Financial Aid
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As graduation approaches and another chapter in your child's life nears its end, the thought of paying for college can be overwhelming. There is good news. There is a world of financial assistance that parents, as well as students, can take advantage of. The first step in finding financial support is to know where to look.
Under the term financial aid there are two categories: need based and non-need based. Need based assistance can be determined by subtracting the amount of financial resources from the cost of attending a college or university. Non-need based assistance is awarded on the student's talent, ability, or merit.
Types of financial aid:
Grants - given to a certain individual that
he/she should not have to repay.
Scholarships - offered by governments,
colleges, and private outside sources. Scholarships are a form of a gift and do
not have to be repaid; they can be based upon financial need, merit, both, or
neither.
Loans - available through state and federal programs and are
based on the student’s financial need. These loans are offered at very low
interest rates and students are not required to begin repaying the loan until
after graduation.
Entitlements - money that is given to students based on geographic
location, religious affiliation, (private institutions) or programs of study.
To see more information on financial assistance please see the links below.
http://www.fedmoney.org/ http://www.nextstudent.com/
Additional government grants and scholarships can be found at:
https://studentaid2.ed.gov/getmoney/scholarship/scholarship_search_select.asp?13817/
Free Application for Federal Student Aid (FAFSA)
FAFSA is used to apply for federal student grants, work-study aid, and loans. You may also use this application for most state and some private aid. FAFSA should be filed as soon as possible; however, not before January 1st. It is best to have filed your tax return before filing this application. It can be filed online and requires a pin number for both the parent and student. Online filing is the preferred method as paper applications require four to six weeks longer for processing. If a paper application is preferred, one can be provided by the Career Center.
Use the following link to go directly to the FAFSA website: www.FAFSA.ED.GOV
Use the following link to apply for a pin number: www.PIN.ED.GOV
Virginia Tuition Assistance Grant
The Virginia Tuition Assistance Grant is designed to assist Virginia residents who attend an accredited private, non-profit college or university in Virginia for other than religious training or theological education. Completed applications must be submitted to the financial aid office of the institution on or before July 31st prior to the fall semester of enrollment. Late applications will be considered for an award only if funds are available. For more information please see the following website link. http://www.schev.edu
