Before you apply for federal financial aid, it's a good idea to familiarize yourself with the language and financial options with which you may be dealing. Never heard of a Pell Grant, Stafford Loan or an EFC? Neither have most people who have never had the occasion to apply for college funding. Check out the information below.
www.fafsa4caster.ed.gov
An online tool that can estimate your financial aid eligibility by calculating your Expected Family Contribution (EFC) and the amount you'll be expected to contribute to your college education.
www.fafsa.ed.gov
The government site where you can complete your Free Application For Federal Student Aid (FAFSA)
www.students.gov
The official U.S. government Website designed fro college students and their families to help plan and pay for your college education
www.calgrants.org
You will find a wealth of financial aid websites on this official site for the State of California.
www.finaid.org
FinAid is a comprehensive source of student financial-aid advice and college cost calculation tools.
www.salliemae.com/plan
The nation's leading provider of student loans and administrator of college savings plans; you can estimate and compare costs at 5,500 schools, exploring your options, as well as forecast loan repayment costs.
Financial aid for college can take on many different forms. Typically financial aid comes in three forms:
Grants: Free money that does not have to be paid back
Loans: Money that is loaned with accruing interest until graduation
Work-Study: Money earned through part time employment subsidized by the government
FAFSA
Typcially the most common way to apply for federal financial aid is through the FAFSA (Free Application for Federal Student Aid) which is available starting January 1 and is due March 2.
Frequently asked questions regarding the FAFSA
Who is eligible to receive Federal Student Aid?
· Be a U.S. citizen or eligible non-citizen
· Have a valid Social Security Number
· Register with Selective Service if you are male and 18 to 25 years of age (go to www.sss.gov for more information).
· Have a high school diploma or a General Education Development (GED) Certificate
· Not have a drug conviction for an offense that occurred while you were receiving federal student aid (such as grants, loans, or work-study)
What is Federal Student Aid?
· Federal student aid is financial assistance that’s available through the U.S. Department of Education’s Office of Federal Student Aid.
· Federal student aid covers school expenses such as tuition and fees, room and board, books and supplies, and transportation. This aid can also help you pay for a computer and dependent childcare expenses.
· There are three categories of federal student aid: grants, work-study and loans.
What’s the difference between grants, work-study and loans?
· Grants: Free money that does not have to be repaid
· Work-study: provides jobs to undergraduate and graduate students, allowing them to earn money to pay education expenses.
· Loans: Parent and student loans that MUST be paid back but typically charges lower interest rates than private banks.
When do I fill out the FAFSA?
· January 1 to March 2
What documents do I need to fill out the FAFSA?
· Social Security Number
· Driver’s License (if any)
· Parents’ W-2 form and other records of money earned from the previous year
· Parents’ Income Tax Return from the previous year
· Parents’ Untaxed Income Records (Social Security, Welfare, Veteran Benefits)
· Parents’ Current Bank Statements
· Parents’ Current Business/Mortgage/Stock Records
· Alien Registration or Permanent Resident Card (Non-US Citizens)
Where do I go to fill out the FAFSA?
www.fafsa.ed.gov
CAL GRANTS
Cal Grant awards are California state funded monetary grants given to students to help pay for college expenses. The awards do not have to be paid back. These grants only apply to California public schools and universities (no private schools or out of state schools)
How to apply for a Cal Grant
· Complete and submit the online Free Application for Federal Student Aid (FAFSA) the FAFSA form is a federal form that must be filed by any student who wants to be considered for college financial aid. For a Cal Grant, the FAFSA must be completed and filed with the federal processor by March 2 of each year. Get a federal personal identification number, or PIN, to electronically sign the FAFSA on the Web. If you’re a dependent student, your parents can also get a PIN to e-sign your FAFSA.
· You can also download a PDF version of the FAFSA which you will need to mail for processing. Or call toll free 800.433.3243 to have a paper FAFSA sent to you. If you’ll be mailing the FAFSA or the Cal Grant GPA Verification Form, be sure to make a copy for your records and obtain a Certificate of Mailing from the Post Office so that you can verify the date you mailed your forms.
· File a verified grade point average (GPA) with the California Student Aid Commission by no later than March 2.
· Obtain a Cal Grant GPA Verification Form, get it certified by a school official and mail it yourself
More information on the CAL Grant if available at the following website:
http://www.csac.ca.gov/default.asp
