Financial Aid & Scholarships SAT PREP

Some Acronyms to Know EFC: Estimated Family Contribution FAFSA: Free Application for Federal Student Aid NPC: Net Price Calculator SAR: Student Aid Report

Some Acronyms to Know EFC: Estimated Family Contribution Determines student’s need for financial aid Compares family income to cost of living FAFSA & CSS PROFILE are usually used to determine EFC

Some Acronyms to Know FAFSA: Free Application for Federal Student Aid Determines a student’s financial aid Apply online at www.fafsa.gov Applications open October 1st: check out the link below for more information https://www.benefits.gov/benefit/4426

Some Acronyms to Know NPC: Net Price Calculators Each college must have one on its website Estimates out-of-pocket expenses families should anticipate at that college DO NOT EXPECT PRECISION!! Just a ball-park estimate

Some Acronyms to Know SAR: Student Aid Report A form sent to student after submitting FAFSA Shows information that was processed EFC Shows Pell Grant & other grant/loan eligibility Pell Grants usually are awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor's, graduate, or professional degree

What is the CSS Profile? An online application that collects information used by nearly 400 colleges and scholarship programs to award non-federal aid. For federal aid you must complete the FAFSA, available Oct. 1 at fafsa.ed.gov Check your colleges’ information to determine whether they require the CSS Profile. A list of participating colleges is also found on the CSS Profile Homepage: cssprofile.org Initial application is $25 Additional reports are $16. First-time domestic college applicants may receive CSS Profile fee waivers if the student: Qualified for an SAT fee waiver Is an orphan or ward of the court under the age of 24 Qualifies based on parental income and family size (e.g. family of 4 would qualify with income of $45,000 or less).

OTHER BUZZ WORDS & PHRASES TO KNOW TOTAL COST OF ATTENDANCE: All potential expenses of college FINANCIAL AID AWARD: After you have been accepted to a college and you have demonstrated financial need, you will receive a financial aid award that details the amount of assistance you will receive from all funding sources Tuition, student/institution fees, books Living (rent, amenities, food, etc.) DEMONSTRATED FINANCIAL NEED: The difference between your EFC and the total cost of attendance GIFT AID: funds that do no need to be repaid (scholarships, grants) If EFC falls short of covering college expenses, that will be taken into account when you apply for federal or other financial aid GRANT: a type of financial aid award based on need or merit that does not require payment

OTHER BUZZ WORDS & PHRASES TO KNOW LOAN: Money given to a student/family in exchange for future repayment of the loan value amount, along with interest or other finance charges. MERIT-BASED AID: Financial aid that is awarded based on a student’s talent Academic Leadership DEFAULT ON A LOAN: Failure to repay a student loan according to the terms of the loan Artistic Sports INTEREST: A fee charged when you take out a loan (calculated as a percentage of the principal loan amount) WORK-STUDY: An opportunity for a student to work part-time and attend college Library Look for low-interest loans! Cafeteria Teaching/Research Gym/Recreation Center

SOME USEFUL WEBSITES Scholarship Websites Financial Aid Website www.studentscholarshipsearch.com/state www.scholarship.com Financial Aid Website https://studentaid.ed.gov/sa/ https://cssprofile.collegeboard.org www.finaid.org