the Internet- but old-fashioned paper is recommended. (DON'T FORGET TO PHOTOCOPY!) It is important that you fill out this form very carefully- Sue's more than happy to help you with your FAFSA.

The FAFSA should be completed as soon as possible after January 1- DO NOT MAIL BEFORE January! You can get the FAFSA from your high school guidance counselor, the school you plan to attend or by calling the U.S. Department of Education toll-free at (800) 4 FED-AID.

Pay attention to your schools' PRIORITY FINANCIAL AID DEADLINE DATE

If the date falls in:
• January or February- you may have to use estimated financial data from the previous year. (Talk to Sue)
• March 1 of beyond- you should be able to use actual financial data. (Talk to Sue)

Be sure to meet all the deadlines and follow instructions properly. Keep copies of all records you used to complete your financial aid forms, as well as a copy of your FAFSA in a safe place. You may want to keep one file for yourself and another parents.

4. What Happens When I File my FAFSA?

The information from your FAFSA will be shared with the federal government, the school(s) you plan to attend and PHEAA. The school(s) you plan to attend will coordinate this information to ensure that you receive the most comprehensive financial aid package based on your financial need.

About a month after you apply, the federal government will send you a Student Aid Report (SAR) that will inform you and the schools to which you are applying of your Expected Family Contribution (EFC). Review this form carefully to make sure the information is correct. Submit corrections promptly. Call Sue as soon as you receive your SAR.

You may be asked for additional information to be considered for certain financial aid such as the Pennsylvania State Grant Program.

5. Can you explain what a Stafford Loan is?

Federal Stafford Loans are long-term, low-interest loans made to a student by private lending institutions, such as banks, savings and loan associations or credit unions, through a federal program administered by PHEAA. They can be either subsidized (where the government pays the interest while you are in school) or unsubsidized (where you have to make payments on the interest while in school, or the interest accrues with the loan. How much money will I be able to borrow? Dependent undergraduate students can apply for loans, not exceeding the following amounts:
$2,625 - first year undergraduate
$3,500 - second year undergraduate
$5,500 - third, fourth, and fifth year undergraduates

6. Are there any good web-sites providing quality information about financial aid?

Of course! I strongly recommend you check out www.finaid.org, www.fastweb.com and www.pheaa.org. Also - beware of mail, telephone and internet scams of agencies promising to find you thousands of dollars in scholarships & aid...for a price.  Finaid and Fastweb offer great free searches.

7. What should I expect from a meeting with Sue? What can Sue help me with?

Generally, students schedule personal meetings with Sue at least twice during their senior year- but it can depend on individual circumstances and meetings are scheduled as needed.

Sue can help juniors identify colleges with strong programs in major(s) the student is leaning towards, locate possible career areas based on their interests, or help them define what they are looking for. Seniors have found Sue invaluable in the application process; she reviews college and scholarship applications and essays, offering comments and constructive criticisms. Financial aid is Sue's specialty and she can help with anything from FAFSA's to financial aid packages, including reviewing additional financial aid forms. Sue is here for parents too; she can explain the intricacies of the admissions and financial aid process, help parents with their portion of the FAFSA, or just reassure them and hold their hands- college can be a scary thing for parents.

8. What should I bring to a meeting with Sue?

Depending on what stage you are in, you will need to bring different documents to a meeting with Sue. It's a good idea to bring any of the following that you may have, or would be appropriate:

• High School Transcript
• List of Potential Schools
• Applications (filled out as best you can!)
• FAFSA
• Scholarship information and applications
• Essays (computer printed, double spaced)
• Financial Documents (income and asset information)