There are two basic types of financial assistance: That which is gifted (not repaid), and that which you work for or borrow. The first type includes grants and scholarships. The second type includes work-study and loans. Qualified students might be offered a combination of these types. Both full-time and part-time students can apply, but part-time students generally receive less aid.
Loans and Grants
There are many federal resources available to assist parents and students in paying for their education. There are low interest loans such as federal PLUS loans (for parents and not need-based), Stafford loans (for students), and Perkins loans. Subsidized loans are ones on which the federal government pays the interest while the student is in school. There are need-based grants (Pell, FSEOG, SMART, Academic Competitiveness, institutional) that are renewed annually, and also Work-Study programs where students hold a job during college.
The College Cost Reduction and Access Act has reduced the interest rates on subsidized Stafford loans, raised the max on Pell grants ($5,730 for 2014-15), and more so be sure to research the new opportunities. Also, the health care bill introduced the Student Aid and Fiscal Responsibility Act. The final version of this bill froze the top Pell award at $5,550 until the 2013-2014 school year, but it has now been increased to $5730. However, it also increased the maximum FAFSA EFC allowed to receive an award ($5157 currently).
All college students are expected to contribute towards their education costs. How much you and your family will be expected to contribute depends on your financial situation. This is referred to as your Expected Family Contribution (EFC)
The Free Application for Federal Student Aid (FAFSA) is the form the U.S. Department of Education (ED) requires to determine your EFC. The government conducts a “needs analysis” based on financial information, such as income, assets, and other family information, which you (and your parents if you are a dependent student) will be asked to provide.
Your application is examined by a federal processor and the results are sent by computer to the financial aid offices of the colleges you’ve chosen. The FAFSA is the application that most colleges use to determine eligibility fro federal, state, and college-sponsored financial aid, including grants, educational loans, and work-study programs.
FAFSA deadlines are set by federal and state agencies, as well as individual school financial aid offices.
Indiana Students: The deadline for receiving the FAFSA form is March 10, 2017.
Please do not wait—get started soon by visiting www.fafsa.ed.gov . This website will talk you through what you need to know.
Help for filling out and filing the FAFSA:
College Goal Sunday :
College Financial Aid Application season is here! The Indiana Student Financial Aid Association (ISFAA) is sponsoring College Goal Sunday on two dates this year:
Sunday, November 13, 2016
Sunday, February 12, 2017
We have expanded our local College Goal Sunday event to include more for students planning to attend college. In addition to the free assistance in completing the FAFSA, we are including an array of information for students and families. Some of this year’s College Goal Sunday information booths include:
· I.U. and Ivy Tech Admissions
· I.U. Adult Student Services
· Ivy Tech’s Foundation Office
· Ivy Tech’s One Year Accelerated Associate’s degree; and dual credit opportunities for high school students.
· IU Student Central
· Office of Twenty-first Century Scholars
· VITA - Free Tax Services Information
· Veterans Administration Education Benefits including the Montgomery GI Bill
We are very excited about our event this and hope that you can help us get the word out! All high school students are welcome to attend, they don’t have to be completing a FAFSA!