Page 9 - College Guide 2018
P. 9

(Reprinted with permission of EducationQuest. Visit
Follow these steps to determine how you’ll pay for college.
Step 1: Learn about types of  nancial aid
Scholarships come from private donors or from your college, and are not repaid. Some are based on  nancial need, while others are based on criteria such as academics, leadership, athletics, talents, or military involvement.
Grants* are based on  nancial need and you don’t repay them. They include:
• Pell Grant
• Supplemental Educational Opportunity Grant (SEOG)
• State grants
• College-based grants
Work-Study*, also based on  nancial need, allows you to earn money while attending college. You get paid for hours worked, so don’t expect money up-front to pay tuition. Work-Study earnings will not a ect future  nancial aid eligibility.
Loans* are a type of  nancial aid you must repay with interest. Some are in your name and some are for parent(s).
Several types of loans are available for both students and parents. View the loan chart at for details.
*These types of  nancial aid are based on FAFSA results.
Step 2: Apply for scholarships
Look for scholarships during your junior and senior years and follow these tips:
• Focus on college-based and local scholarships because you’re more likely to earn them over large national awards.
• Review ScholarshipQuest for local and state scholarships at
• Use scholarship resources in your school counselor’s o ce or at EducationQuest.
2018 College Guide Special Insert Section
Paying for College
• If an essay is required, follow the instructions carefully. Be clear, concise and understandable, and ask someone else to review it.
• Complete an Activities Resume to keep track of your extracurricular activities.
• Use the College Funding Estimator to estimate your FAFSA results. If you show  nancial need, keep a copy of the results page and use it when applying for need- based scholarships.
receive the results and will use that information to award  nancial aid.
• Apply after October 1st of your senior year, but before the colleges’ priority date to get the best  nancial aid package.
• The FAFSA includes an IRS Data Retrieval Process that will simplify the income tax portion of your FAFSA.
• Complete the FAFSA every year you’re in college.
See “FAFSA Tools” at for free resources to help you complete the form.
• Colleges use this standard formula to calculate your  nancial need: Educational Costs (-) Family Contribution (=) Financial Need. Your education costs are determined by the college and family contribution is based on FAFSA results.
Your “ nancial need” determines the type and amount of  nancial aid you will receive.
Step 5: Complete the  nancial aid process.
• Expect a Student Aid Report (SAR). You’ll receive it via email if you provided an email address on your FAFSA. The SAR acknowledges that your FAFSA was received. You’ll need your FSA ID to make electronic corrections.
• The college(s) might request veri cation of your FAFSA information. If so, send the required documents to the college  nancial aid o ce.
• Expect a  nancial aid award noti cation from the colleges that accepted you for admission. It will detail the assistance they’re o ering based on your  nancial need. Respond to all award noti cations by the deadlines.
• Compare  nancial aid awards to determine what you would need to spend out-of-pocket or borrow in student loans to cover the full cost of your education.
• Once you select a college, notify the other schools of your decision.
If you need student loans, your college will direct you to to apply for them. Allow several weeks for processing time.
• If needed, request letters of recommendation from teachers, counselors, coaches, and other adults who know you well. Give them plenty of notice, a speci c deadline, and a copy of your Activities Resume.
Step 3: Create FSA ID at
You and a parent will each need an FSA ID. You’ll use it as your signature for the FAFSA- and to complete other Federal Student Aid functions. You and your parent will each need an email address to create your FSA IDs.
Step 4: Complete the FAFSA (Free Application for Federal Student Aid)
The FAFSA is your application for federal, state and college-based  nancial aid. Complete the form at The colleges you list on the application will
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