Paying for College

Resources

Types of Aid

1. Need based aid

2. Merit based scholarships

Federal Aid

Federal Student Loans (Lower fixed rates, flexible repayment options)

    1. Direct Subsidized Loan: For undergraduates; Interest is paid by the U.S. Department of Education while the student is in school and during periods of deferment.

    2. Direct Unsubsidized Loan: For undergraduates and graduate students; Borrower is responsible for all interest.

    3. Direct PLUS Loan: For graduate and professional students and for parents of dependent undergraduates; Borrower is responsible for all interest.

    4. Federal Perkins Loan: For undergraduate and graduate students; Loan made by participating school; No interest accrues while the student is in school or in a grace period and during periods of deferment.

Work Study

A federal work program through which undergraduates and graduate students at participating schools earn money to help pay for school.

Grants

    1. Federal Pell Grant: For undergraduates with financial need.

    2. Federal Supplemental Educational Opportunity Grant (FSEOG): For undergraduates with exceptional financial need at participating schools.

    3. Teacher Education Assistance for College and Higher Education (TEACH) Grant: For undergraduates and graduate students who are going to school to become elementary or secondary school teacher. A student must agree to teach in a high-need field at a low-income school for at least four years within eight years after graduation. Failure to live up to this agreement means that the grant is converted to a loan and must be repaid.

    4. Iraq and Afghanistan Service Grant: For students with a parent or guardian who died after the events of 9/11 as a result of military service in Iraq or Afghanistan. To qualify, a student must have been under the age of 24 at the time of his or her parent or guardian’s death or enrolled in college or career school at least part-time.

https://studentaid.gov/resources/types-infographic-accessible

Financial Aid Forecaster and College Aid Averages:

FAFSA4caster:

https://studentaid.ed.gov/sa/fafsa/estimate

The CSS PROFILE:

https://student.collegeboard.org/css-financial-aid-profile

Important Terminology

Need= The difference between the Cost of Attendance (COA) and Estimated Family Contribution (EFC). (Financial Aid loans, grants and work study can be awarded by colleges to meet all or part of a student's need).

Merit= Money most often offered in the form of a scholarship for academic achievement, talent, gender or ethnicity; can be based on need and does NOT need to be paid back.

Loan= Money a student borrows that has to be paid back with interest.

Work Study= Money students earn in exchange for working part-time on the college campus as part of their award package.

Grant= Money awarded on the basis of need that does NOT have to be paid back.




FAFSA

What is the FAFSA and what does it do?

It is a universal application for federal financial assistance for students seeking higher education that determines "need". The FAFSA takes a student's projected cost of attendance (COA), in addition to their estimated family contribution (EFC) into account. The estimated family contribution (EFC) is deducted from the cost of attendance (COA) and the difference is the amount of aid awarded by the federal government.

Who should complete the FAFSA?

All students should complete a FAFSA application with the assistance of their parents.

When should the FAFSA be completed?

Seniors should complete the FAFSA after they apply to colleges, but BEFORE the state and college deadline.

1. FAFSA Opens Oct. 1st - State Deadline for Ohio is June 30th, 2022

2. College Deadline (varies)

3. Federal Deadline is June 30th


In order to complete the FAFSA, you will need:

  • Your Social Security number

  • Your parents’ Social Security numbers if you are a dependent student

  • Your driver’s license number

  • Federal tax information or tax returns including IRS W-2 information, for you (and your spouse, if you are married), and for your parents if you are a dependent student:

    • IRS 1040

    • Foreign tax return, IRS 1040NR, or IRS 1040NR-EZ

    • Tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia, or Palau

  • Records of your untaxed income, such as child support received, interest income, and veterans noneducation benefits, for you, and for your parents if you are a dependent student

  • Information on cash; savings and checking account balances; investments, including stocks and bonds and real estate (but not including the home in which you live); and business and farm assets for you, and for your parents if you are a dependent student


Steps to Apply for Financial Aid via the FAFSA:

1. Visit www.studentaid.gov and view pertinent data

2. Complete the practice pdf worksheet of FAFSA questions- studentaid.gov/sites/default/files/2020-21-fafsa-worksheet.pdf

3. Record data by completing the FAFSA- https://studentaid.gov/h/apply-for-aid/fafsa

*In Ohio, the order in which you list schools on the FAFSA does NOT matter. * Manage your FAFSA by downloading and using the MyStudentAid Mobile App.

Federal Student Aid Information Center (FSAIC) • Email: studentaid@ed.gov • Toll-free number for questions about federal student aid: 1-800-4-FED-AID (1-800-433-3243) • TTY (for the deaf or hard of hearing): 1-800-730-8913 • Toll number: 334-523-2691