Financial Aid 101 GAcollege411 nancial_Aid_101/Financial_Aid_101.aspx

 Financial aid is money from federal, state and private institutions that's used to pay educational costs. Sources of financial aid include:  The federal government  The state government  Colleges and universities  Community groups, including religious and civic organizations, professional associations and corporations What is financial aid?

 You should complete the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1 of your senior year in high school. By completing this application you have applied for funds awarded by most federal and state agencies.  There is now an IRS data transfer module that will save you time on filing your FAFSA. You must have completed your taxes and filed them online with the IRS. Go to for more information.  Applications are processed and results are sent to the colleges you listed on the FAFSA.  Your Student Aid Report (SAR) will be provided to you to confirm data (two to three weeks after submitting your application). If you file your FAFSA electronically, processing can take seven days How do I apply for financial aid?

 You must meet the following criteria to be considered for federal and some state financial aid:  Complete and submit the Free Application for Federal Student Aid (FAFSA)  Be a U.S. citizen or eligible non-citizen  Have a valid Social Security number  Be enrolled at least half-time or accepted for enrollment in an eligible program and working toward a degree or certificate. You may not receive aid for correspondence or telecommunication courses unless they are part of an associate, bachelor or graduate degree program  Have a high school diploma or General Education Development (GED) certificate, or pass a test approved by the U.S. Department of Education  Make satisfactory academic progress  Register with the Selective Service, if required (males only)  Not be in default for any previously received federal student loan Requirements for Financial Aid

 Below are examples of average estimated national undergraduate budgets for :  Public four-year colleges: $8,655 tuition and fees; $22,261 cost of attendance  Public two-year colleges: $3,131 tuition and fees; $15,584 cost of attendance  Private Nonprofit four-year colleges: $29,056 tuition and fees; $43,289 cost of attendance  Private For-Profit four-year colleges: $15,172 tuition and fees; cost of attendance not available  Source: The College Board, Annual Survey of Colleges How much does college cost?

 Merit-based assistance is awarded to students with a particular skill, achievement, talent or characteristic, usually as a scholarship. Most scholarships require separate applications, often with written essays and referrals.  Need-based assistance is provided to students who cannot afford college using only their own or their family's financial resources. The level of need is determined through federal, state and institutional formulas. The most common forms of need-based aid are grants, work-study programs and subsidized student loans, which means the federal government pays the interest for you while you are in school. You must file the Free Application for Federal Student Aid (FAFSA) for federal and state need-based aid. Your college may require additional forms for institutional aid.  Grants and Scholarships are types of financial aid that do not have to be repaid.  Self-help aid is aid that requires repayment, such as student and parent loans. What are the categories of financial aid?

 Merit-based scholarships can be managed by the State of Georgia, the college or university you plan to attend, or through a private organization. To determine what options are available to you, we suggest you start with our Scholarship Finder tool which can provide a list of possible scholarships that match your needs.  The largest merit-based scholarship in Georgia, the HOPE Scholarship, is managed by Georgia Student Finance Commission (GSFC). For details on these programs, visit Find Scholarships. Details on eligibility requirements, award amounts, and application procedures can be found for each of these programs in that section.  Many colleges and universities, technical colleges, and career schools have their own institutional (school-based) scholarship programs. Larger schools often have many donors and endowments (gifts or donations) for scholarships that they administer for eligible students. Your high school counselor and other people you know may help you with the application processes. Often an essay is required (be sure to write the essay yourself Will I be eligible for merit-based financial aid?

 You won’t get any aid without taking the next step: you must APPLY!  You are not obligated to accept any financial aid until you receive the funds, so there is no harm in applying. Be sure to review the eligibility requirements, though. If you're sure you don't meet them, don't waste valuable time applying. However, if you think you might be eligible, APPLY! You can also seek help from a college's financial aid office to get more information on eligibility. APPLY! APPLY! APPLY!

 So you've learned about financial aid, determined your eligibility, and filled out all those applications. Soon you should receive your financial aid award letters from the colleges you are considering. It's exciting to think about starting college! But before you accept an award package, make sure you fully understand your options and responsibilities Consider your loan options

 Congratulations! All your hard work and research has finally paid off. You have been accepted to the college of your choice and have secured the best financial aid package for you and your family. Enjoy the college experience, and study hard. And remember that your financial aid responsibilities will continue throughout your college career. To continue receiving aid, you'll need to keep working towards your degree. Enjoy College and know your responsibilities