Financial Aid Information

Financial aid is money that is given, earned, or lent to help students pay for their college education.  Financial aid often makes it possible for students to attend colleges that would otherwise be too expensive.  Students and parents should, therefore, never assume that they cannot afford a particular college or university.

The four categories of financial aid are grants, scholarships, loans, and work-study.  Grants and scholarships are considered “free money”; loans and work-study are considered “self-help” programs.

1. Grant - money given, usually because of financial need

2. Scholarship – money awarded for exceptional academic achievement, an outstanding talent or skill, and/or financial need

3. Work-Study – money earned by working at a campus job

4. Loan – borrowed money that must be repaid

Financial aid is most often awarded in the form of a “package.”  Packages, consisting of grants, scholarships, loans, and/or work-study, are put together by the college’s financial aid office.  Except for merit-based scholarships, financial aid is generally awarded on the basis of financial need.  Financial need is the difference between the cost of attending a college (tuition, fees, room and board, etc.) and the amount a family is deemed to be able to "afford" (based on the application below).  For example, if a family can "afford" $12,000/year and the cost of attending a college is $30,000/year, the student has a financial need of $18,000.  The greater the difference, the greater the need and the more aid the student could potentially receive.

While the financial aid process can be very confusing, there is help available.  High school counselors have a wealth of general information and can answer many questions regarding the process.  For specifics regarding your student, however, you may need to contact your student's college financial aid office for help.  For information on federal aid programs, call The Federal Student Aid Information Center at 1-800-433-3543.

The FAFSA (Free Application for Federal Student Aid) – Because most financial aid is based on need, it is necessary to have an objective way to determine how much a family can afford to pay.  The FAFSA is the federal form that’s used to determine this amount.  The FAFSA asks for information on income, assets, etc.  This information is then applied to a formula and a Student Aid Index (or SAI) is calculated. Colleges will use the SAI to determine your aid package.

To complete the FAFSA online, go to: https://studentaid.gov/h/apply-for-aid/fafsa.    Submit your FAFSA immediately after you've submitted your college applications.  The submission window opens Dec 1st.  Financial aid is generally awarded on a “first come, first serve” basis, so get your FAFSA in early.

Here is a helpful estimation calculator for estimating Federal Student Aid and SAI:

https://studentaid.gov/aid-estimator/

Here is a helpful tool for comparing different Student Aid Reports/Financial Aid Award Packages:

https://www.hesc.ny.gov/plan-college/financial-aid-award-letter-comparison-tool/

School Code

Springville Griffith Institute High School’s CEEB code is 335315. This number will be needed for all test registration forms and for college applications.