Financial Aid Calculator Based On Efc | Back 2 School Moms

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1. What is Financial Aid?
   Financial aid is monetary aid to help you pay for your college education. Aid is made available from grants, college scholarships, student loans, and part-time employment from federal, state, institutional, and private sources. The types and amounts of aid awarded are determined by financial need, available funds, student classification, academic performance, and sometimes the timeliness of application.
2. What is the FAFSA?
   FAFSA stands for Free Application for Federal Student Aid. The FAFSA is the Federal Department of educations fundamental application for financial aid and is the gateway form to just about any additional federal, state or private grants, college scholarships, student loans or college work study programs. The FAFSA form must be to the top out each year linking January 1 and March 10th (although some colleges have their own earlier deadlines) and can be completed online or by mail. Four to six weeks after you file the FAFSA (two to four weeks if you filed electronically), you will receive your Student Aid Report (SAR) which will contain a summary of the information you submitted on your FAFSA and presents your Expected Family contributions (EFC) which tells you the amount your family is expected to contribute towards your education. The amount of financial aid is then determined approximately by the tuition of your college subtracted by your EFC.If you do not receive the SAR surrounded by a reasonable amount of time, you can call the Federal Processor at 1-319-337-5665. Review the SAR carefully for errors. If necessary, make any corrections on Part 2 of the SAR and return it quickly to the address listed on the form. You will then be sent a new SAR with the changes made.
3. What is the College Scholarship Services Profile (CSS Profile)?
   Some colleges also require you to fill out a College Scholarship Services Profile form in addendum to the FAFSA. It is a secondary financial aid form that supplies additional information about your family income. Be sure to check whether this form is necessary and about specific deadlines with your college directly.
4. What is the difference linking a Grant, a Student Loan and a College Scholarship?
   A grant is free money from government or non-profit organizations that does not need to be repaid. Grants are usually determined by financial need but can also be influenced by academic merit. Unlike grants, student loans are money loaned from an academic the upper classes, financial the upper classes, or federal government that must be repaid. Like a grant, a student scholarship is free money, but is commonly offered through colleges, businesses, private individuals and outside sponsors. Persons awarded by the college itself are often called MERIT AID. While grants tend to be issued according to financial need, college scholarships are awarded on a broad-base of criteria, the most common being academic merit. Furthermore, to receive any grants or loans you must complete a FAFSA, though, many scholarships may not require you to complete a FAFSA to be eligible. Instead, you may need to obtain application material directly from the donor of the scholarship.
5. What are the different kinds of grants?
   There are federal as well as campus-based (institutional) grants. Federal Grants are free gift money from the Federal Department of Education while campus-based grants are government funds issued directly from your college. The campus-based grants provide a certain amount of funds for each participating school to administer each year. When the money for a program is gone, no more awards can be made from that program for that year, so make sure you find out about the types of grants awarded by each college you are considering as well as their specific deadline.Below are some of the most common grants.Federal Grants
   
   Pell Grants are considered a foundation of federal financial aid, to which aid from additional federal and non-federal sources might be added. Pell Grants are usually only awarded to undergraduate students who have not earned a bachelors or a professional degree. The amount you get depends on your financial need, your colleges tuition, your status as a full-time or part-time student and your plans to concentrate school for a full academic year or less.The Academic Competitiveness Grant is a new grant available to first year college students who graduated from high school after January 1, 2006 or for second year college students who graduated from high school after January 1, 2005. Only students who are eligible for a Federal Pell Grant and who has fruitfully completed a rigorous high school program as determined by the state or local education agency and recognized by the Secretary of Education. An Academic Competitiveness Grant will provide up to 0 for the first year of undergraduate study and up to ,300 for the second year of undergraduate study for full-time students who are eligible for a Federal Pell Grant.The National Science and Mathematics Access to Retain Talent Grant (AKA the National Smart Grant) is available during the third and fourth years of undergraduate study to full-time students who are eligible for the Federal Pell Grant and who are majoring in physical life, or computer sciences, mathematics, technology, or engineering or in a foreign foreign language determined critical to national security. The student must have also maintained a cumulative grade top average (GPA) of at least 3.0 in coursework required for the major. The National SMART Grant award is in addendum to the students Pell Grant award.Campus-based Grants The Federal Supplemental Educational Opportunity Grant (FSEOG)

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Financial Aid Calculator Based On Efc | Back 2 School Moms