Financial Aid

Overview

One of the biggest barriers to getting a college degree is cost, but financial aid makes college more affordable and accessible for students and families. Even if the sticker price seems too expensive, financial aid can significantly lower the actual cost.

The most critical step of getting financial aid is completing the Free Application for Federal Student Aid (FAFSA). When you fill out the FAFSA, students list the colleges they have applied (or will apply) to. Each college then puts together a financial aid package for the student based on the family's financial information (i.e., 2025 tax forms for the Class of 2027). Financial aid is critical because it:

• Makes more colleges possible options. A college that looks too expensive at first may become affordable once scholarships, grants, and aid packages are applied.

• Opens access to scholarships and grants, meaning less student loan debt. Submitting the FAFSA allows schools to consider you for need-based and merit-based grants and scholarships -- money you do not have to pay back. This helps you borrow less in loans.

• Helps families compare actual college costs. Financial aid packages allow students to compare the actual cost of attending different schools based on your family's income, not just the published tuition price or expected cost calculator.

• Can support more than just tuition. Financial aid may also help with transportation, technology, books, study abroad opportunities, and emergency expenses.

Every student planning to attend college or trade school should complete the FAFSA, even if they are unsure whether they will qualify for aid. Starting with the Class of 2027 in the state of Pennsylvania, ALL seniors are required to either file the FAFSA or complete an opt-out form.

Estimate Your College Costs

• Public vs. Private Colleges: Public colleges and universities generally have lower tuition, especially for in-state students, but may offer fewer and smaller merit scholarships. Private colleges typically have higher tuition but may offer more substantial merit scholarships, which can significantly reduce the overall cost. Financial aid packages may also include grants, loans, and work-study.

• In-State vs. Out-of-State: In-state public colleges are generally more affordable for Pennsylvania residents. However, some out-of-state public colleges offer regional scholarships or grants that can make them more competitive with in-state options. For private colleges, tuition is generally the same regardless of the student's state of residence.

• Tip: Compare each college's net price—the amount your family is expected to pay after grants and scholarships—rather than focusing only on the published tuition price.

Apply for Financial Aid

Step 1: Create an FSA ID

• Both the student and one parent/contributor will need their own FSA ID. Create one on StudentAid.gov.

• Students: Use your personal email (non-Lakeland), as your LHS Gmail will expire and you'll need to complete the FAFSA each year you are in college!

Step 2: Complete the FAFSA

• Complete the FAFSA at StudentAid.gov as early as possible.

• The FAFSA is required to determine eligibility for federal financial aid and may also be used for state and college-based aid.

• Make sure to list the colleges you are considering so they can receive your FAFSA information.

Step 3: Complete the PHEAA Application

• Pennsylvania residents should complete the Pennsylvania State Grant Form through PHEAA to be considered for Pennsylvania State Grant funding.

• Check the PHEAA website for application and deadline information.

Step 4: Complete the CSS Profile, if needed

• Some colleges require the CSS Profile to determine eligibility for institutional financial aid.

• Check each college's financial aid website to see if the CSS Profile is required and to review deadlines.

After You Apply

• You will receive confirmation when your FAFSA has been received and processed. Review your FAFSA Submission Summary carefully and make corrections if needed through StudentAid.gov.

• Financial aid offers are sent directly by colleges and may be available through your college applicant portal or sent by email or mail.

• Compare each college's financial aid offer carefully. Do not assume that an offer labeled "financial aid" is all free money—some packages may include loans or work-study.

• Be sure to review and meet any deadlines to accept financial aid or complete additional requirements.

Who Fills Out The FAFSA?

Financial Aid applications should be filled out by both students and parents. There are specific sections for each.

If your family does not consist of two married, biological parents, along with the children, it is important to understand early on whose income and assets will be considered as part of the financial aid process at each school. This infographic clearly depicts who the parent is on the FAFSA. Schools who require the CSS Profile, though, may also require non-custodial parent information.

Pro Tips & Helpful Considerations

Finances are an important part of choosing a college. Before you submit your enrollment deposit, make sure you understand how you will pay for all four years—not just your first year.

Pay attention to financial aid deadlines. May 1 is often associated with the Pennsylvania State Grant deadline, but many colleges have earlier priority financial aid deadlines that allow students to be considered for the maximum aid available. Deadlines may also be earlier for students applying Early Decision or Early Action. Be sure to check each college's financial aid deadlines carefully.

Don't wait to apply! Some colleges award certain types of financial aid on a rolling basis. Once available funds are gone, they may not be available to students who apply later.

Questions to Ask When Comparing Financial Aid Offers:

• What is the college's total cost of attendance?

• How much will my family be expected to pay out of pocket?

• What are my direct costs (expenses billed by the college)?

• What are my indirect costs (such as books, transportation, and personal expenses)?

• How much of my financial aid package will I have to repay?

• How much will I owe after four years?

Think beyond the first year. Tuition and other expenses typically increase each year. Consider whether your family will be able to afford the cost for all four years and create a plan for paying for your entire college education.

Ask questions! If you are unsure about your financial aid offer, contact the college's financial aid office. They are there to help you understand your options and answer your questions.

Remember: You do not have to accept all of the financial aid you are offered. If you and your family decide you can cover the cost without borrowing, you may decline some or all of the loans offered to you.

Federal Loans

There are several types of loans that can be available through federal student aid. They include, but aren't limited to:

Direct Subsidized Loan - interest does not accrue while you are a full-time student, so if you borrow $10,000, you owe $10,000 when you graduate, and then interest kicks in. They feature low interest rates. Only some students qualify, based on need. The maximum loan is $3500 for college freshmen. No co-signer is required.

Direct Unsubsidized Loan - interest starts accruing right away, so you already owe more than you borrowed by October of freshman year. Everyone who files the FAFSA is eligible to take an unsubsidized loan. They feature low interest rates with a maximum of $5500 for freshmen year in combination with a Direct Subsidized Loan in most cases. No co-signer is required.

Direct Plus Loans - parents can apply for these loans to cover additional costs. The loan is in the name of the parent, not the student. Interest rates are generally around 7%. If parents are deemed ineligible, the student may qualify to borrow additional Unsubsidized Loans of up to $4000 per year.

What If College-Based and Federal Financial Aid Isn't Enough?

There may be a very real scenario where even after receiving your financial aid, it still isn't enough to pay for college. If you've decided to attend a school, and there is still a gap, you may be looking at private loans. 

While many students do take some amount of money in loans, it's important that you are very careful about just how much you take, what the terms of repayment are, and who is responsible for each loan. All families are strongly encouraged to really talk these details through prior to taking a loan. It might be helpful to project what your monthly payment might be for the loan. You can estimate that using the Loan Repayment Calculator below.

It's important to know that these private loans typically carry with them higher interest rates than federal financial aid. Additionally, there is no grace period for repaying these loans. Aid given through FAFSA and other federal programs typically gives students six months after graduating to find a job and be prepared to begin paying back their student loans. Private loans typically require payment right after graduation, and sometimes require minimum payments while you're in college.

Most colleges have a list of acceptable private loan companies with whom they've had successful relationships on their website. These loans almost always need a cosigner. Some well-known companies include: Ascent, Citizen's Bank, College Ave, Discover, Sallie Mae, SoFi, Wells Fargo, PNC.

Resources

Breaking Down a Financial Award Letter

Aid Offer Comparison Worksheet

Loan Repayment Calculator

More Financial Aid resources will be shared as they are received!