Financial Aid and Scholarships

Financial Aid Terminology

Finding Funding for College

1. Research and Make Contact
   Ask your guidance counselors, your intended schools' financial-aid office and the Web Resources to find financial aid.
2. Fill out the FAFSA
   The Free Application for Federal Student Aid is as important a step as filling out your college applications. Form is available in guidance office or apply online. You must submit this to be eligible for federal and state aid and many scholarships. In addition, most schools use information from the FAFSA to award non-federal aid. See the Forms and Informational Brochures section for helpful information on filing the FAFSA.
   Some schools require the College Board CSS PROFILE, a different financial form. Must be done online and costs $$. For more information...
3. Apply for Scholarships
   Scholarships do not need to be repaid. There are scholarships based on ethnicity, academic achievements, extracurricular activities and special skills. EHS has lists of available scholarships:
   - listing of local scholarships available only to EHS students (pdf)
   - listing of other available scholarships
   See the Guidance Secretary - she keeps track of who applies and makes copies for each scholarship. The Robinson Trust Fund is available and has a very specific application process. Information on scholarships comes into the guidance office on a regular basis. There's an entire section of resources in the Career Center on scholarships - be sure to check it often. There's also a section for post-grad students looking for assistance.
4. Apply for Grants
   Like scholarships, grants do not have to be repaid. The Federal Pell Grant is the most common among college students and is based on need.
5. Apply for Federal Loans
   Scholarships and grants don't cover the entire cost or you may not receive much assistance. Student loans can help you cover the rest of your tuition, room, board, fees, books, and other expenses. Loans may be subsidized, meaning you won't have to pay interest on the money while you're enrolled in school, or unsubsidized, meaning that interest starts accruing right away. Most school loans are taken out in the name of the student, so you, not your parents, will be responsible for the payments. Borrow only what you need! See Resources section below for more information on federal loan programs.
6. Apply for Private Loans
   You can take out education loans from private lenders. Pay attention to the loan's interest rate and repayment terms. Make sure you know when the loan will begin collecting interest, how much you can expect to pay in total, when you'll be expected to start making payments (usually right away) and how to defer loan payments if you end up jobless after graduation.
7. School Repayment Plans
   Most colleges offer payment plans that spread costs into payments made through the year

How is Financial Aid Awarded?

1. You must complete the Free Application for Federal Student Aid (FAFSA) soon after January 1 of the year you intend to enroll in school. Check with each of the colleges to which you apply for specific deadlines. Be certain to ask if any other supplemental forms (such as the CSS PROFILE Form) are required.
   
2. After completing the FAFSA, your information is submitted to the U.S. Department of Education. The Department calculates, based on a complex methodology, your ability to pay for the cost of attendance. They will send you a report, called a Student Aid Report (SAR). Your ability to pay is called the EXPECTED FAMILY CONTRIBUTION (EFC). The factors used in determining the EFC include: parent and student annual income and assets, family size, number of family members attending college, taxes paid, and more.
   
3. The Department of Education sends the FAFSA information including the EFC, to every school you listed on the FAFSA. The financial aid, officers subtract your EFC from the COST OF ATTENDANCE (includes tuition and fees, room and board, books and supplies, and personal expenses) to determine your eligibility for financial aid.
   
4. The financial aid officer calculates, based on the campus’ available resources, the amount of financial aid the institution is able to offer the family. BE AWARE: Because a student is eligible for a certain amount of financial aid does not mean the student is guaranteed to receive that amount. The unmet need is called the GAP. If you or your family have special circumstances that should be taken into account, such as unusual medical or dental expenses or a large change in income from last year to this year, contact your school's financial aid office.
   
5. The financial aid officer sends the student an AWARD LETTER that details the amount of financial aid the college is able to offer the student. The aid is broken into categories of “loans,” “grants,” “scholarships” and “work-study”.

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