The first step in the financial aid process is filling out the FAFSA (Free Application for Federal Student Aid). This is a standard federal form used to determine eligibility for most types of federal and state student aid including Federal Government backed loans, grants, and work-study. Most schools require you to fill out the FAFSA because they use the data from it to award student aid. The FAFSA can be completed in the paper form, or online at www.fafsa.ed.gov. Filling the FAFSA out online is preferred because it is processed faster, there are fewer errors than paper filers, and FAFSA on the web has built-in help to guide you through the application process.
To complete the FAFSA you will need your social security number, your driver's license (if you have one), your w-2 forms, your federal income tax return, your current bank statements and records of stocks, bonds, and other investments, your records of other untaxed income received, such as Social Security, Temporary Assistance to Needy Families (TNF), welfare, or veteran's benefits, your business or farm records (if applicable), and your alien registration number (if you are not a U.S citizen). If you are a dependant student, your parents will also need to provide all of the same information.
The first step in filling out the FAFSA is to apply for a PIN online at www.pin.ed.gov. The PIN serves as your Personal Identification Number that allows access to your personal information in U.S Department of Education systems. Each year that you apply for financial aid, you can use your PIN to access and electronically sign your FAFSA. Students and parents must apply for separate PINs.
About a month after you apply, the federal government will send you a Student Aid Report (SAR), or provide you with access to your electronic SAR. The SAR will inform you and the schools to which you are applying of your Expected Family Contribution (EFC). The EFC formula is used to determine the amount of your federal grants, loans, or work-study awards, if you are eligible. Review this document carefully to make sure the information is correct. If you must make changes, submit corrections promptly. If no corrections are needed, you do not have to return the form.
The information from your FAFSA will be shared by the federal government, the schools you plan to attend, and The Pennsylvania Higher Education Assistance Agency (PHEAA). The FAFSA serves as your application for Pennsylvania State Grant, which is coordinated by PHEAA. The deadline for Pennsylvania State aid is May 1st, 2008.
Scholarships-Money awarded that does not have to be paid back and is given to students who demonstrate of show promise of high achievement in areas such as academics, athletics, music, art, or other fields. Scholarships may also be offered by organizations, groups, businesses, or associations.EducationaPlanner.org and Fastweb.com are two free scholarship databases. Scholarship Bulletins will also be posted on this website.
Grants-These awards do not have to be paid back and are typically based on need (some grants are merit-based). Pennsylvania offers up to $4,000 a year in grant money to Pennsylvania residents who attend institutions in Pennsylvania. If you plan to attend school outside of Pennsylvania, you will not qualify for this grant money.
Work-Study Awards-Wages earned by students who work on or off-campus to help pay for school costs. Work-study money does not go toward tuition, but can be used for books, supplies, and living expenses.
Loans-Money borrowed that must be paid back at specific interest rates. Please note that for some loans you must have established credit. Many students believe that if they do not receive enough money in student loans from the federal government that they will be able to go to a bank and simply receive more money in loans - this is not usually the case.
Some excellent web sites for information regarding financial aid and scholarships can be found in the Financial Aid/Scholarships section of our Web Site Links.
Some colleges and organizations send information to our school regarding scholarships and awards. This listing is kept at our Scholarships page.